IQD to NAD

IQD - Iraqi Dinar (IQD)

Iraqi Dinar

The Iraqi Dinar is issued by the Central Bank of Iraq. The Dinar was subdivided into 1,000 fils, but inflation has rendered the fils obsolete. As a result the deposition of Saddam Hussein in the 2003 invasion of Iraq, the new Iraqi Dinar was released on October 15, 2003.

The Iraqi Dinar is the currency in Iraq (IQ, IRQ). The exchange rate for the Iraqi Dinar was last updated on May 24, 2019 from Yahoo Finance. The IQD conversion factor has 5 significant digits.

Economy

• As security improves, foreign investment is helping to spur increased economic activity, particularly in the energy, construction, and retail sectors.
• To reach its economic potential, Iraq needs to reduce regulatory impediments and make significant upgrades to its oil processing, pipeline, and export infrastructure.

History

• The Dinar was fixed at par with the British Pound until 1959, then fixed to the US Dollar at one Dinar to 2.8 Dollars. It was decoupled from the US Dollar when that currency was devalued in 1971 and 1973.
• After the Gulf War in 1991, UN sanctions meant that new, inferior quality banknotes were printed in large quantities-and the Dinar quickly lost its value. The previous issue stayed in circulation, and became known as the ""Swiss dinar."" It continued to circulate, especially in the northern Kurdish region of Iraq.
• The new (convertible) Iraqi Dinar was released on October 15, 2003. It replaced all old Dinar and Swiss Dinar banknotes, which were no longer legal tender. (One old Dinar was exchanged for one new Iraqi Dinar; one unit of the Swiss"" Dinar was exchanged for 150 new Iraqi Dinars.) The new Iraqi Dinar banknotes were similar to the Swiss Dinar notes, with more security features to guard against counterfeiting.
• The new banknotes were in demand by overseas investors expecting the currency to increase in value as Iraq's economy improved.

More information about IQD - Iraqi Dinar (IQD)

NAD - Namibian Dollar ($)

Namibian Dollar

The Namibian Dollar is the official currency of Namibia. After the country gained its independence in 1990, the Dollar was introduced in 1993 to replace the South African Rand. The Rand is still legal tender, since the Namibia Dollar is pegged to the Rand.

The Namibian Dollar is the currency in Namibia (NA, NAM). The symbol for NAD can be written N$. The Namibian Dollar is divided into 100 cents. The exchange rate for The Namibian Dollar was last updated on May 24, 2019 from Yahoo Finance. The NAD conversion factor has 5 significant digits.

Economy

• Namibia’s economy is dependent on mining and developing minerals for export.
• Mining accounts for 20% of Namibia’s GDP. Its valuable diamond deposits make Namibia the primary source of gem-quality diamonds.
• Namibia is the fourth-largest exporter of non-fuel minerals in Africa, produces large amounts of zinc, lead, tin, tungsten, and silver, and is the fifth-largest uranium producer.
• Almost half of the population depends on agriculture for survival.
• Privatization of Namibian enterprises is one of the reasons for future investment.

History

• The South African Rand was the official currency from 1920 to 1990. The Rand is still considered legal tender in Namibia; the Namibia Dollar is pegged to the Rand at a rate of 1:1.
• Namibia was a member of the Common Monetary Area after it gained independence in 1990 until the introduction of the Namibia Dollar in 1993.
• In September 15, 1993, the first banknotes were issued by the Bank of Namibia; the first coins were introduced in December of the following year.

More information about NAD - Namibian Dollar ($)