Converting from Israeli Shekel (ILS) to Iraqi Dinar (IQD)

What is Israeli Shekel (ILS)

The Israeli Shekel (ILS) is the official currency of Israel. It is abbreviated as ₪ and is often referred to simply as the "Shekel." The Shekel has a long history, dating back to ancient times when it was used as a unit of weight and currency. In its modern form, the New Israeli Shekel (NIS) was introduced in 1985, replacing the old Shekel at a rate of 1,000 to 1.

The Shekel is subdivided into 100 agorot. The Bank of Israel issues coins in denominations of ₪0.10, ₪0.50, ₪1, ₪2, ₪5, ₪10, and banknotes in ₪20, ₪50, ₪100, and ₪200. The value of the Shekel can fluctuate based on various economic factors, including supply and demand, interest rates, and inflation rates. As of recent data, the ILS has been relatively stable against major currencies but can vary significantly against currencies like the Iraqi Dinar.

What is Iraqi Dinar (IQD)

The Iraqi Dinar (IQD) is the official currency of Iraq. It is abbreviated as ع.د and has a history that dates back to the 1930s. The Dinar was originally pegged to the British Pound but has experienced various revaluations and changes, especially in the wake of political unrest and economic challenges in the region.

The Dinar is subdivided into 1,000 fils. However, due to inflation, the fils are rarely used in everyday transactions. The Central Bank of Iraq is responsible for issuing coins and banknotes, which include denominations of 250, 500, 1,000, 5,000, 10,000, 25,000, and even 50,000 dinars. Like the Shekel, the value of the Dinar can fluctuate due to economic conditions, inflation, and foreign exchange markets. Unfortunately, the IQD often deals with high inflation and instability, making it less favorable compared to more stable currencies.

Converting ILS to IQD

When converting Israeli Shekels to Iraqi Dinars, it’s important to note that the exchange rate can vary significantly. The conversion rate often reflects the economic conditions in both countries. You can calculate the equivalent amount in IQD using the formula:

Amount in IQD = Amount in ILS × Exchange Rate (ILS to IQD)

For example, if the exchange rate is 1 ILS = 250 IQD, then converting ₪100 would yield:

100 × 250 = 25,000 IQD

It is advisable to check current exchange rates from reliable financial institutions or currency exchange platforms to get the most accurate and up-to-date conversions.