The Iraqi Dinar deals operate within the world of global foreign exchange markets, subject to various factors influencing its value. Political stability, economic performance, and government policies all play pivotal roles in determining the exchange rates of the Iraqi Dinar. Table of Content:
Why Buy Iraqi Dinar in Wholesale? When considering investments in the Iraqi Dinar, opting to buy wholesale can offer several advantages over purchasing smaller quantities. Benefits of Purchasing Iraqi Dinar in Bulk Buying Iraqi Dinar wholesale allows investors to capitalize on discounted rates, potentially maximizing their returns in the long run. Moreover, wholesale purchases often come with lower transaction fees, reducing the overall cost of acquiring the currency. How to Buy Wholesale Iraqi Dinar? Get the Iraqi Dinar market requires careful consideration and due diligence to ensure a smooth transaction process. Finding Reputable Dealers Researching authorized dealers is paramount when to buy wholesale Iraqi Dinar. Look for dealers with a proven track record of reliability and transparency in their transactions. Verify the authenticity of the dealer’s credentials, ensuring they comply with regulatory requirements. Evaluating Exchange Rates Before finalizing a wholesale purchase, compare exchange rates offered by different dealers. Take into account any additional fees, such as commission charges or handling fees, to determine the most cost-effective option. Tips for Buying Iraqi Dinar While investing in Iraqi Dinar can be promising, it’s essential to adopt strategies to manage potential risks effectively. Risk Management Strategies Diversification of investments is key to mitigating risks associated with currency trading. Avoid putting all your resources into a single currency, instead spreading your investments across various assets to minimize exposure to market volatility. Staying Informed Stay updated on economic and political developments in Iraq, as these factors can significantly impact the value of the Iraqi Dinar. Monitor news outlets and financial reports to gauge the market sentiment and make informed decisions regarding your investments. Legality and Risks Before engaging in Iraqi Dinar deals, it’s crucial to understand the legal framework governing currency trading and the associated risks. Legal Considerations Familiarize yourself with the regulations surrounding currency trading in your jurisdiction. Ensure that you comply with legal requirements and seek guidance from financial experts if needed to avoid any legal complications. Potential Risks Fluctuations in exchange rates pose a significant risk to investments in Iraqi Dinar. Market volatility, geopolitical tensions, and economic instability can all contribute to sudden changes in the value of the currency. Exercise caution and be prepared to weather short-term fluctuations in pursuit of long-term investment goals. Factors Affecting Iraqi Dinar Exchange Rates To make informed decisions regarding Iraqi Dinar investments, it’s essential to understand the factors influencing its exchange rates. Economic Stability Economic stability plays a crucial role in determining the value of the Iraqi Dinar. Positive economic indicators, such as GDP growth and low inflation rates, can bolster investor confidence and strengthen the currency. Political Stability Political stability is closely linked to the performance of the Iraqi Dinar. Stable governance and political reforms can instill trust in investors and contribute to a favorable investment climate, driving demand for the currency. Benefits of Investing in Iraqi Dinar Despite the inherent risks, investing in Iraqi Dinar offers several potential benefits for savvy investors. Diversification of Investment Portfolio Adding Iraqi Dinar to your investment portfolio can diversify your assets and reduce overall risk exposure. A well-diversified portfolio that includes foreign currencies can better withstand market fluctuations and provide long-term stability. Potential for Profit While investing in Iraqi Dinar carries risks, it also presents opportunities for substantial profits. By capitalizing on favorable exchange rate movements, investors can realize significant returns on their investments over time.
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The Iraqi Dinar, the official currency of Iraq, has been a topic of interest for investors and observers worldwide. Its value, influenced by various factors, has seen fluctuations over the years, sparking debates and speculation in the financial community. Let’s get into the latest Iraqi Dinar updates, examining its current status, recent developments, and implications for investors. Contents hide Table of Content: 1 Factors Influencing Iraqi Dinar Value 2 Recent Developments in Iraqi Dinar 3 Speculation and Investment Opportunities 4 Tips for Investors 5 Historical Trends of Iraqi Dinar Rates 6 Current Iraqi Dinar Rates 7 Impact of Iraqi Dinar Rates on International Trade 8 Investment Opportunities and Risks 9 Strategies for Managing Risks 10 Future