MNT to IQD

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.

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MNT - Mongolian Tugrik (MNT)

Mongolian Tugrik

The Mongolian Tögrög or Tugrik is the official currency of Mongolia. The banknotes are in denominations of 1, 3, 5, 10, 20, 50, 100, 500, 1,000, 5,000, and 10,000; coins are in denominations of 20, 50, 100, and 200. Importing of local currency is limited to 815 Tugrik. Exporting local and foreign currencies is also limited to 815 Tugrik.

The Mongolian Tugrik is the currency in Mongolia (MN, MNG). The symbol for MNT can be written Tug. The Mongolian Tugrik is divided into 100 mongos. The exchange rate for the Mongolian Tugrik was last updated on May 24, 2019 from Yahoo Finance. The MNT conversion factor has 5 significant digits.

Economy

• Mongolia’s economy has relied on the agricultural and herding sectors.
• The country has extensive mineral deposits.
• The economy improved in 2002–2003 as a result of increased copper and gold production.
• The Mongolian economy is highly sensitive to activity in neighboring countries. For instance, Mongolia relies on Russia for >90% of its petroleum product imports as well as a high proportion of its electric power, making the country very susceptible to price increases.
• Mongolia’s main export trading partner is China, which is also considered Mongolia’s “shadow” economy.
• In 1997 Mongolia joined the World Trade Organization and intends to join Asian regional economic and trade organizations.

History

• On April 1, 1928 the Tugrik replaced the Mongolian Dollar and other currencies and became the only legal currency in Mongolia.
• Before other currencies were used in Mongolia, the mongo was also part of the currency history. It is no longer in the circulation because of its very low value. They became collectibles and novelties for tourists on the country.
• In 2010, the ratio of Tugrik to US Dollar increased by 15% - the highest exchange rate gain in the world.

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