Jordanian dinar


The Jordanian dinar (Arabic: دينار أردني; code: JOD; unofficially abbreviated as JD) has been the currency of Jordan since 1950. The dinar is divided into 10 dirhams, 100 qirsh (also called piastres) or 1000 fulus. It is pegged to the US dollar.

Jordanian dinar
دينار أردني (Arabic)
ISO 4217
CodeJOD
Denominations
Subunit
110dirham
1100qirsh or piastre
11000fils
Symbolد.أ
Banknotes1, 5, 10, 20, 50 dinars
Coins½, 1, 2½, 5, 10 piastres/qirsh, ¼, ½, 1 dinar
Demographics
Official user(s) Jordan
Unofficial user(s) West Bank
Issuance
Central bankCentral Bank of Jordan
Websitewww.cbj.gov.jo
Valuation
Inflation1.7%
SourceThe World Factbook, 2009 est.
Pegged withUS dollar[1]
US$ = 0.708 JOD (buy)
US$ = 0.710 JOD (sell)

The Central Bank of Jordan commenced operations in 1964 and became the sole issuer of Jordanian currency, in place of the Jordan Currency Board.

The Jordanian dinar is also widely used in the West Bank alongside the Israeli shekel.[2][3]

History


In 1927, the British administration of the Palestinian Mandate established the Palestine Currency Board which issued the Palestine pound which was the official currency in both Mandatory Palestine and the Emirate of Transjordan. Though Jordan became an independent kingdom on 25 May 1946, it continued to use the Palestinian pound for awhile. In 1949, it passed the Provisional Act No. 35 of 1949, which established the Jordan Currency Board as the sole authority in the kingdom entitled to issue Jordanian currency, called the Jordanian dinar. The Board was based in London and consisted of a president and four members, and began issuing Jordanian dinars in 1949 and was exchangeable for Palestinian pounds at parity.

After Jordan annexed the West Bank in April 1950, the dinar replaced the Palestinian pound. On 1 July 1950, the Jordanian dinar became the kingdom’s official currency and legal tender. The use of the Palestine pound ceased in the country on 30 September 1950. The Central Bank of Jordan was established in 1959 and took over note production in 1964. In 1967, Jordan lost control of the West Bank, but the Jordanian dinar continued to be used there. It continues to be widely used in the West Bank alongside the Israeli shekel.[2]

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 14 dinar coins in 1970. The 1 fils coin was last minted in 1985. In 1996, smaller 14 dinar coins were introduced alongside 12 and 1 dinar coins.

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.

ValueDiameterWeightCompositionEdgeObverseReverseFirst Minted YearCommon Reference
1 qirsh25 mm5.5 gCopper-plated steelPlainAbdullah II facing rightLattice design; Eastern Arabic numerals 12000
5 piastres (qirsh)26 mm5 gNickel-plated steelMilledAbdullah II facing rightLattice design, Eastern Arabic numerals 5200050 fils 'Shilin'
10 piastres (qirsh)28 mm8 gLattice design, Eastern Arabic numerals 10100 fils, 'Bareezah'
14 dinar26.5 mm
Heptagonal
7.4 gBrassPlainAbdullah II facing rightLeaf design, Eastern Arabic numerals 142004Rub'a1, 25 piastres, 250 fils
12 dinar29 mm
Heptagonal
9.6 gRing: Aluminium bronze
Center: Cupronickel
PlainAbdullah II facing rightLeaf design, Eastern Arabic numerals 122000Nusf2, 50 piastres, 500 fils
  1. rub'a is Arabic for "piece of four" or "quarter".
  2. nusf is Arabic for "piece of two" or "half".

Banknotes


In 1949, banknotes were issued by the Jordan Currency Board in denominations of 12, 1, 5, 10 and 50 dinars. They bore the country's official name, "The Hashemite Kingdom of the Jordan".[4] 20 dinar notes were introduced in 1977, followed by 50 dinars in 1999. 12 dinar notes were replaced by coins in 1999.

The Fourth Series of the Central Bank of Jordan[5]
ObverseReverseValueDimensionsMain ColorObverseReversePrinted DateIssued DateWatermark
1 dinar133 × 74 mmLime and greenHussein bin AliGreat Arab Revolt2002
Hijri 1423
March 30, 2003Sharif Hussein bin Ali
5 dinars137 × 74 mmBrick orangeAbdullah bin al-Hussein IMa’an PalaceDecember 22, 2002Abdullah I bin al-Hussein
10 dinars141 × 74 mmBlueTalal bin AbdullahFirst Jordanian Parliament BuildingTalal bin Abdullah
20 dinars145 × 74 mmCyanHussein bin TalalDome of the RockFebruary 2, 2003Hussein bin Talal
50 dinars149 × 74 mmPink and brownAbdullah bin al-Hussein IIRaghadan PalaceAbdullah II bin al-Hussein

Fixed exchange rate


Since October 23, 1995, the dinar has officially been 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 is 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:

YearUS Dollar =
19800.29 dinar
19850.39 dinar
19900.66 dinar
19950.70 dinar
20200.71 dinar

See also


References


  1. "Exchange rates of major foreign currencies announced by CBJ". Retrieved 14 June 2016.[permanent dead link]
  2. Zacharia, Janine (2010-05-31). "Palestinian officials think about replacing Israeli shekel with Palestine pound". ISSN 0190-8286. Retrieved 2018-08-22.
  3. 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.
  4. Linzmayer, Owen (2012). "Jordan". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  5. "Archived copy". Archived from the original on 2005-03-11. Retrieved 2005-09-11.CS1 maint: archived copy as title (link)
  6. Exchange Rate Fluctuations, Programme Management Unit Archived 2004-07-19 at the Wayback Machine
  7. Tables of modern monetary history: Asia Archived 2007-02-19 at the Wayback Machine
  8. 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