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ISIS is now issuing its own currency referred to as the ‘Golden Dinar,’ with engravings bearing the words “Islamic State.” The coins, currently being released in limited quantity, are to primarily be used by traders in the oil industry in areas under Islamic State control, according to reports on jihadi online forums. Activists in Deir ez-Zor, Syria reported oil traders have been ordered to use the new Dinar when purchasing from ISIS-held oil fields. Reports from the Iraqi city of Mosul have indicated the Golden Dinar is being introduced to the currency market as part of a serious attempt to...

. It appears the rumors are true. Islamic State is set to become the only 'state' to back its currency with gold (silver and copper) as it unveils the new coins that will be used in an attempt to solidify its makeshift caliphate. ISIS says the new currency will take the group out of "the oppressors' money system." As Zaid Benjamin notes, ISIS releases details of its new currancy with golden 1 & 5 dinar, silver 1, 5, 10 dirham and copper 10 & 20 fils It seems Alan Greenspan may have been on to something after all... "Remember what...

ALEPPO, Syria, Nov. 13 (UPI) -- Here's what every caliphate apparently needs: its own money, so Islamic State leaders plan to mint their own gold, silver and copper coins. The decision aims to remove Muslims from the "tyrant's financial system" and a global monetary operation "based on satanic usury," said a statement by the Islamic State's Beit al Mal, or treasury, and posted on websites used by jihadist movements. The exchange rate of the new currency — which will consist of seven coins — and where it can be found will be spelled out in a future statement. Unlike many...

It has gathered its fortune through the tools of modern finance, but now Islamic State (ISIS) aims to mint its own coins. The move is reportedly the brainchild of the ISIS leader, Abu Bakr al-Baghdadi, who has personally overseen the design of gold, silver and copper coins of the Islamic dinar to be used in his self-declared caliphate—as soon as the terror group can locate a mint and enough precious metals. ISIS released designs of the coins and a breakdown of denominations. It claims the currency will free Muslims from a financial order that has “enslaved and impoverished” them. But...

ISIS wants to introduce its own currency and plans to bring back solid gold and silver dinar coins, it has emerged. The Middle East terror group apparently wants to introduce its own Islamic currency as part of its attempts to solidify its makeshift caliphate. The currency known as the dinar, which once consisted purely of gold and silver coins, is today used by a variety of countries, but the coins are created from different materials to the originals. However, the jihadi group is understood to be planning to return to the original gold and silver coins, which were first introduced...

SALT LAKE CITY — For $1,000 you could become a multimillionaire. That's the promise of an old investment scheme that just won't die. Many people promote the Iraq dinar as an investment with minimal risk and huge yield. But don't believe it. Real financial experts warn if you spend your U.S. dollars on dinars, you'll never see your money again. John Maskrid describes his ranch in Kane County as 327 acres of splendor. It's on the market, and John says many prospective buyers have scoped out his property. That includes at least three people who've told him they're about to...

KUALA LUMPUR, July 24 (AP) - (Kyodo)—Muslim countries are inadvertently helping the United States kill fellow Muslims in Palestine, Iraq and Afghanistan by trading and investing in the U.S. dollars, former Malaysian Prime Minister Mahathir Mohamad said Tuesday. The 82-year-old, who is well-known as a strident U.S. critic, is championing the return to the gold standard through the use of a gold dinar instead of the U.S. dollar, which he said is actually "worth nothing." "Today, the Muslims are richer than they had ever been before, that is, in terms of their earnings of U.S. dollar. But they have not...

The Rumors have been flying around this morning that there has been a revaluation of the Iraqi Dinar. I haven't been able to find any official confirmation of a reval, yet. Has anyone else heard any news along these lines?

Iraqi Dinar equality to dollar, Zubaidi suggests 27/06/2006 Source: Al-Sabah Finance ministry & Iraqi Central Bank study a suggestion about lifting off the worth of Iraqi dinar and returning back as the past. And the suggestion supported by the World Bank. Finance minister Bayan Jabr Zubaidi declared that he suggested on bank governor lifting off three zeros so dinar would be equal to dollar. on the other hand, he declared his support for national peace initiative.

March 17, 2006 By Jennifer Levitz, The Wall Street Journal Considering the strife bordering on civil war, this may not seem like the best time for mutual funds to put money into Iraq. But some are doing just that. Looking for high yields -- and confident that oil reserves will be there to repay the debt -- mutual funds are among the investors quietly buying small chunks of about $2.8 billion in bonds issued by the Iraqi government in January as part of its restructuring of debts left by Saddam Hussein. T. Rowe Price Group Inc., based in Baltimore, says...

