: The CBI has repeatedly denied these rumors, stating it has no intention to change the exchange rate.
: Introduced in 1932 to replace the Indian rupee, the dinar was initially at par with the British pound. In 1959, it shifted its peg to the U.S. dollar at a rate of IQD 1 = $2.80, eventually rising to over $3.20 before the 1990 Gulf War. IRAQ DINAR
: Budget deficits and the high cost of public sector payrolls have occasionally forced the government to consider devaluations to manage liquidity. : The CBI has repeatedly denied these rumors,
: Oil revenues account for over 90% of Iraq's federal income. This rentier economy leaves the dinar's stability vulnerable to fluctuations in global oil prices. dollar at a rate of IQD 1 = $2
: After the 2003 invasion, a new dinar was issued at par to the Saddam-era notes. The Central Bank of Iraq (CBI) devalued the currency to 1,460 IQD/$1 in 2020 to preserve reserves but revalued it to 1,300 IQD/$1 in 2023 to combat rising costs. 1 IQD equals $0.00076205 As of Apr 27, 9:05 PM EDT • Disclaimer Apr 27, 2026 The "Revaluation" (RV) Controversy