Jordanian dinar
The Jordanian dinar (Arabic: دينار أردني; code: JOD; unofficially abbreviated as JD) has been the currency of Jordan since 1950.
| Jordanian dinar | |
|---|---|
| دينار أردني (Arabic) | |
| ISO 4217 | |
| Code | JOD |
| Denominations | |
| Subunit | |
| 1⁄10 | dirham |
| 1⁄100 | qirsh or piastre |
| 1⁄1000 | fils |
| Symbol | د.أ |
| Banknotes | 1, 5, 10, 20, 50 dinars |
| Coins | 1⁄2, 1, 2 1⁄2, 5, 10 piastres/qirsh, 1⁄4, 1⁄2, 1 dinar |
| Demographics | |
| Official user(s) |  |
| Unofficial user(s) |  |
| Issuance | |
| Central bank | Central Bank of Jordan |
| Website | www |
| Valuation | |
| Inflation | 1.7% |
| Source | The World Factbook, 2009 est. |
| Pegged with | US dollar[1] US$ = 0.708 JOD (buy) US$ = 0.710 JOD (sell) |
The Jordanian dinar is also widely used alongside the Israeli shekel in the West Bank.[2][3] The dinar is divided into 10 dirhams, 100 qirsh (also called piastres) or 1000 fulus. It is pegged to the US dollar.
History
From 1927 to 1950, the Palestine Currency Board issued the Palestine pound as the official currency in both Mandatory Palestine and the Emirate of Transjordan. After Jordan became an independent kingdom on 25 May 1946, the idea of issuing a national currency arose and led to the passing of the Provisional Act No. 35 of 1949. Under this Act, the Jordan Currency Board was formed, which became the sole authority entitled to issue Jordanian currency in the kingdom. The London-based entity consisted of a president and four members.
As of 1 July 1950, the Jordanian dinar became the kingdom’s official currency, and use of the Palestine pound ceased in the kingdom on 30 September 1950. Although issued by the Jordan Currency Board, the notes bear the country's official name, "The Hashemite Kingdom of the Jordan".[4]
After the West Bank was annexed by Jordan in 1950, the Jordanian dinar became legal tender there and replaced the Palestine pound.
Until 1992, coins were denominated in Arabic using fils, qirsh, dirham and dinar but in English only in fils and dinar. Since 1992, the fils and dirham are no longer used in the Arabic and the English denominations are given in dinar and either qirsh or piastres.
Coins
Coins were introduced in 1949 in denominations of 1, 5, 10, 20, 50 and 100 fils. The first issue of 1 fils were mistakenly minted with the denomination given as "1 fil". 20 fils coins were minted until 1965, with 25 fils introduced in 1968 and 1⁄4 dinar coins in 1970. The 1 fils coin was last minted in 1985. In 1996, smaller 1⁄4 dinar coins were introduced alongside 1⁄2 and 1 dinar coins.
| Value | Diameter | Weight | Composition | Edge | Obverse | Reverse | First Minted Year | Common Reference |
|---|---|---|---|---|---|---|---|---|
| 1 piastres (qirsh) | 25 mm | 5.5 g | Copper-plated steel | Plain | Abdullah II facing right | Lattice design; Eastern Arabic numerals 1 | 2000 | |
| 5 piastres (qirsh) | 26 mm | 5 g | Nickel-plated steel | Milled | Abdullah II facing right | Lattice design, Eastern Arabic numerals 5 | 2000 | 50 fils 'Shilin' |
| 10 piastres (qirsh) | 28 mm | 8 g | Lattice design, Eastern Arabic numerals 10 | 100 fils, 'Bareezah' | ||||
| 1⁄4 dinar | 26.5 mm Heptagonal | 7.4 g | Brass | Plain | Abdullah II facing right | Leaf design, Eastern Arabic numerals 1⁄4 | 2004 | Rub'a1, 25 piastres, 250 fils |
| 1⁄2 dinar | 29 mm Heptagonal | 9.6 g | Ring: Aluminium bronze Center: Cupronickel | Plain | Abdullah II facing right | Leaf design, Eastern Arabic numerals 1⁄2 | 2000 | Nusf2, 50 piastres, 500 fils |
- rub'a is Arabic for "piece of four" or "quarter".
