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The pre-1990 notes became known as Swiss dinars while the new dinar notes were called Saddam dinars. Due to United States and the international sanctions on Iraq along with excessive government printing, the Saddam dinar currency devalued quickly. By late 1995, US$1 was valued at 3,000 Saddam dinars on the black market.
A map of the Mesopotamian Marshes showing the Glory River. Marsh Arabs on a mashoof in the marshes of southern Iraq.. The Glory River (Nahar al-Aaz), Glory Canal or Prosperity Canal is a shallow canal in Iraq about two kilometers wide built by Saddam Hussein in 1993 to redirect water flowing from the Tigris river into the Euphrates, near their confluence at the Shatt al-Arab. [1]
Iraqi Swiss dinar; دينار سويسري Denominations; Banknotes: 1 ⁄ 4, 1 ⁄ 2, 1, 5, 10, 25 dinars (Iraqi dinar banknotes issued before the beginning of the Gulf War and Iraqi dinar banknotes bearing the image of former Iraqi leader Saddam Hussein) Demographics; User(s) Iraq Kuwait (1990-1991) Issuance; Central bank: Central Bank of Iraq
The official currency in Iraq is the Iraqi dinar. The Coalition Provisional Authority issued new dinar coins and notes, with the notes printed by De La Rue using modern anti-forgery techniques. [121] Jim Cramer's 20 October 2009 endorsement of the Iraqi dinar on CNBC has further piqued interest in the investment. [122]
After the fall of Saddam Hussein's government, the Central Bank of Iraq was established as Iraq's independent central bank by the Central Bank of Iraq Law 2004, with authorised capital of 100 billion dinars. [12] According to the law, 100% of the bank's capital stock would be held by the State and would not be transferable. [13]
At the same time, Saddam Hussein made the Kuwaiti dinar equal to the Iraqi dinar, thereby lowering the Kuwaiti currency to one-twelfth of its original value. In response, Sheikh Jaber al-Ahmad al-Sabah ruled the banknotes as invalid and refused to reimburse stolen notes, which became worthless because of a UN embargo.
It was presumed that the Iran–Iraq War would result in a quick Iraqi victory. Saddam's plan was to strengthen Iraq's position in the Persian Gulf and on the Arab-world stage. A quick victory would restore Iraq's control over all of Shatt al-Arab, an area which Iraq had lost to Iran in 1975. [43]
On April 6 Iraqi and U.S. forces moved into the southern third of Sadr City to prevent rocket and mortar fire being launched from the area. 1st Squadron, 2nd Stryker Cavalry Regiment then took control of southern Sadr City and hosted Charlie Company, 1-64 Armor, Bravo Company, 1-14 Infantry and Delta Company, 4-64 Armor along with U.S. combat ...