The inability to repay the national debts due to revised valuations Literally putting barricades for foreign companies to enter Iraq for business Overall restricted growth in the post-war era, due to ripple effects of above 2. Dammet, our boys are dying over there, trying to give them a free society. First, the Central Bank of Iraq raised its policy interest rates sharply and allowed a gradual appreciation of the dinar. No big significant price moves have been observed since then, considering the long duration.
The basics of forex
There are confirmed news items that Iraq did plan to redenominate its currency, but not revaluate. In the absence of any revaluation, there is going to be no change in the forex exchange rate of Iraqi dinar IQD with or without redenomination. Economists also point out that it would not be beneficial to the Iraqi economy to allow any such value appreciation by the authorities even by means of revaluation. Doing so will lead to multiple problems for Iraq:. However, this is misleading. The new release was to prevent use of stolen and looted old Kuwaiti dinars.
Examples of European countries like the Netherlands, UK, etc. These other countries managed to make a rapid comeback from the effects of World War II, and are today considered among the developed countries.
One important fact missed here is that these countries were able to progress faster because the war situation was completely different from the Iraq War. It was then a case of world war where the European countries in question were on the winning side and got maximum support in the post-war aftermath. The case of Iraq, by contrast, is more of a civil war, where there exists a possibility of the country being split into multiple fragments.
Even if it stays as one nation, it will still take a good long time for the economy to recover. Similar to Iraqi dinar, similar rumors are reported for Vietnamese dong and, most recently, the Egyptian pound.
No banks are offering Iraqi dinars. If you have to buy Iraqi dinars, you can buy them only at select money exchangers, who may or may not be legally registered. How Iraq, its economy and hence the forex rate develop over the long term, is going to be a long term uncertain bet. Trading forex currencies is always risky, as external factors at international levels are difficult to control or predict.
Unless you are trading on regulated markets or through regulated agents, traders and investors should use extreme caution for trading such currencies. By Shobhit Seth Share. Is there the possibility of a scam in such an investment scheme? Financial scams usually have certain characteristics. A few tip-offs include: In the case of the Iraqi dinar investment scheme, there might be additional red flags: The basics of forex First, here's a very rudimentary explanation of what it means to invest in a currency.
Trends further down the line will depend on the current and future developments in the region. Now to the other side of the coin: Additionally, the following incorrect statements are heavily publicized by the propagators of Iraqi dinar Investment schemes: Doing so will lead to multiple problems for Iraq: We should be able to invest in IQDs.
Dammet, our boys are dying over there, trying to give them a free society. If we are allowed to buy IQDs, we should be able to convert to US dollars, hell, were're investing in their future. If you just ask your bank you may find you can buy Iraq Dinars for a lot less than on Ebay or the Internet. The Bank of America sells them and Chase Bank and Wells Fargo, but as I have said, Ask and you shall recieve, if they sell them, they will buy them back, but I would hold on till mid April this year, as the 15 month is up for them to be freely traded, as laid down by the IMF, it is the IMF that has kept the dinar so undervalued, for free weekly updates send an email to, irr hqda.
The Bank of America, the Chase Bank, and Wells Fargo Bank and a small bank near the Great Lakes, but I would hang on to them guys, the Oil Law is nearly through, Russia and China will be in there like a rat up a drainpipe after the oil, they don't give a monkeys about the security, no probs. How much is the exchange rate of dinar to U. Dollar and where could I go to exchange it. Because I called several bank in the Chicago area and no one takes them.
I live in Kansas City MO. Iraq has issued a tender to drill 50 new oil fields in the southern province of Maysan, according to Arab daily Azzaman. The proposal has the support and approval of the World Bank. My friend went to Iraq and he gave me some money and I want to change it to american money where could I go to do that?
I need a bank that can do it. Add currency calculators or rates to your website Like Coinmill on Facebook. Leave a Comment Comment title: Your name To be displayed with your comment: Currency Conversion Comments Exchanging dinars. Other countries and currencies.