Outlook of Iraqi Dinar Rates Factors Influencing Iraqi Dinar Value: The value of the Iraqi Dinar is influenced by a myriad of factors, both internal and external. Economic indicators such as inflation rates, GDP growth, and unemployment levels play a crucial role in determining its value. Additionally, geopolitical factors, including political stability, regional conflicts, and international relations, exert significant pressure on its exchange rate. Recent Developments in Iraqi Dinar: Recent developments in Iraq, particularly those concerning monetary policies and global events, have had a notable impact on the Iraqi Dinar. The Central Bank of Iraq plays a pivotal role in shaping its value through monetary interventions and foreign exchange policies. Furthermore, events such as oil price fluctuations and geopolitical tensions in the Middle East can influence investor sentiment and, consequently, the currency’s performance. Speculation and Investment Opportunities: The Iraqi Dinar has attracted attention from speculators and investors seeking potential opportunities. However, it’s essential to approach such investments with caution, considering the inherent risks involved. While some view the Iraqi Dinar as undervalued and anticipate potential appreciation, others warn of the uncertainties surrounding Iraq’s political and economic landscape. Tips for Investors For investors: considering involvement in Iraqi Dinar-related investments, thorough research and risk management are paramount. Conducting due diligence on geopolitical developments, economic indicators, and Central Bank policies can provide valuable insights. Moreover, diversification across asset classes and regions can help mitigate risks associated with currency investments. Historical Trends of Iraqi Dinar Rates: The historical trends of Iraqi Dinar rates reflect the country’s economic and political developments. Following years of conflict and sanctions, the post-war reconstruction period witnessed fluctuations in the dinar’s value. Economic reforms implemented by the Iraqi government have aimed to stabilize the currency and promote growth. Current Iraqi Dinar Rates: Currently, Iraqi Dinar rates experience fluctuations due to various factors. Exchange rate movements are influenced by market demand and supply dynamics, as well as interventions by the Central Bank of Iraq. Monitoring these rates is essential for businesses engaged in international trade and investment. Impact of Iraqi Dinar Rates on International Trade: The exchange rate of the Iraqi Dinar has a direct impact on the country’s trade dynamics. Importers and exporters must consider exchange rate fluctuations when conducting transactions. Additionally, foreign direct investment (FDI) inflows are influenced by the stability of the dinar. Investment Opportunities and Risks: Investing in the Iraqi Dinar presents both opportunities and risks. Speculative trading in the currency market can lead to significant gains or losses in the short term. However, long-term investors may find opportunities in Iraq’s potential for economic growth. It’s essential to assess the risks involved and adopt suitable investment strategies. Strategies for Managing Risks: To manage risks associated with Iraqi Dinar rates, diversification of investment portfolios is recommended. This involves spreading investments across different asset classes and currencies to mitigate potential losses. Additionally, closely monitoring economic and political developments in Iraq can help investors make informed decisions. Future Outlook of Iraqi Dinar Rates: The future outlook of Iraqi Dinar rates depends on various factors. While there is potential for growth driven by economic reforms and oil revenues, challenges and uncertainties persist. Political instability, security concerns, and global economic trends can impact the dinar’s value in the long term. Check out our other content Click herThe Future Iraq Foundation for Economic Studies and Consultations stated in a report that the value of the local cash currency circulating outside the banking system in Iraq has exceeded 90 trillion dinars during the year 2023. The report indicated that the value of the issued cash currency increased by 9.24% during the year, rising from 78 trillion dinars at the beginning of 2022 to more than 102 trillion dinars at the end of 2023. The institution confirmed that this increase came despite the decline in the value of the Iraqi dinar against the dollar in the local market, in addition to the rise in commodity prices and an increase in inflation rates by 4%, according to data from the Ministry of Planning. The report showed that the cash currency outside the banking system amounted to about 93 trillion Iraqi dinars, an increase of 30% compared to 2022, which is the highest percentage of the volume of funds circulating outside the banking system in the history of Iraq. According to the data, about 43 million people will live in Iraq in 2023, and the number of adults who are not covered by social care exceeds 26 million people, which means