Contact us Already a Member? It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. Click here to contact us. Please Paste this Code in your Website. Iraqi Dinar. Iraq Crude Oil Production at Brazilian Equities Snap 3-Day Winning Calendar Forecast Indicators News. Population Unemployment Rate.
Iraq's Deputy Prime Minister and Finance Minister has reportedly said that he supports a floating exchange rate for the Iraqi currency, the dinar. Shafaq quotes Ali Allawi pictured as telling a press conference on Thursday that the Central Bank of Iraq CBI intervenes occasionally to keep the dinar in the range of […].
Committee member Muhammad Al-Shabki told Shafaq News Agency that there are fears of the collapse of the Iraqi currency "in the coming period" […]. According to a statement from the bank, "the dollar exchange rate is fixed and there are no intentions to change.
By Dr. Redenomination simply drops off the zeroes keeping the purchasing power the same as before. There are confirmed news items that Iraq did plan to redenominate its currency, but not revalue. 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 the use of stolen and looted old Kuwaiti dinars. In the Kuwaiti example, the pre-war forex rates were retained, but old banknotes were swapped for new ones.
Examples of European countries like the Netherlands, the United Kingdom, and France are sometimes cited in an attempt to justify an Iraqi dollar investment. These other countries managed a rapid economic 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 war in Iraq.
In the case of the world wars, European countries in question were on the winning side and received 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. Some investors argue that the market could drive a strong appreciation for the Iraqi dinar in the post-war era, simply because the huge oil reserves will eventually make it a strong currency.
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.
The bill was introduced by the Central Bank of Iraq in Nov. This will erode the profit potential even for short-term trading. In terms of longer-term opportunities, forex trading in general comes with a few challenges:.
How Iraq, its economy, and hence the forex rate develop over the long term, is a long-term uncertain bet. In addition, 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 the Iraqi dinar or similar currencies.
Bank of America. BUT, then gave new dinar for each original swiss dinar. Back in , Iraq has about 38 billion dinar in circulation. Today, they have about trillion, That dilution is why the dinar rate is low. Not any program rate or any of that other nonsense. Do you homework folks. Use common sense. Of course it's going to reinstate. It has to just by basic economics. You're going to issue small category notes to the citizens of Iraq worth a negative number?
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