Hilton Young to Iraq in 1925, The British finally suggested a Currency Borad based in London which would act as an authority that could issue an official Iraqi currency in 1926. This proposal however was emphatically rejected by Iraqis due to the fact that the currency authority would not be located in Iraq. The Iraqi Dinar was supposed to be linked to the gold standard and distributed by an independent authority that was based in London. The Iraq Currency Board, known as the new authority, was proposed to be represented in Iraq by a ‘Currency Officer’. The Iraqi Dinar, legislated to be introduced under Law No. 44 was originally scheduled to be released on January 1 1932, however, several amendments to the original law ended up postponing the final release date to April 1 1932.
Note 2 – CURRENCY: The New Iraqi Dinar goes by the ISO symbol ‘NID’, formerly known as IQD prior to January 22, 2004. Since January 2004, Iraq has used a new unified Iraqi Dinar with a high value of 1,000 NID to the USD. Before the unification of currency, Iraq had two Dinars in circulation. Note 3 – BANKING SYSTEM: Iraqi citizens are currently able to bring any amount of any foreign currency into Iraq. Since foreign banks have been authorized to operate and invest in Iraqi banks with up to 100 percent ownership, Iraqi banks equally have the authority to lend hard currency with foreign banks. Despite this fact, most Iraqi assets are still frozen overseas.
Iraq’s banking system currently remains for the most part on a cash basis meaning there is practically no electronic banking including ATM’s and credit cards, etc. Hussein, most Iraqis Kept dinars under their mattress rather than depositing them at state banks. The Iraqi Dinar is the currency of Iraq. Our currency rankings show that the most popular Iraq Dinar exchange rate is the USD to IQD rate. The currency code for Dinars is IQD, and the currency symbol is د. Click on a currency code to learn about it. Have more info about the Iraqi Dinar?