The dinar has been the currency of Iraq since 1932. It was initially pegged to the British pound, but after a series of devaluations, it was revalued in 1971 at a rate of 1 new dinar to 1,000 old dinars. In the 1980s, Iraq was involved in a costly war with Iran, and the dinar was further devalued. In 2003, after the fall of Saddam Hussein, the dinar was again revalued at a rate of 1 new dinar to 1,000 old dinars.
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