Iraqi Dinar (IQD)

The Iraqi Dinar (IQD) is the official currency of Iraq. It is issued by the Central Bank of Iraq and serves as the legal tender within the country. The Iraqi Dinar is the national currency of Iraq and is also known simply as the “Dinar”.

The Iraqi Dinar is divided into subunits. 1 Dinar is further divided into 1,000 fils. However, the fils subunit is not practically used, and transactions are primarily conducted in whole Dinars.

The Iraqi Dinar has a relatively low value compared to major international currencies. It has experienced fluctuations and depreciation due to various factors such as political instability, economic challenges, and conflicts in Iraq. The exchange rate of the Iraqi Dinar is controlled and officially fixed by the government, but it may be traded at different rates in parallel foreign exchange markets.

The Iraqi Dinar is used for all commercial transactions and daily expenses within Iraq. While the use of foreign currencies is limited, some international companies and tourist areas may accept them. However, the primary currency for local transactions is the Iraqi Dinar.

Banknotes and coins are the forms in which the Iraqi Dinar is available. Banknotes are issued in denominations of 250, 500, 1,000, 5,000, 10,000, 25,000, and 50,000 Dinars. Coins are available in denominations of 25, 50, 100, and 250 Dinars.

In conclusion, the Iraqi Dinar (IQD) is the official currency of Iraq. It has a relatively low value and may experience fluctuations compared to major international currencies. The Iraqi Dinar is used for all commercial transactions and daily expenses within Iraq, with limited acceptance of foreign currencies. Banknotes and coins are the available forms of the Iraqi Dinar.