Converting from Iraqi Dinar (IQD) to Turkmenistan Manat (TMT)

What is Iraqi Dinar (IQD)

The Iraqi Dinar (IQD) is the official currency of Iraq. Introduced in 1932, it replaced the Indian Rupee as the country’s currency. The symbol for the Iraqi Dinar is د.ع (Arabic: دينار عراقي) and its ISO code is IQD. The currency comes in various denominations, including coins and banknotes.

The Dinar is divided into 1,000 fils, although fils are seldom used in everyday transactions today. The Iraqi economy is largely influenced by oil, with petroleum accounting for a significant portion of government revenue. Consequently, the value of the Iraqi Dinar can fluctuate based on global oil prices and various economic factors.

Like many currencies, IQD is subject to inflation and can experience volatility due to political and economic instability in the region. In recent years, the Iraqi government has made efforts to stabilize the currency, but challenges remain.

What is Turkmenistan Manat (TMT)

The Turkmenistan Manat (TMT) is the official currency of Turkmenistan, introduced in 1993 to replace the Soviet Ruble. The symbol for the Manat is TM and its ISO code is TMT. Similar to the Iraqi Dinar, the Manat is subdivided into 100 tenge, although tenge coins are also rarely seen in circulation.

The Manat has undergone several changes since its inception, including revaluations and redenominations. The economy of Turkmenistan is heavily reliant on natural gas and oil exports, which significantly impacts the value of the currency.

Due to state control over the economy, the Turkmenistan government regulates the exchange rate closely. This may lead to a discrepancy between official and market rates, making conversion and trade more challenging for individuals and businesses.

Currency Conversion: IQD to TMT

When converting from Iraqi Dinar to Turkmenistan Manat, it is important to consider the current exchange rates, as they can fluctuate based on market conditions. As of today, the approximate exchange rate is governed by various factors including political stability, economic performance, and global oil prices.

To convert IQD to TMT, you can use the formula:

Amount_TMT = Amount_IQD × Exchange Rate_{(IQD → TMT)}

For example, if you are converting 1,000 IQD to TMT and the current exchange rate is 0.58 TMT per 1 IQD, the calculation would be:

Amount_TMT = 1000 × 0.58 = 580 TMT

Keep in mind that it is advisable to check for the most updated exchange rates before making any conversions, as they can vary greatly. Always consider utilizing a financial institution or currency exchange service for accurate transactions and additional services related to currency exchange.