The Dinar is the official Iraqi currency. It was first introduced into circulation in 1932. Between the years 1947 and 1954, the National Bank of Iraq issued Iraqi dinar banknotes. However, after 1954, the Central Bank of Iraq took over this task. Until 1959, the Iraqi Dinar exchange rate was one to one with the British pound.
The Iraqi Dinar exchange rate has had an interesting history. During the past couple of decades, the Dinar exchange rate has been particularly volatile. The last United States troops withdrew from Iraq in late 2011, at which point the war had been going on for almost a decade. Saddam Hussein, the Iraqi president, has been overthrown and killed. The dinar exchange rate swung and plummeted.
From 1990 to 2003, banknotes were issued bearing the face of Saddam Hussein. This was also true of the 25 Dinars note issued is 1986. However, the face of Saddam Hussein does not appear on banknotes printed today. Investors and consumers might still be able to purchase the old bank notes online if they look hard enough.
Iraqi dinar is currently available for purchase in several countries. Many investors, who have been hanging on to their dinar since it was introduced in 2003, are banking on the dinar exchange rate skyrocketing eventually and providing a fabulous return on their original investment. If you are considering purchasing Iraqi Dinar, remember that the Iraqi dinar exchange rate is still in flux. The Iraqi dinar exchange rate may change after you purchase your fulus, which, incidentally, is the plural of fils. One example of the dinar exchange rate swinging was when the country wisely decided to ignore devaluations of the U.S. currency in 1971 and 1973. At the time, the Iraqi dinar exchange rate rose to an equivalent of 3.3778 U.S. dollars!
If you have already made the decision to purchase Iraqi Dinar, make sure to work with a reputable company. This is very important! A reputable company will always provide you with confirmation and tracking information when the Dinar has been sent out to you.
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