IQD

DEFINITION of 'IQD'

The currency abbreviation or currency symbol for the Iraqi Dinar (IQD), the currency of Iraq. The dinar is made up of 1,000 fils and is often presented with the symbol (__). The dinar replaced the Indian rupee as the country's national currency, which is issued by the Central Bank of Iraq.

BREAKING DOWN 'IQD'

The dinar was first seen in 1931 and was pegged with the British pound until 1959. It was pegged to the U.S. dollar thereafter, and the dinar was worth over $3 in U.S. currency until the Gulf War. The dinar devalued drastically at that point, but new currency was issued and this currency has been valued at a set rate by the International Monetary Fund.

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