The Iraqi dinar (IQD) is the official currency of Iraq. Its value is pegged to the US dollar (USD) at a rate of 1 USD = 1,460 IQD. This fixed exchange rate has been in place since 2003 and has remained relatively stable over the years.
Prior to 2003, the Iraqi dinar underwent several devaluations, causing its value to plummet significantly. After the US invasion of Iraq in 2003, the new Iraqi government introduced a new dinar, pegged to the US dollar at the current exchange rate.
The Iraqi currency exchange rate is primarily influenced by economic factors such as:
Predicting the future exchange rate of the Iraqi dinar is challenging due to various factors that could influence it. However, some analysts believe that the peg to the US dollar is likely to remain in place for the medium term. The stability of the exchange rate is crucial for Iraq's economic growth and investment.
Year | USD/IQD |
---|---|
2003 | 1,460 |
2005 | 1,460 |
2010 | 1,460 |
2015 | 1,460 |
2020 | 1,460 |
Factor | Impact |
---|---|
Oil Production | Fluctuations can impact value |
Political Stability | Instability can weaken currency |
Foreign Investment | Stabilizes exchange rate |
Central Bank Policy | Can intervene to maintain peg |
Why It Matters | How It Benefits |
---|---|
Stable Exchange Rate | Facilitates trade and investment |
Predictable Value | Reduces financial risk |
Currency Convertibility | Enhances economic development |
Investment Confidence | Attracts foreign direct investment |
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