Currency in Iraq: exchange, import, money. What is the currency in Iraq?
Currency in Iraq
The Iraqi dinar is the official currency of Iraq. One Iraqi dinar is divided into 1000 fils. Also in use are the Iraqi dichrams, which are 0.2 one dinar.
In circulation, you can find both banknotes in denominations of 50 to 25,000 dinars, and coins of 25, 50 and 100 Iraqi dinars. Filses have almost ceased to be in use.
The history of the formation of the national currency of Iraq is very rich. During and after World War I, Iraq was part of the Ottoman Empire. The piastre was officially used in the empire, but the most common coin in trade transactions at that time in Iraq was the Indian rupee..
Until 1959, after the seizure by Britain, the Indian rupee was declared the national currency, which was replaced by the Iraqi dinar in 1931. In value, it was equal to the British pound, and in 1959 dinars were converted into US dollars at a different rate - 2.8 US dollars for 1 Iraqi dinar.
Money in Iraq was the most stable in the world until the first Gulf War, 1 dinar cost $ 3.3.
The new banknotes introduced in 2013 have effective and modern protection against counterfeiting: watermarks, embossed letters, special security threads, etc. Due to the large number of financial crimes in the country, you just need to know what the currency of Iraq looks like..
Well
The rate of the Iraqi dinar, due to the unstable economic situation in the country, is also unstable, and also applies to the rate of the dirham. Today 1 US dollar costs about 1,160 Iraqi dinars.
Arriving in Iraq, you can make purchases in foreign currency (euros, US dollars or money from neighboring countries), but officially - only in specialized stores in the capital, and for this you must show your passport. So, what currency to take to Iraq is up to you.
Currency exchange in Iraq
Currency is exchanged at banks that work on Saturday, Sunday, Monday, Tuesday and Wednesday, from 8 am to 12.30 pm, and on Thursday - only until 11. You can exchange foreign currency into local currency and vice versa only at Iraqi markets or exchange offices. It is possible to cash traveler's checks, but it is a very complicated procedure and it will take a lot of time..
It will not be possible to use for payment or withdraw money from a plastic card, since the banking structure in Iraq is just beginning to recover, and there are simply no ATMs there..
Customs
The import of currency into Iraq is not limited (but foreign currency must be declared), the import of the Iraqi dinar is limited to 25 dinars per person. It is strictly forbidden to import the currency of the State of Israel.