- nusf is Arabic for "piece of two" or "half".
Banknotes
In 1949, banknotes were issued by the government in denominations of 1⁄2, 1, 5, 10 and 50 dinars. From 1959, the Central Bank of Jordan took over note production. 20 dinar notes were introduced in 1977, followed by 50 dinars in 1999. 1⁄2 dinar notes were replaced by coins in 1999.
| The Fourth Series of the Central Bank of Jordan[5] | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Obverse | Reverse | Value | Dimensions | Main Color | Obverse | Reverse | Printed Date | Issued Date | Watermark |
 |  | 1 dinar | 133 × 74 mm | Lime and green | Hussein bin Ali | Great Arab Revolt | 2002 Hijri 1423 | March 30, 2003 | Sharif Hussein bin Ali |
 |  | 5 dinars | 137 × 74 mm | Brick orange | Abdullah bin al-Hussein I | Ma’an Palace | December 22, 2002 | Abdullah I bin al-Hussein | |
 |  | 10 dinars | 141 × 74 mm | Blue | Talal bin Abdullah | First Jordanian Parliament Building | Talal bin Abdullah | ||
 |  | 20 dinars | 145 × 74 mm | Cyan | Hussein bin Talal | Dome of the Rock | February 2, 2003 | Hussein bin Talal | |
 |  | 50 dinars | 149 × 74 mm | Pink and brown | Abdullah bin al-Hussein II | Raghadan Palace | Abdullah II bin al-Hussein | ||
Fixed exchange rate
Since October 23, 1995, the dinar was officially pegged to the IMF's special drawing rights (SDRs), while in practice, it was fixed at 1 U.S. dollar = 0.709 dinar most of the time, which translates to approximately 1 dinar = 1.41044 dollars.[6][7] The Central Bank buys U.S. dollars at 0.708 dinar per dollar, and sells U.S. dollars at 0.710 dinar per dollar.[8]
| Current JOD exchange rates | |
|---|---|
| From Google Finance: | AUD CAD CHF EUR GBP HKD JPY USD ILS |
| From Yahoo! Finance: | AUD CAD CHF EUR GBP HKD JPY USD ILS |
| From XE.com: | AUD CAD CHF EUR GBP HKD JPY USD ILS |
| From OANDA: | AUD CAD CHF EUR GBP HKD JPY USD ILS |
| From fxtop.com: | AUD CAD CHF EUR GBP HKD JPY USD ILS |
A sample exchange rate of Jordanian dinars to US dollars:
| Year | US Dollar = |
|---|---|
| 1980 | 0.29 dinar |
| 1985 | 0.39 dinar |
| 1990 | 0.66 dinar |
| 1995 | 0.70 dinar |
| 2020 | 0.71 dinar |
See also
- Economy of Jordan
- Economy of the Palestinian territories
References
- "Exchange rates of major foreign currencies announced by CBJ". Retrieved 14 June 2016.
- Zacharia, Janine (2010-05-31). "Palestinian officials think about replacing Israeli shekel with Palestine pound". ISSN 0190-8286. Retrieved 2018-08-22.
- Cobham, David (2004-09-15). "Alternative currency arrangements for a new Palestinian state". In David Cobham (ed.). The Economics of Palestine: Economic Policy and Institutional Reform for a Viable Palestine State (PDF). London: Routledge. ISBN 9780415327619. Retrieved 2018-08-22.
- Linzmayer, Owen (2012). "Jordan". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
- "Archived copy". Archived from the original on 2005-03-11. Retrieved 2005-09-11.CS1 maint: archived copy as title (link)
- Exchange Rate Fluctuations, Programme Management Unit Archived 2004-07-19 at the Wayback Machine
- Tables of modern monetary history: Asia Archived 2007-02-19 at the Wayback Machine
- Report of the Working Party on the Accession of the Hashemite Kingdom of Jordan to the World Trade Organization Archived 2008-06-25 at the Wayback Machine
External links
- Coins of the Hashemite Kingdom of Jordan
- Banknotes of the Hashemite Kingdom of Jordan
- The banknotes of Jordan (in English and German)