IQD to RWF

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)

RWF - Rwandan Franc (RWF)

Rwandan Franc

The Rwandan Franc (RWF), is the authorized tender utilized in Rwanda. The Rwandan Franc is subdivided into a hundred centimes. Banknotes and coins are both used as legal tender for the country.

The Rwandan Franc is the currency in Rwanda (RW, RWA). The symbol for RWF can be written RF. The Rwandan Franc is divided into 100 centimes. The exchange rate for the Rwandan Franc was last updated on May 24, 2019 from Yahoo Finance. The RWF conversion factor has 5 significant digits.

Economy

• Rwanda is a very agricultural-based country with about seventy percent of the inhabitants engaged in farming. Major exports are tea and coffee.
• Despite being land-locked with a high population and minimal resources and industry, Rwanda has been able to make significant progress in rehabilitating and stabilizing its economy.
• The Rwandan economic system relies heavily on farm production of small, semi-subsistence, and fragmented farms.
• By 1994, farm size was was typically less than 1 hectare, whilst inhabitant’s density was greater than 450 individuals per square kilometer.

History

• The Franc became the foreign money of Rwanda in 1916, when Belgium captured the German territory and switched the German East African Rupee for the Belgian Congo Franc.
• Rwanda utilized the Belgian Congo Franc until 1960, when the Burundi and Rwanda Franc was introduced.
• Rwanda commenced issuing the Rwandan Franc in 1964.
• In 1964, banknotes of the Rwanda and Burundi Bank of Emission were overstamped for Rwanda usage only.
• In 1969, aluminum 1 franc coins were launched. In 1970, 2 and ½ francs were also added in aluminum.
• Brass 50 and 20 francs were launched in 1977.
• There is a plan to launch a standard currency, a modern East African Shilling, for 5 East African countries at the start of 2012.

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