that the rate of each Iraqi’s hoarding of the Iraqi currency reaches about 7.2 million dinars. The institution concluded that the rate of hoarding in each Iraqi home reaches 15 million Iraqi dinars, which is a higher percentage than in 2019, which indicates that Iraqis keep large amounts of money outside the banking system. In conclusion, the report indicated that these numbers may seem illogical in light of the economic and social challenges facing Iraq, but they reflect the trends of the Central Bank of Iraq and the increase in the quantities of cash currency exported in the market. e to edit. IraiIraIIIIIIIIIIIraqi relies heavily on oil, which exposes it to the risk of fluctuations that may occur in the price of a barrel, but it nevertheless has a stable future, according to Moody's credit rating agency. Today, the agency maintained Iraq's rating at CAA1 with a stable outlook, and also kept the country's local and foreign currency ceiling unchanged. Moody's says that the rating reflects Iraq's financial and external dependence on hydrocarbons, which leads to its significant exposure to oil price fluctuations and the risks of transitioning away from carbon. The agency expects that the escalation of the conflict between Israel and Hamas and the intervention of Iran and America will have fundamental repercussions on Iraq through many transmission channels. Measures to support the dinar In the middle of this month, Iraq approved a package of measures to address the exchange rate difference, which included regulating imports and ensuring the entry of the largest number of merchants and importers to the foreign currency sales window by facilitating account opening procedures, deposit operations, and other procedures. The government also issued a series of measures to develop electronic payment systems and reduce dependence on cash. The Iraqi government held discussions with the Central Bank of Iraq to facilitate procedures related to Iraqi banks importing the (cash) dollar. Iraq relies heavily on imports to meet its needs, which increases the demand for the dollar. During the past months, the country expanded the procedures for relying on the local currency in transactions with the aim of supporting the dinar, including the obligation to pay wages and salaries of foreign workers in dinars. Last May, the Iraqi Ministry of Interior obligated merchants and others to use the dinar instead of the dollar in transactions. The Central Bank of Iraq is the primary source of the dollar and other foreign currencies for various transactions in the country, and the bank provides an electronic platform for importers, traders, citizens and investors to carry out foreign transfers, with the aim of controlling the dinar’s exchange rate against the dollar and eliminating the parallel market. Wazin News - Baghdad Economic expert Safwan Qusay confirmed that financial liquidity is available and there are no high risks regarding the existence of the Iraqi dinar. Qusay said, in a televised interview followed by Mawazine News, that “oil revenues rose during the first three months of this year, and this is thanks to the current government’s policy and with Muhammad Shiaa Al-Sudani personally supervising this success.” He added, "Iraq currently embraces more than 600 investment projects, including the Baghdad Metro." He pointed out, "Iraq has completed all its financial needs, and the rest of it needs the price of a barrel of oil to reach only $96 to cover the financial deficit." He pointed out that "there should be rationalization and advice in local financial consumption."
19 countries have eliminated zeros from their local currencies at least once, while 10 countries have resorted to such a step twice since 1960, according to a study issued by Iran's Payam Nour University. After the regime change in Iraq in 2003 and its transformation from a totalitarian regime to a democracy, successive governments after the American invasion worked intensively to determine the course of the local currency (the dinar) on a paved path against the American dollar, but all plans could not save the dinar from falling into the abyss until The exchange rate reached 1,650 dinars for every 1 dollar. In the latest official press statements by the Governor of the Central Bank of Iraq, Dr. Ali Al-Alaq, he briefly said, “The project to delete zeros from the Iraqi currency is still in place.” But he did not explain many details about this project. Challenges and Considerations The Iraqi Central Bank refused to comment on Al Jazeera Net's inquiries about the implementation of the project at the present time or at a later time. The government’s financial advisor, Dr. Mazhar Muhammad Salih, said, “The phenomenon of many zeros in the monetary unit or the addition of zeros usually comes about because economies are exposed to wild waves of inflation or sharp rises that continue for years in the price level due to wars, sieges, and conflicts, which lead to financing the government budget deficit through issuance.” "Cash." In a previous interview - with Al Jazeera