Iraq after Saddam
To convert dinars to US dollars is a big decision. The Iraq currency has gone through a series of changes and updates in the past century that has reflected the volatile state of the country. In 1991, the 50 dinar and 100 dinar bills were first introduced. In 1995, the 250 dinar note came into circulation and in 2002 people could experience the 10,000 dinar note for the first time.
Between 1990 and 2003, the dinar bore an idealized engraving of the Iraqi President Saddam Hussein. But the dinar has see n many changes since that time. For instance, before 2002, when the dinar collapsed in value, the highest value note was 250 dinars, but since that time the Central Bank of Iraq has issued notes that are worth as much as 10,000 dinars. These can be used for larger, interbank transactions.
The dinar is issued by Iraq’s central bank. Of course, its subdivision into 1000 fils has been rendered obsolete by the fact that inflation has expanded rapidly. To convert dinars to US dollars can be a risky business and investing in currency is not always the best place to hang your investments. The reason is because investment in a currency is kind of an all or nothing game. There is no certainty that the value of a particular currency will go up over time any more than there is a guarantee that it will fall over time.
The Iraqi dinar exchange rate history is a complicated one and there are a lot of reasons why people might not want to invest in the dinar if there purpose is to make money. But people have to understand that if Iraq is to prosper, it needs to diversify its economy and, as it diversifies its economy, it should become more and more dependend upon a currency that it can control. Iraq’s main export is traded in dollars, but that does not mean that the dollar has to determine Iraq’s economy. Economic stability is key.