Iraqi Dinar History

History of Iraqi Dinar 1932 - 2011
1932 
Currency unit consisting of 1,000 fils or 20 dirhams. When officially introduced at the end of the British mandate (1932), the dinar was equal to, and was linked to, the British pound sterling, which at that time was equal to US$4.86. 

1932–1949
Iraqi dinar (ID) equaled US$4.86 between 1932 and 1949 and after devaluation in 1949, equaled US$2.80 between 1949–1971. 

1959–1967
Iraq officially uncoupled the dinar from the pound sterling as a gesture of independence in 1959, but the dinar remained at parity with the pound until the British unit of currency was again devalued in 1967. 

1971
One Iraqi dinar remained equal to US$2.80 until December 1971, when major realignments of world currencies began. 

1973
Upon the devaluation of the United States dollar in 1973, the Iraqi dinar appreciated to US$3.39. 

1980 
It remained at this level until the outbreak of the Iran-Iraq War in 1980.  

1982
In 1982 Iraq devalued the dinar by 5 percent, to a value equal to US$3.22, and sustained this official exchange rate without  additional devaluation despite mounting debt.

1988
In early 1988, the official Iraq Dinar-dollar exchange rate was still ID1 to US$3.22; however, with estimates of the nation’s inflation rate ranging from 25 percent to 50 percent per year in 1985 and 1986, the dinar’s real transaction value, or black market exchange rate, was far lower-only about half the 1986 official rate.

1986–2003      1986–2003 between .33 cents to 1.32 to a dollar. 

2001
Oil-production: 2.452 million bbl/day (2001 est.); note — production was disrupted as a result of the March -           
April 2003 war (2001est.)

2002 
GDP: purchasing power parity — $58 billion (2002 est.) 

2002
Exports–partners:US 40.9%, Canada 8.2%, France 8.2%, Jordan 7.5%, Netherlands 6.4%, Italy 5.4%, 
Morocco 4.7%, Spain 4.4% (2002)

2003
In october 2003, the official Iraq Dinar-dollar exchange rate was ID1 to US$0.00027. 

2004–2011
August 2004 till 2005, the official Iraq Dinar-dollar exchange rate is ID1 to US$0.00068. Population: 25,374,691 (July 2004 est.) *See graph at top of this page to chart the dinar from 2004 - 2011

Positive Changes in Iraq

Upon Saddam Hussein’s deposition in 2003, Iraq has undergone political and economic changes. Many believe that the re-building of Iraq’s infrastructure will stabilize Iraq socially, politically, and economically. With the new government establishing a new monetary system that encourages foreign investment, and the central bank of Iraq awarding foreign licences, many also believe that the value of the new Iraqi dinar banknote is poised to escalate

Why Buy Iraqi Dinar ?

As per the geological surveys and new exploration in Iraq it has been found that Iraq contain the world’s largest oil reserves. That’s why many foreign oil drilling companies are also showing a great level of interest in Iraq. As the war in Iraq is over the American troops are departing and there is peace in the area now. That’s why many investors and oil drilling companies are focusing on the Iraq.

Iraq has the most significant effect on the price of oil on the international market, in the past we had noticed that, due to war in Iraq the price of oil was increased because of low supply and more demand. Now the war is over and Iraq is building the infrastructure it shows economic growth in the country in the upcoming days. Due to which many investors believe that Iraqi Dinar will move upward in the Foreign Exchange Market.