The Dinar currency has the following features:
When the Iraqi Dinar was introduced in 1932, it was equal to US$4.86. It declined to US$2.80 and remained at this figure till 1971 and subsequently appreciated to US$3.39. The Iraq war led to a fall in the value of the currency in the 1980s to US$3.22, and sustained this exchange rate despite rising debt.
In 2003, after the Saddam Hussein regime was dissolved and the chief combat operations ended, the Iraqi economy suffered major economic distress. This led to the introduction of the new Dinar by the US. At this point, the value of the currency was as low as 1500 Dinars to 1 US dollar. However, during early 2009, the currency appreciated to 1170 Dinars per 1 US dollar.
The SOFA, or Status of Forces Agreement, was proposed in November 2008. The proposal is for the abolishment of the sale of the Iraqi Dinar by banks throughout the world, making the export of the Dinar illegal. The government of Iraq constantly notifies the banking institutions to stop the practice of selling the Iraqi currency.