The Iraqi dinar was introduced in 1932, replacing the earlier Indian rupee-based Currency of Mesopotamia. It is subdivided into 1,000 fils. The dinar was pegged to the British pound at a rate of 1 dinar = 1 pound 6 shillings and 8 pence until 1959, when it started pegging to the US dollar at a rate of 7.8 dinars = 1 dollar. In 2003, Saddam Hussein issued a new currency, which replaced the old Dinar at a ratio of 1000:1.