| Iraqi Swiss dinar | |||
|
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| ISO 4217 Code | IQD | ||
|---|---|---|---|
| User(s) | Iraq under Saddam | ||
| Banknotes | dinars | ||
| Central bank | Central Bank of Iraq | ||
Swiss dinar is a term used to describe the Iraqi currency printed in Switzerland prior to the 1990 Gulf War with the United States. ISO 4217 is the International standard describing three-letter codes (also known as the currency code) to define the names of currencies established For a topic outline on this subject see List of basic Iraq topics. A central bank, reserve bank, or monetary authority is the entity responsible for the Monetary policy of a country or of a group of member states The Central Bank of Iraq (البنك المركزي العراقي was established as Iraq 's Central bank by Central Bank of Iraq Law 2004 with authorised For a topic outline on this subject see List of basic Iraq topics. Switzerland (English pronunciation; Schweiz Swiss German: Schwyz or Schwiiz Suisse Svizzera Svizra officially the Swiss Confederation After the war, subject to economic sanctions authorised by United Nations resolutions, continued importing of the Swiss made currency was prohibited, and the Central Bank of Iraq began domestic printing of a new Iraqi dinar. The United Nations ( UN) is an International organization whose stated aims are to facilitate cooperation in International law, International security The dinar (pronounced di-'när ( Arabic: دينار Kurdish: دینار ( sign: ع
After a change-over period, the Iraqi government disendorsed the old currency and it ceased to be legal tender. Legal tender or forced tender is Payment that by Law, cannot be refused in settlement of a Debt ( Debtor cannot successfully be sued However, the old currency still circulated in the politically isolated Kurdish regions of Iraq until it was replaced more than a decade later following the 2003 invasion of Iraq. The 2003 invasion of Iraq, from March 20 to May 1 2003 was spearheaded by the United States, backed by British forces and smaller contingents from Australia During this inter-war period the Swiss dinar retained its market value, while the new replacement Iraqi currency consistently lost value (sometimes at 30% per annum).
During this period the Swiss dinar was endorsed by no central authority or government (in fact it was a disendorsed currency) and was not redeemable by any issuing agent, or backed by any commodity. Its persistent and sustained market value derived purely from its utility as a culturally accepted medium of exchange. An economic transaction or Trade involves the voluntary exchange of goods and services between two or more entities As such it is often cited in economic discussions about money and the origin of money's value. Money is anything that is generally accepted as Payment for Goods and services and repayment of Debts.
Following the 2003 invasion, Coalition Provisional Authority installed by the United States created another new currency, making the post-1991 Iraqi-dinar, and the Swiss dinar redeemable for exchange. The Coalition Provisional Authority (CPA سلطة الائتلاف الموحدة was established as a Transitional government following the
References
- Budget and Finance (2003). Iraq Currency Exchange. The Coalition Provisional Authority. Retrieved on 2008-03-19. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1279 - A Mongolian victory in the Battle of Yamen ends the Song Dynasty in China.
- Hal R. Varian. "Why Is That Dollar Bill in Your Pocket Worth Anything?", The New York Times, 15 January 2004. Retrieved on 2008-03-19. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1279 - A Mongolian victory in the Battle of Yamen ends the Song Dynasty in China.
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