IRAQI DINAR Meaning and
Definition
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The Iraqi Dinar refers to the national currency of Iraq, officially known as the Republic of Iraq. It is the legal tender widely used and accepted as a medium of exchange within the country's domestic economy. The Iraqi Dinar is abbreviated as IQD and its symbol is "د.ع".
The currency is issued and regulated by the Central Bank of Iraq, which is responsible for managing the monetary system in the country. The bank controls the circulation of banknotes and minting of coins of various denominations, each bearing different values.
The Iraqi Dinar has experienced significant fluctuations in its value over the years. In the 1980s, due to the Iran-Iraq war and later the Gulf War, the Iraqi Dinar faced severe devaluation, contributing to hyperinflation. However, efforts have been made to stabilize the currency and economy of Iraq in recent years.
Banknotes of the Iraqi Dinar are available in denominations of 50, 100, 250, 500, 1,000, 5,000, 10,000, 25,000, and possibly higher values. Coins are also in circulation, but they are rarely used due to their low value, including denominations of 25, 50, 100, and 250 dinars.
While the currency is primarily meant for usage within Iraq, it is not widely traded or accepted internationally. Foreign exchange regulations may be imposed, limiting the convertibility of the Iraqi Dinar outside the country. Investors and collectors may also hold Iraqi Dinar as a speculative investment or collectible item.
Common Misspellings for IRAQI DINAR
- uraqi dinar
- jraqi dinar
- kraqi dinar
- oraqi dinar
- 9raqi dinar
- 8raqi dinar
- ieaqi dinar
- idaqi dinar
- ifaqi dinar
- itaqi dinar
- i5aqi dinar
- i4aqi dinar
- irzqi dinar
- irsqi dinar
- irwqi dinar
- irqqi dinar
- ira1i dinar
- ira2i dinar
- irawi dinar
Etymology of IRAQI DINAR
The etymology of the phrase "Iraqi Dinar" can be traced back to the currency of Iraq. The word "dinar" is derived from the Latin word "denarius", which was a silver coin used in ancient Rome. Over time, the term "dinar" evolved to represent various currencies in different regions.
In the case of Iraq, the use of the term "dinar" began in the early 20th century. Before the establishment of the Iraqi currency, the region used Ottoman Turkish currency known as the Ottoman lira. However, after the collapse of the Ottoman Empire and Iraq gaining independence, the Iraqi currency was introduced.
The word "Iraqi" simply refers to the country of Iraq, indicating that the currency belongs to and is used in Iraq. Thus, the combination of "Iraqi" and "dinar" forms the term "Iraqi Dinar", which represents the official currency of Iraq.
