If you are traveling to Iraq anytime soon, being knowledgeable about the relatively obscure currency used in that country can be a great advantage to you. Knowing where to buy Iraqi dinar, a little bit about its history, and its importance in the modern setting can be both important for your economic survival and to come across as an intelligent, informed individual in your social experiences. Whether you are traveling to the Cradle of Civilization under a government contract or are going to study all that the area offers to historians, here are some great things to know about Iraqi currency.
1. The History
The Iraqi dinar first entered circulation in 1932. The use of the currency varied as the presence of British forces in the country until the early 1960’s imposed the Indian rupee as the most popular form of money. After the British left the area, the currency continued on in its same form for almost 30 years. In 1986 and the years between 1990 and 2003, 25 dinar notes featured an engraving of then President Saddam Hussein. Also in 2003, 50, 250, 1,000, 5,000, 10,000, and 25,000 dinar notes were introduced to the monetary system as a way of facilitating transactions between businesses and banks. In 2004, the 500 dinar note was introduced by the Central Bank of Iraq.
2. Modern Importance
Iraq has few exports besides that of oil. Subsequently, there is little demand for Iraqi dinars outside of the country. The currency remains in “exotic” status. Locally, however, Iraq currency has grown in its importance to outsiders. The United States, and other members of the former Coalition of the Willing, employ independent contractors charged with rebuilding the infrastructure. Further, journalists and historians now flock to the country in high numbers to document the events of the last decade, as well as those set to unfold over the coming years. All of these people use dinars during their stay.
As noted, the currency remains exotic. Subsequently, buying Iraqi dinar in the US can be a bit tricky. Dinar trading favors American citizens with a single dollar equaling 1,000 dinars. If you are in need of buying Iraqi dinar for your trip to Iraq, there are dinar bankers within the States able to facilitate the transaction at current rates with an added charge for the service.
By keeping these three facts in mind you can make your next trip to Iraq, for business or pleasure, much better. Now you know where to look for buying Iraqi dinar before your trip. Further, when meeting Iraqis you now have an interesting historical conversation starter.
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