The value of dinar to US dollar varies widely. Sometime around World War I, the dinar replaced the Indian rupee as Iraq’s official currency and it has been in a sort of state of transition since that time. Up until 1959 the Iraqi dinar was pegged to the pound. This prevented it from ever really being an Iraq currency. It did not allow the sort of policy flexibility that the country needed.
In spite of the dinar not becoming a sort of independent currency until 1959, it has been issued by the National Bank of Iraq since the 1940s. And this would make sense. Iraq is a much older civilization th Continue reading “In Iraq, What’s the Dollar Worth?”