Net - Saleh explained that “price means the value of goods and services expressed in cash, and the continuous rise in prices without stopping leads to the erosion of the value of the monetary unit, which requires the issuance of larger cash denominations due to the lack of value of the smaller cash denominations and the disappearance of their ability to cover transactions.” and high value exchanges in the market. Disturb the monetary system Former member of the Parliamentary Finance Committee, Ahmed Hama Rashid, believes that “Iraq is not prepared for the project to delete zeros,” and he also said, “We always hear statements from the Central Bank to implement a project, only to withdraw after a while from implementation for unannounced reasons.” Rashid said - in a statement to Al Jazeera Net - that "the project costs are very high, as printing one banknote costs the Iraqi state 6 cents," noting that "the volume of the monetary mass printed in Iraq is 92 trillion dinars, of which 45 trillion are in circulation in the market and banks." He points out that "the project to delete the zeros will destabilize the monetary system, which may cause successive collapses," ruling out the possibility that the Central Bank would take such a step because "the dinar suffers from constant vibrations." Interfering factors Focusing on the circumstances of implementing the project to delete zeros from the Iraqi currency, we find banking consultant Abdul Rahman Al-Sheikhli identifying two factors that stood in the way of implementing the project. Al-Sheikhli said in an interview with Al Jazeera Net, “The first factor that was standing in the way of the project was the discrepancy between the official exchange rate (now: 1,332 dinars per dollar) and the parallel market exchange rate (now: 1,530 dinars), which constitutes an obstacle to the implementation of the project.” He pointed out that "the project will be successful if an exchange rate of one thousand dinars is reached for every one dollar. At that time, deleting the three zeros will achieve its economic feasibility, as the exchange rate will turn into one dinar for one dollar, and this is what the late former Central Bank Governor Sinan Al-Shabibi aspired to." ". Al-Sheikhli added, "The second factor was represented by the call made by the government headed by Nouri al-Maliki (2006-2014) to legislate the infrastructure law, which was opposed by many political blocs in Parliament at the time because it would lead to an increase in investments in Iraq through the deferred payment method, and this is what limits the value of the cash project." . There is no strong productive sector To search for the relationship in the stability of the dinar against the dollar, the academic in banking and financial sciences, Dr. Ahmed Al-Husseini, believes that there is no positive effect, explaining this to “the lack of a strong productive sector in Iraq.” Al-Husseini said in a statement to Al Jazeera Net that "the Iraqi economy is a rentier economy that depends on one financial source, which is the export of crude oil," and that the project to delete zeros is linked to strengthening the real productive economic sectors such as industry, agriculture, trade, services, health, and education. "At that time, the project will have a positive impact on the stability of the national currency." If you're looking for a new way to invest your money, the Iraqi Dinar is an excellent choice to consider. Hundreds of thousands of investors are moving their money into the Iraqi Dinar because they believe it will revalue and that they will benefit from windfall profits or unexpected gains from specific circumstances in the Iraqi economy. If you're curious about whether the Iraqi Dinar will revalue and how to be a part of the process, continue reading this article. What is the Iraqi Dinar? The Iraqi Dinar is the official currency of Iraq. The Iraqi Dinar is subdivided into 1,000 fils and issued by the Central Bank of Iraq. The Dinar was first released in 1932 and was the currency used to replace the Indian rupee. At the time, 11 rupees would convert to one Dinar. During the first 27 years, the Dinar was connected to the British Pound and then became permanently connected to the USD. The rates held steady until the mid-1990s, when the Gulf War began. Swiss Dinar, or the currency printed before the Gulf War, was printed and valued over $3 per 1 U.S. Dollar. Once the war was over, the government printed more money, but it was not of high-quality. However, it continued to circulate around Iraq. The sanctions placed by the United States on Iraq during this time devalued the new dinar notes quickly down to 3,000 dinars per $1 USD. In 2003, high-quality notes were printed by the Coalition Provisional Authority so that the country could use one currency. Holders of old currency could exchange them equally, except for Swiss noteholders who would receive 150 new notes for one Swiss note. What Does It Mean to invest in the Iraqi Dinar? Now that you understand the past of the Iraqi Dinar, it's essential to understand