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It is issued by the Central Bank of Iraq and is subdivided into 1,000 fils (فلس), although inflation has rendered the fils obsolete since 1990.
However the new currency has sparked a multimillion-dollar industry in selling dinars to speculators.
They are sparse in design and depict an abstract map of Iraq and the main rivers.
From 1931 to 1947, the banknotes were issued by the Iraqi currency board for the government of Iraq and banknotes were convertible into pound sterling.
Multiple trillions of Dinar were then shipped to Iraq and secured in the CBI for distribution to the masses in exchange for the 'Saddam dinar'.
Old banknotes were exchanged for new at a one-to-one rate, except for the Swiss dinars, which were exchanged at a rate of 150 new dinars for one Swiss dinar.
For a wider history surrounding currency in the region, see British currency in the Middle East.