BAGHDAD: If Iraqis have one solid economic achievement to hold on to amid their many problems, it is the strength of their currency, which some feared would be devalued out of existence in the months that followed the fall of former Iraqi President Saddam Hussein in March 2003. The dinar's current value of 1,465 to the benchmark U.S. dollar is virtually unchanged from January 2004, when the introduction of new banknotes to replace the Saddam-era denominations was completed. Sadoon Hamoud Kathir, professor of economics and administration at the University of Baghdad, attributes this remarkable level of stability to sound government...

The upsurge in violence has worsened conditions for almost everyone and everything in Iraq, but the new currency. The Iraqi dinar is the winner as it has so far weathered the impact of mounting violence and car bombs that would have sent any other country’s currency tumbling. Since its launch in October, 2003, the new dinar has preserved its value vis-à-vis the U.S. dollar and other major countries. It is probably the only symbol of stability in a car torn by wars, civil strife and violence. However, Iraqi economists are not surprised to see the currency fending off the political...

BAGHDAD, Dec. 15 (Xinhuanet) -- The Iraqi Central Bank has succeeded in maintaining the exchange rates of the Iraqi dinar against the US dollar and other foreign currencies, despite a huge demand for the dollar by the market, the Al Mashriq newspaper reported Wednesday. "The bank sold yesterday 25.6 million dollars with 1,460 dinars against one dollar," said sources of the bank, adding that the money was sold through public auction and 14 banks participated in the transaction. Sinan Al Shibibi, governor of the Central Bank, was quoted as saying that lowering debts, according to an agreement of the Paris...

US to forgive $5.4bn Iraq debt From correspondents in Washington December 17, 2004 THE administration of US President George W Bush will agree to write off the $US4.1 billion ($5.4 billion) worth of debt Iraq racked up during the regime of Saddam Hussein. The debt write-off accord will be signed in Washington tomorrow by US Secretary of State Colin Powell, Treasury Secretary John Snow and Iraq's Finance Minister Adel Abdel Mahdi, according to a State Department statement today. "The signing of the debt cancellation agreement is the bilateral agreement that implements the United States' part of the Paris Club debt-reduction...

Translated from Hebrew to English by me Faruk Kaddumi, the Chairman of the Fatah and the foreign office of the PLO sitting in Tunis, says that there are discussions underway to change the Israeli shekel with the Jordanian dinar as the official Palestinian Authority currency.

CHICAGO (CBS.MW) - It would be a slow turn of events, but the U.S. dollar is moving closer to surrendering its status as the world's benchmark currency. Just as it supplanted the British pound after World War II, the dollar stands to lose its lead position if the United States fails to shrink record trade and budget gaps with dispatch, some analysts argue. Its natural successor would seem to be the five-year-old euro. Some argue China's expanding global position could vault its currency to lead status. Central banks and multinational corporations might simply hold a mix in their portfolios, forgoing...

Basically, I am very much of the thought that Iraq will become a prospourous country, somewhere below Kuwait, UAE, etc short-term, but eventually, especially with democracy, will become the economic engine of the region. So, being of this mindset, I look towards the new secure Iraqi currency (introduced Oct. 15th). As of this moment, it costs somewhere between $1,000 - $2,000 US for 1,000,000 Iraqi Dinar. Kuwaiti Dinar, conversely, is worth nearly three times the American dollar, and the old Iraqi Dinar was worth more then the American dollar as recent as 1990. Now, obviously with my faith in the...

I just came home from a Christmas party in Fairfax, VA. Among the attendees at the gathering where judges, generals and elected federal/local politicians. One such elected politician attending was Rep. Tom Davis of the 11th congressional district in Virginia. Mr. Davis just finished a term as the head of the Republican National Congressional Committee. I got a chance to talk with Representative Davis for several minutes. The discussion turned to Iraq, which the representative had recently visited. During the conversation, Mr. Davis pulled out some Iraqi 250 Dinar bills, and handed a few out. The bill in question: Is...

Iraqi police has seized half-billion of former dinnar banknotes in ship anchored at Umr Qasr port of Basra. In result of searching at the ship voyaging from Pakistan to UAE, the inspectors have captured the banknotes of former regime in trunk of one of 8 vehicles at the board. Police chief Mohammed Qazim Ahmed Ali said that all packets full with banknotes have official seal of Pakistani Central Bank and the ship was still anchored at Umr Qasr port, adding that press member weren't allowed to take photos of it due to ongoing investigation. "Iraq's intelligence service is keeping the...

Money exchange continues without hiccups Baghdad, Iraq Press, October 17, 2003 – The largest money exchange in Iraq's history is proceeding smoothly and no incident has been recorded in the 250 bank branches swapping former tattered banknotes for the new currency. "Everything is proceeding according to plan. Our 1,250 staff involved in the exchange have reported no problems so far," Faleh Dawood Salman of the Iraq Central Bank said. There are 80 exchange points in Baghdad alone, Salman said, adding that the bank was determined to complete the exchange by January 15 when old notes bearing the face of the...