what it means to invest in the Dinar. Like buying other currency, stocks, or bonds, you can purchase the Iraqi Dinar for a certain amount of money, depending on the current fluctuation rate. The idea is to buy before a significant amount of money before a rise in the currency occurs so that you can make money more money than you invested. For example, if you invest $1 now into the Iraqi Dinar, that number could increase in value and be worth more than $1 or decrease in value and be worth less than $1. The actual rate you'll receive back from your investment depends on the Iraqi Dinar's market rates. How Does Revaluation Work? A revaluation is an adjustment that increases the country's official exchange rate in comparison to a baseline, such as the price of gold, wage rates, or a foreign currency. A country can only change or alter its currency's value through its central bank or other government offices. Revaluations have a significant effect on the valuation of assets held by investors or foreign companies and the currency itself. It can also change the exchange rate between other countries and cash, so foreign investments need to be adjusted to reflect the change and impact of the exchange rate. Revaluation can happen for many reasons, such as large-scale events that affect an economy's profitability, leadership changes, changes in interest rates, or other significant events that predict a market's ability to become more stable. An exciting way reevaluation can work is if there is a great demand for a specific currency. Essentially, big decisions that affect the economy or country's leadership can cause an Iraqi Dinar to Revalue. When a currency is revaluated correctly, it will increase in value for those who hold the currency. The Kuwaiti Dinar was revalued after the Iraqi invasion and could become a high-valued currency. With the current rates, 1 Kuwait Dinar is worth 3.30 United States Dollars. The Iraqi Dinar Could Revalue Iraq has recently devalued the Dinar by 24% back in December of 2020 to cope with the COVID-19 pandemic and lower oil prices. This means that oil dollars are now converted into more dinars, which helped the government to run the country properly. However, with everything that becomes devalued, there is the ability for it to revalue later in the year. Here are some of the reasons why experts believe that the Iraqi Dollar Could Revalue. Domestic Fuel Prices: Since 2007, Iraqi Authorities have worked hard to implement measures around the use of domestic fuel, increasing the amount of domestic fuel used in their economy. This has helped to eliminate all direct budgetary fuel sources, except for kerosene. Since the fuel is sourced in Iraq, this increases the number of jobs that have been created and profit being made in the economy. This is expected to increase jobs and profits in the market, thus raising the value of the Iraqi Dinar. Raised Policy Rates: One of the past issues that have been associated with the depreciation of the Iraqi dollar is the lower interest rates, which did not help the value of the Iraqi Dinar rise. Now the Central Bank of Iraq has raised its policy on interest rates which has helped the Iraqi Dinar appreciate. Exchange Rate is Rising: As these changes are implemented into the Iraqi economy, there has been a change to the Iraqi Dinar's return. Before any of these changes were implemented, the exchange rate in April of 2007 was around 1.270, and in 2020, it was around 1.190, which means there is a 6.5% positive return. Annual GDP Change: The GDP in Iraq keeps increasing. In 2020 it was at 178.11, and it keeps increasing year over year. It's predicted to rise to 232.12 by 2024. With this increase, you can expect the value of the Iraqi Dinar to increase as well. Oil Prices are Rising: As the demand for oil increases, so does the money Iraqi economies can make. Oil is the countries largest export, and as more people are starting to jump back into business and travel, oil is needed. With more money available in the oil industry from foreign markets, the better the Iraqi Dinar does. Arguments Against the Iraqi Dinar Revaluing Not everyone believes the Iraqi Dinar will revalue. While it leans towards revaluing in the future, it's important to understand the other side of the argument as well. Some believe that the odds are slim and that it would take years before there would be any type of investment gain in your Iraqi Dinar. Here are a few of the reasons that some believe it may not revalue. Not Available on Global Forex Markets: The value of the Iraqi Dinar is set by its Central Bank, or government, instead of fluctuating like a regular currency does due to supply or demand. Alternatively, it follows an auction process. The rates can change at any time just because the government decides it wants to change the rate. However, it's improbable that it will be lowered anytime soon. Iraqi Dinar is Heavily Circulated: Some experts believe that there is already a ton of Iraqi Dinar in the markets, making it hard to see an increase in the value. While there is a