Iraqi Dinar~Have U Heard About Iraqi Dinar?cum And Knows It More~U Will Definitely Interested About It
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Iraqi Dinar~Have U Heard About Iraqi Dinar?cum And Knows It More~U Will Definitely Interested About It
History of the Iraqi Dinar
Like Iraq, the dinar also has a colorful history. When we speak of the dinar it is important to differentiate between the Kuwiati Dinar, the Jordanian dinar, the Iranian dinar, the ‘old Iraqi dinar’ and the ‘new Iraqi dinar’.
Kuwait, Jordan, and Iran’s dinar are not related to the Iraqi dinar in any way other than their name. The old Iraqi dinar was first created in 1931. Its value was tied directly to that of the British Pound sterling, and, in fact, was printed at mints located in the United Kingdom.
Prior to the introduction of the dinar, the official currency of Iraq was the Indian rupee which dated back to British occupation of Iraq during the world war period of 1931 to 1947. During this time the dinar was printed and circulated by the Iraqi currency board; although, the tie to the Pound sterling was still in place.
After the 1958 Iraqi revolution, or coup d’etat, the connection to the Pound sterling was severed and the dinar traded at a higher rate for a short time, then plummeted.
After the first U.S. invasion of Iraq in 1991, the Hussein government began printing a cheap paper note in unsupportable quantities. The pre-1991 notes, called the ‘Swiss Dinar’, because they were printed on high quality paper in Switzerland, remained the official currency of the Kurdish region of Iraq for a period of time.
During Saddam’s regime, Saddam decided to try and set the exchange rate himself to a little more than dollars per dinar. This of course was not accepted by the market and was only available to those close to Saddam.
Unfortunately, this is what most Iraqi Dinar Dealers try to play upon. They try and get you to buy into the lie that the Dinar was at one time openly traded at some incredible exchange rate and that it will be there again.
The value of the currency quickly plunged and free market support of the
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