The current market rate is 1, dinars to one U. His customers are U. He also sold dinars to many U. That will start fueling the fire. For the U. In Iraq, prices are quoted both in dinars and dollars, but many prefer the greenback, locals interviewed by Reuters said. Your Practice. Popular Courses. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear.
Investopedia does not include all offers available in the marketplace. Related Articles. Macroeconomics How the U. Dollar Became the World's Reserve Currency. Partner Links. The last several decades have been difficult for the Iraqi people and their economy.
Civil strife and military conflict created great instability. Infrastructure was destroyed and basic fundamentals of the economy have been hurt. Unstable governments and competing coalitions within the country continue to threaten stability. But there is hope. The government continues the march to stability. The oil industry is beginning to grow again. Foreign interests including the World Bank and beginning to look to Iraq and the Iraqi Dinar as investment opportunities. With all these elements in play, a currency that has been weak over the last several decades is poised to grow in value relative to the dollar and other major currencies.
It is because of this great potential and the resources of Iraq that many are looking to Iraq and its currency as future investments. On November 3rd, The Iraqi General Secretariat of the Council of Ministers announced that on the 9th of November , donor countries will visit to support and finance projects in liberated areas.
The United Nations Development Program said that it "carried out hundreds of service and humanitarian projects in the liberated governorates, and are continuing to rehabilitate and implement projects in the liberated governorates. The Iraqi General Secretariat referred to "implementing service and humanitarian projects in Salah al-Din governorate and rehabilitating 20, residential homes in Anbar Governorate.
To learn more about the Iraqi Dinar and the history of the currency, see this article on the Dinar for more details. There are 3 basic reasons people choose to hold and use the Dinar: collecting, traveling, and investing.
The government is constantly trying to revive the Iraqi dinar, but unfortunately, this has opened up the economy to unscrupulous traders who feel like the market is ripe for taking advantage of. At its most basic, Iraqi dinar investments work exactly like other currency investments: you buy an X amount of Iraqi dinars using a certain amount of U.
This works exactly like buying stocks or bonds in that you invest in something in the hopes that its future value will be worth more than what you paid for. Unscrupulous, unethical, and irresponsible, yes, but illegal? Not quite. As with most types of financial scams, the Dinar Gurus use certain techniques to scam people out of their hard-earned money for an investment that is neither sure nor lucrative.
Dinar Gurus scam people by using the Forex foreign exchange market as a cover for their shady deals.
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