lot of Iraqi Dinar, not enough has been printed to overpopulate or over circulate the currency. The Economy is Changing: The economy has been recovering since the attack of ISIS in 2014. The government holds many resources of their highest export, oil, in the areas controlled by Kurdish forces and ISIS. This makes it hard for the economy to grow when they are unable to distribute and sell one of its biggest moneymakers. Thankfully, the government has already worked to adjust for this by moving most of its export facilities away from ISIS or Kurdish-owned land. Plus, like any economy, you will see the ebbs and flows present. Too Good to Be Ture: Some experts believe that the Iraqi Dinar is too good to be true. They believe that while the idea sounds great, it doesn't guarantee that you will become a millionaire overnight. While that may be true, it was never promised that anyone who invests in the Iraqi Dinar would become a millionaire. Instead, it's suggesting that the currency will soon revalue, which will increase the value of the Iraqi Dinar, thus making you extra income on your Iraqi Dinar. No matter what, it's still a viable currency that can be used to buy goods and services in Iraq. Should You Buy Iraqi Dinars? With all the information supplied in this article, you might wonder if it's a good time to invest or buy Iraqi Dinars. Right now, the value of the Iraqi Dinar is going to increase, and according to research, the GDP of Iraq is going to rise to 232.12 by 2024, which means that the Iraqi Dinars will rise as well. It's a good time to buy Iraqi Dinars to get ahead of other investors. Plus, at such a low entry cost to obtain a good chunk of Iraqi Dinars, you're not going to lose either way. To sum up, no one could cast the right Iraqi Dinar future prediction and all all is left to the prejudice of the investor to weigh things out and see which investment is good for him/her and which is not. Every person from civilians, unwise investors, special servicemen, and contractors are investing in the Iraqi dinar. However, only a few know what consequences lie if you invest in the currency. When it comes to investment in Iraqi dinar, the procedure is the same as any other investment process. You pay a certain amount of US dollars to get Iraqi dinars. Like other shares, bonds, money, and investment opportunity, you invest in the Iraqi currency with a risk. However, you expect a price for the particular cost of the Iraqi dinar. There’s no harm in investing your money where you like. But the Iraqi dinar scam has victimized a lot of investors. The genuine question here should not be ‘Can’ but ‘Should you buy Iraqi dinar?’ Investing in the Iraqi dinar — Iraqi dinar to USD Investment in Iraqi dinar works like purchasing bonds or stocks. After buying the dinars, investors wait for the IQD value to go up so they can claim the price they expect to get. It is relative to shares because you predict that the future value of your investment will be worth more than what you had invested. While it is not illegal or a crime to invest in currencies, we should learn the future consequences of a risky investment. When it comes to Iraqi dinar investment, many currency gurus have convinced thousands of people to give it a shot. While we know they are scammers, they claim it is a sure-fire shot to invest in Iraqi dinar and get a high return on investment. To go into the depth of the Iraqi dinar controversy, we will discuss the fundamentals of Forex. The Fundamentals of Forex Forex refers to currency pairs (such as Iraqi dinar to USD) and digital money trading. Say, for example, that the Forex trading speed for the following currency pair is 1 USD for 1,160 Iraqi dinars. If you spend a total of $1000 with the current trading speed of the currency pair, you will most likely get up to 1.16 million Iraqi dinars. If you follow the trading pattern for a higher return on investment, you can predict the future IQD rate and get more than what you have paid for. Now let’s say this case comes true and the IQD rate or the exchange rate increases dramatically into a hypothetical value. If you get 1 US dollar for 1 Iraqi dinar, the IQD rate will have your investment worth more than $1.16 million. So, the theory is, the investor could become a millionaire overnight if the IQD rate increases. By investing a moderate value of 1000 US dollars, he would be getting a million dollars in return. Is this investment opportunity a hidden profit prospect or a hyped scam? We will commence with the advantages of buying Iraqi dinar: The Iraqi dinar investment has had a fair share of dirt on and off the internet. We had heard about all the speculation ideas that were moving about. However, several trading reports suggested a spike or a slight increase in the IQD rate. The IMF came forward with the first announcement about the IQD/USD rate in mid of 2007. While the report is old and came in the post-saddam Hussein era, the news was shaped in many ways. The following announcement supported another spike report from the Iraqi dinar currency and money