British Military Administration ordinance on the adoption of the Indian Rupee as the unit of account (the Turkish currency had already been banned by military ordinance of 16.12.1916); effective immediately
Time Period: 1932-
Currency: Iraqi Dinar
Transition
1 : 131⁄3 Indian Rupees
Sub-units
Dinar / 1000 Fils
ISO4217
IQD
Timeline
19.04.1931
AH:01.12.1349
Currency act [No. 44] on the introduction of the gold currency; effective immediately (?)
Start of currency exchange: - 01.04.1932: Start of issuance of the new banknotes and coins - 29.04.1932: Adjustment of the exchange rate to 1 Rupee = 0.074 Dinar - 06.05.1932: Adjustment of the exchange rate to 1 Rupee = 0.074½ Dinar - 30.06.1932: Demonetization of the former currency, re-iterated on 30.09.1932.
06.01.1961
Start of banknote exchange after the overthrow of the monarchy: - 06.01.1961: Start of new banknotes - 31.01.1961: Demonization of the former banknotes (with king's effigy), the exchange was conducted without confiscation.
05.05.1993
Start of banknote withdrawal: - 05.05.1993: Start of issuance of new banknotes of 25 Dinars in 1 : 1 exchange of old ones (referred to as "Swiss Dinars" for being printed at Orell-Füssli Ltd., Zurich) - exchange was restricted to Iraqi residents (borders were closed during the operation) - in Kurdistan, the separatist government did not implement the measure - 10.05.1993: End of exchange period and demonetization of the old banknotes.
15.10.2003
Start of banknote exchange by the U.S.-led occupation forces: - 15.10.2003: Start of issuance of new banknotes in 1 : 1 exchange of old ones - in Kurdistan, the separatist government implemented the measure the 25 "Swiss" Dinars were exchange into 375 Dinars in new banknotes; - 15.01.2004: End of exchange period and demonetization of the old banknotes.
Valuation Regimes
1932-1959
Fixed rate against British Pound
1959-2003
Fixed rate against US Dollar. Between 1982 and 2003, the official rate was de facto inoperative with black market rates dominating the exchange.
2003-
Variable rate, the initial valuation at the currency auction of 04.10.2003 corresponded to the actual market rate.
Rate Arrangements
01.04.1932
Fixed
British Pound at 1 : 1 - [Gold parity (18.12.1946)] 3'581.35mg AU fine
±0.0%
20.09.1949
Fixed
British Pound at 1 : 1 - [Gold parity] 2'488.28mg AU fine
±0.0%
23.06.1959
Fixed
US Dollar at 2.80 : 1 - [Gold parity] 2'488.28mg AU fine