The new Iraqi Dinar
was introduced in October 2003, therefore the Iraqi Dinar
is the official currency in Iraq.
1 Iraqi Dinar (IQD) = 20 dirhams = 1000 fils.
Notes
are in denominations of IQD 500, 5,000, 10,000 and 25,000. (There
are plans to introduce notes worth IQD 25, 50 and 100).
The cost of scrapmetal rose higher
than the actual value of the coins, consequently the central bank
of Iraq withdrew all coins tendering a bid to sell the coins for
scrap metal. This information is subject to regular change in the
current conditions.
Credit &
debit cards
Credit and debit cards are not widely used.
Travellers
cheques
Travellers cheques are generally not accepted.
Currency Exchange
Foreign currency can be used at special dutyfree
shops in Baghdad up to a value of US $200. To acquire this concession,
goods must be purchased within 20 days of arrival and passports
must be produced.
Exchange rate
indicators
The following figures should be perceived as a guide to the movements
of the New Iraqi Dinar against the US Dollar and
UK Pounds Sterling:
Date
Nov’07
UK
£1.00=
2,606.89
US
$1.00=
1,250.60
Currency restrictions
The import of local currency is allowed up to ID 25 and export up
to ID5 . The import of foreign currency is unrestricted,
provided declared on arrival. The export of foreign
currency is restricted to the amount imported and declared.
Banking hours
Banks are open Saturday to Wednesday 8.00 am to
12.00 pm, Thursdays 8.00 am to 11.00 am. Banks close at 10.00 am
during Ramadan.
