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Has the IQD Revalued? What Iraq Actually Did

Iraq has not revalued the dinar. It lowered the official rate, which is the opposite move. Here is what revaluation means and what the Central Bank of Iraq did.

No. The IQD has not revalued. Iraq lowered the dinar's official value, which is a devaluation, and has not raised it. The Central Bank of Iraq set the lower rate after the Council of Ministers approved it, as our daily dinar brief on the decision records. Anyone telling you the dinar already revalued has the direction backwards. Searches for dinar reevaluation mean the same event, a repricing to a higher value, and that has not happened.

Start with the word. "RV" is the community's shorthand for revaluation, the day a currency is repriced to a higher official value. Dinar reevaluation is the same idea spelled another way. A revaluation changes what the note is worth, and the direction is up. Our guide to what RV means and what to watch covers the term in full. A lower official value is the opposite move.

Here is the rate picture. The Central Bank of Iraq sets the official exchange rate. The official rates are 1,500 dinars to the dollar from the Finance Ministry, 1,510 for banks and 1,520 for the public. Live figures sit on the Iraqi dinar rate page, so this page does not go stale.

Do not mix this up with redenomination either. Redenomination drops the zeros off the notes and does not change what a note is worth. It is a note swap, and on its own it pays a holder nothing. Revaluation reprices the dinar and is the event holders watch for. Revaluation versus redenomination sets out the two mechanisms.

The sequence runs devalue, delete, revalue. Lower the rate and unify it to one price, take the zeros off the notes, then raise the value. The first step is done and the others have not happened. We track the groundwork in what is actually happening with the revaluation and in the case for revaluation.

The government's stated goal is one price, 1,550 dinars to the dollar on the street, said government spokesman Haider al-Aboudi. The rate change is the Central Bank's call, and a distraction event around it is likely. We give no date.

Holders also quote $3.22 and $3.47 per dinar. Iraq's official rate was about $3.38 from 1973 and $3.22 from 1982 to 1990. $3.47 is widely quoted, not an official rate. Iraq has more behind the dinar now than in 1990, so we do not rule it out.

This page is research and my read of the public record, it is not legal, tax or financial advice, and you should take your own situation to a qualified professional before you act on any of it.

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Did Iraq change their currency?

The dinar's official rate was lowered, and the Central Bank adopted the new one. Deleting the zeros from the notes, called redenomination, is a separate step that has been debated. A dinar reevaluation, meaning a repricing to a higher value, has not happened. See the dinar FAQ for more straight answers.

How much is a dinar worth?

The Central Bank of Iraq sets the official rate, and the figures live on our Iraqi dinar rate page. We do not restate them elsewhere.

Where this comes from

Everything above comes from our own published research, linked here so you can read the full piece.

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