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This note was rarely accepted in practice due to fears of looting and counterfeiting. This forced people to carry around stacks of dinars notes for everyday use. The other, smaller bills were so worthless that they largely fell into disuse.
This situation meant that Iraq, for the most part, had only one denomination of banknote in wide circulation. Currency printed before the Gulf War was often called the Swiss dinar. It got its name from the Swiss printing technology that produced banknotes of a considerably higher quality than those later produced under the economic sanctions that were imposed after the first Gulf War. After a change-over period, this currency was disendorsed by the Iraqi government. However, this old currency still circulated in the Kurdish regions of Iraq until it was replaced with the new dinar after the second Gulf War.
During this time the Swiss dinar retained its value, whilst the new currency consistently lost value at sometimes 30 percent per annum.
In , new banknotes were issued consisting of six denominations: The notes were similar in design to notes issued by the Central Bank of Iraq in the s and s. A dinars note was issued a year later, in October In the Kurdish regions of Iraq, the 50 dinar note is not in circulation. In March , the Central Bank of Iraq began replacing banknotes with anti-counterfeiting enhanced versions that include SPARK optical security features, scanner readable guarantee threads in addition to braille embossing to assist vision-impaired persons.
In February , the Central Bank of Iraq announced on their website the removal of the dinar notes from circulation on 30 April Citizens holding these banknotes were immediately advised to redeem them at their nearest bank for the and higher denomination dinar notes at a one-to-one rate at no charge.
In November , the Central Bank of Iraq announced the introduction of a new 50,dinar banknote. This is the first new denomination banknote since the new series was first issued in , and also the largest ever printed by the CBI. The current notes no longer depict an image of former Iraqi president Saddam Hussein and now feature inscriptions in both Arabic and Kurdish. From Wikipedia, the free encyclopedia. West Asia on a Shoestring. Archived from the original on 15 May Department of Financial Institutions.
Archived from the original on 6 February Why Buying the Dinar is for Dummies". Standard Catalog of World Coins, Date 5th ed. Retrieved 22 August Iraqi Dinar RV News. Currencies named dinar or similar. Andorran diner commemorative denarius. Retrieved from " https: Unfit url Use dmy dates from August Articles containing Arabic-language text Articles containing Kurdish-language text Articles containing potentially dated statements from January All articles containing potentially dated statements All articles with unsourced statements Articles with unsourced statements from August Views Read Edit View history.
Saddam Hussein and the Al-Shaheed Monument. Saddam Hussein and the Qadisiya hydroelectric dam. From 18 March to 4 January , the dinar was pegged to a weighted currency basket.
It is the world's highest-valued currency unit. From Wikipedia, the free encyclopedia. For other uses, see KWD disambiguation. British currency in the Middle East. Retrieved 14 June Retrieved 6 July Retrieved 20 March Retrieved on 11 February Retrieved 6 June This article draws heavily on the corresponding article in the German Wikipedia, retrieved 2 March Currencies named dinar or similar. Andorran diner commemorative denarius. Retrieved from " https: Use dmy dates from May Articles containing Arabic-language text Wikipedia articles in need of updating from September All Wikipedia articles in need of updating Articles with German-language external links.
The World Factbook , est. Hawksbill sea turtle and the silver Pomfret fish Al Zubadi. Currency of Kuwait pre-war — August 2, Iraqi invasion of Kuwait. Currency of Kuwait post-war early —. Outline Index Category Portal.
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