trading. The article mainly spoke about the Iraqi government, the gradual increase in domestic utilities. At the end of the article, it was also suggested a remarkable structural reform plan to make a change and turn the market of Iraq into an economy-based hub. To combat inflation, the action plan was initiated by the Iraqi government comprising three fronts in total. To begin stabilizing the economy, the central bank of Iraq allowed the value of the dinar to rise a bit. Other than that, it announced to increase its interest rates. These steps were initiated to control the financial conditions and to give control to the central bank so that the market could be de-dollarized. The effect of the announcement on IQD/USD rate Just before the action plan, the exchange rate of Iraqi dinar was more than 1270 (in April 2007). As of August 2020, the IQD/USD exchange rate was declared up to 1190. In light of trading, it turned out to a favorable yield. However, the current prospective developments and the Iraqi dinar future predictions depended greatly on the high turn-over of the IQD/USD exchange rate. Are Iraqi dinar gurus scamming us? Even though the future prospects say otherwise, the truth is, most dinar gurus continue to scam thousands of investors. Like other financial or trading scams, the gurus use various techniques to source hard-earned money from the investor’s pocket. Many dinar gurus are not sure if the Iraqi dinar investment is worth the time and effort. As of now, this opportunity is neither lucrative nor a sure-fire shot to a high return on investment. Fortunately, we have compiled several red flags that you can watch out for: If the Iraqi dinar guru promises an astronomical return on investment on a measly amount, he is likely to be a scam If your dinar guru is a stand-alone agent or works for an unknown trading company rather than working for a known trader, he would definitely turn out to be a scam If the dinar guru is promoting himself through internet banner ads and unsolicited telephone marketing instead of establishing communication through social media, he is expected to be a huge scam A little knowledge about the forex trading world can save you from a huge scam. For instance, Bank of America and other established financial organizations do not offer forex trading in IQD to USD. Why? Because the Iraqi dinar is volatile due to increase inflation and currency devaluation. Moreover, several US states, such as Oklahoma, Alabama, and Utah have issued warnings against Iraqi dinar investment because its market is volatile and unstable. How do Iraqi gurus scam the investors? Gurus have command in using the forex trading platform. They use foreign exchange to cover their shady or scam deals. Forex trading refers to buying currency. In this case, gurus scam the investors by convincing them to buy Iraqi dinars for US dollars. We all know that the forex trading platform is a legitimate forum for investment. It is as safe as investing in a stock market. The forex trading is stable because it is rarely disturbed by military conflicts, weather conditions, and natural disasters. Therefore, the currency exchange rate is pretty steady there. However, the return of investment in forex trading would not make you as happy. They are stable but not the best. Investing in foreign currency is an easy way to make post-retirement money. In some countries, it is considered a lucrative business and career opportunity for baby boomers. How do gurus use forex trading for Iraqi dinar scam? Gurus scam by overpromising the returns on Iraqi dinar investment. To convince people to invest more US dollars, they convince the investors that the IQD/USD rate will increase in the mean future. For instance, a scammer will connect you to an Iraqi dinar agent who would convince you by giving multiple hypothetical values of high returns. They will provide you with the current exchange rate and will convince you by giving a strong postulate on the value of the IQD/USD exchange rate in the future. That being said, if you wish to invest $1000 at the exchange rate of 1160 for $1, you would be getting a total of 1.16 million IQD. After giving you a postulate on the exchange rate, they would convince you that it will increase in the upcoming months. The void promise that the IQD rate will grow is a red flag we all should be watching out for. One can’t expect to invest $1000 and expect it to turn $1.16 million in the next few months. Every step of the Iraqi dinar investment process is a scam as no currency can grow to equalize the US dollar, especially if the inflation rate is high. Moreover, there’s no sure shot on any investment, be it purchasing a bond, stocks, shares, or currencies. If a guru is assuring you, he is most definitely a scam. Iraqi dinar future prediction Regional fights, civil war, and no allies are current issues of the country, Iraq. In the future, there’s an extreme possibility that Iraq will split into three regions. If such a tragedy happens, the day to eat the fruit of investment will never come for the investors. In