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Money
Currency: Iraqi Dinar (ID) = 20 dirhams = 1000 fils. Notes are in denominations of ID1000, 500, 250 and 100. Coins are now seldom used in view of rampant inflation in Iraq, but denominations of ID1 and a variety of fils exist. A large number of commemorative coins have also been minted, some for everyday circulation, others for collectors.
Currency exchange: Foreign currency can be used at special duty-free shops in Baghdad up to a value of US$200. To obtain this concession, goods must be purchased within 20 days of arrival and passports must be produced.
Credit & debit cards: Not widely used.
Travellers cheques: These are not generally accepted.
Currency restrictions: The import of local currency is allowed up to ID25 and export up to ID5. The import of foreign currency is unlimited, provided declared on arrival. The export of foreign currency is limited to the amount imported and declared.
Exchange rate indicators
The following figures are included as a guide to the movements of the Iraqi Dinar against Sterling and the US Dollar:
| Date | May ’02 | Aug ’02 | Nov ’02 | Feb ’03 | | £1.00= | 0.45 | 0.47 | 0.49 | 0.50 | | $1.00= | 0.31 | 0.31 | 0.31 | 0.31 |
Banking hours: Sat-Wed 0800-1200, Thurs 0800-1100. Banks close at 1000 during Ramadan.
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