In early May, ISIS forced traders to use its currency in the areas controlled by the terrorist group, especially in Raqqa and Deir Ezzor.
ISIS has also published an infographic explaining the new currency.
ISIS has presented the currency with three values:
-Copper fils: 6 fils weighing 3 grams of copper;
-Silver dirham: 1 dirham weighing 3 grams silver;
– Golden dinar: 1 gold dinar weighing 4.25 grams gold 21 caliber.
Each silver dirham equals 100 fils of copper, and each gold dinar equals 85 silver dirhams. According to ISIS, the value of currencies determined by its “Monetary Authority”.
ISIS is trying to promote its currency by claiming that it has “real value unlike paper currencies.” ISIS also claimed that its currency maintains its value during wars and crises becauseit is made of valuable metals.
It is believed that ISIS came to impose its currency after the great collapse that hit its financing. This was a result of the destruction of its illegal oil trade with Turkey by the Russian Ministry of Defense and active bombing campaign of ISIS’s oil facilities by the Russian and Syrian air forces.
ISIS currency carries the value of the metals it’s made of. However, its exchange rate is manipulated and does not reflect the true value of these metals. In addition, ISIS is the one who determines the exchange rates, thus making this currency one of the biggest financial scams in the current decade.
ISIS also published photos showing traders and civilians trading in the currency in Raqqa city.