short, the value appreciation won’t happen if the civil conditions of the country do not get better. Does Iraq have the potential to rise again? As there are abundant oil reserves in Iraq, there’s a possibility that the country will rise again, establish and spring back to develop a stable economy and market. If we talk about the past, the country managed to spring back after a long-term war with Iran. However, Iraq lacks a promising and peaceful business atmosphere to establish the confidence of the investors. If the trust of the investors is restored, the country’s economy and the market will revive and increase the IQD/USD exchange rate. But the conditions do not seem always seem favorable. There are convincing red flags that Iraqi dinar investment is nothing but a hyped scam. However, there’s a strong reason to pass a statement as harsh as this. The Iraqi dinar investors trade in the black market of the forex instead of trading desks and established institutions. The supporters and the dinar gurus confuse two economic terms; redenomination and Iraqi dinar revaluation. Iraqi dinar revaluation and redenomination When it comes to revaluation, it is an adjustment officially made to the exchange rate of the country’s currency. The rate is often relative to a standard baseline (US dollar or gold). After a successful Iraqi dinar revaluation, the currency will become more expensive. As the rate changes, so do the purchasing power of the base currency. On the other hand, redenomination is a confirmed plan of action that the Iraq government will not revalue its currency but redenominate it. If the Iraqi dinar revaluation does not occur, there will be no change in the IQD/USD exchange rate. Reasons not to invest in the Iraqi dinar Iraqi dinar revaluation rumors continue to attract a substantial number of investors. Dinar gurus have convinced the investors that they will be making windfall profits if the exchange rate grows in the future. Here are some reasons why investment in Iraq dinar is not a wise decision: The Iraq economy is struggling The Iraq economy had been on the verge of falling for years. Now, the only way to redevelop the economy is to make use of the oil reserves. However, the significant oil reserves located in the south are still controlled by Kurdish forces and ISIS. Therefore, it might be impossible to develop trade with foreign countries. With the economy already falling, the last thing this country needs are the challenges due to massive Iraqi dinar revaluation. Iraqi dinar investment is not done on established financial institutions and global forex markets The value of the Iraqi dinar is currently set by the central bank. The established financial institutions, regular banks, and global forex markets do not trade this currency. That being said, it is a freely traded currency and the dealers can charge any exchange rate they desire. Several US states have issued warning against Iraqi dinar investments Several US states including Alabama and Oklahoma have issued warning against the scams involving Iraqi dinar investments. Iraqi currency is already in circulation With the current exchange rate, it is imperative that Iraqi currency is in a great deal of circulation. However, there’s a slight possibility that the central bank of Iraq might drop 3 zeroes to create a new currency. This approach is known as redenomination and it will have no effect on the IQD/USD exchange rate in the global markets of forex trading. Final verdict Iraqi dinar investment is an uncertain bet. Due to external factors involving international markets, trading currencies is always risky. You can’t predict or control the market. Unless you are trading through a regular bank or an established financial institution, you should be considerate when investing in Iraqi dinar. A new storm hit Iraq this time with the local currency depreciating against the US dollar after political, security and health storms preceded it with the outbreak of the Corona virus, the decline in oil prices, the government reaching the stage of deficit in paying its employees' salaries, and the House of Representatives having to vote on the internal borrowing law to fill the deficit. The government started with the initial steps to implement the provisions of the White Paper that it launched and talked about a lot over the past months to support its economy by raising the price of the dollar against the local currency from 1184 dinars to 1450 dinars to the dollar at the selling prices approved by the Ministry of Finance of the Central Bank, and this step was negatively reflected on the prices of goods, commodities and daily needs. For the citizen, with rates not less than 25%.
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IQDBUY BLOGWelcome to the official IQDBUY BLOG. Find invaluable Articles and analytics here about Iraqi Dinar and Iranian Rial as well as other Middle Eastern currencies in General. You can comment on any articles or news and share them as well. Archives
September 2024
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