TheJordanian dinar (Arabic:دينار أردني;code:JOD; unofficially abbreviated asJD) has been the currency ofJordan since 1950. The dinar is divided into 100qirsh (also calledpiastres) or 1000fulus. Fils are effectively obsolete; however, monetary amounts are still written to three decimal places representing fils. It is pegged to the US dollar.
TheCentral Bank of Jordan commenced operations in 1964 and became the sole issuer of Jordanian currency, in place of the Jordan Currency Board.
In 1927, the British administration of the Palestinian Mandate established the Palestine Currency Board which issued thePalestine pound which was the official currency in bothMandatory Palestine and theEmirate of Transjordan. Though Jordan became an independent kingdom on 25 May 1946, it continued to use the Palestinian pound for a while. 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.
AfterJordanian rule of 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 andlegal tender. The use of the Palestine pound ceased in the country on 30 September 1950. TheCentral 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 theIsraeli shekel.[2]
In 1988 and 1989, the dinar depreciated substantially due to mounting foreign debts in the kingdom. During that time, there wereprotests across the country.
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 and1⁄4 dinar coins in 1970. The 1 fils coin was last minted in 1985. In 1996, smaller1⁄4 dinar coins were introduced alongside1⁄2 and 1 dinar coins.
Until 1992, coins were denominated inArabic using fils, qirsh, dirham and dinar but inEnglish 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.
The Central Bank of Jordan is the sole authority to issue Jordanian banknotes since its establishment in 1964. It released into circulation its first series of Jordanian notes on August 4, 1965. From 1949 to 1965, currency issue was entrusted in the Jordan Currency Board. Before 1949, the Palestinian pound was used.[4]
In 1949, banknotes were issued by the Jordan Currency Board in denominations of1⁄2, 1, 5, 10 and 50 dinars. They bore the country's official name, "The Hashemite Kingdom of the Jordan".[5] 20 dinar notes were introduced in 1977. The 50 dinar note was redesigned and the1⁄2 dinar notes were replaced by coins in 1999.
Since October 23, 1995, the dinar has officially been pegged to theIMF'sspecial drawing rights (SDRs), while in practice it was fixed at 1U.S. dollar = 0.709 dinar most of the time, which is approximately 1 dinar = 1.41044 dollars.[40][41] The Central Bank buys U.S. dollars at 0.708 dinar per dollar, and sells U.S. dollars at 0.710 dinar per dollar.[42]
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