Iraqi Dinar News Information and Facts Guide

The Iraqi Dinar has been a hot topic in the currency exchange world for many years, and it's no wonder why. The Iraqi government has been working to rebuild its economy and stabilize its currency, which has led to significant changes in the value of the Dinar.

The Iraqi Dinar is the official currency of Iraq and is divided into 1,000 fils. It's a fiat currency, meaning its value is not backed by any physical commodity, but rather by the government's commitment to maintain its value.

Iraq has a long history of currency fluctuations, with the Dinar experiencing significant devaluations in the past. This has led to a strong demand for the Dinar among currency traders and investors.

The Iraqi government has implemented various measures to stabilize the economy and the Dinar's value, including the introduction of a new currency, the IQD, in 2003.

The Iraqi dinar is one of around 180 currencies worldwide, which means it trades against all other official currencies globally.

You can follow the live exchange rate to the Iraqi dinar with Monito's currency pages, and even set up smart email alerts to track fluctuations.

With over 180 currencies to choose from, it's essential to be aware of exchange rates when traveling to, buying goods and services from, or sending money to Iraq.

A higher exchange rate means the value of one currency has increased compared to another, while a lower exchange rate means the opposite.

You can use Monito's currency pages to enter your currency and see its exchange rate with the Iraqi dinar, or set up email alerts to be notified when the exchange rate passes a certain value.

The Iraqi dinar, or IQD, has a complex history that's worth understanding. The dinar was first introduced in 1932 to replace the Indian rupee, with a conversion rate of one dinar for 11 rupees.

Prior to the 1990 to 1991 Gulf War, the dinar was worth over $3 in U.S. currency. The government printed new currency after the war that was inferior in quality, leading to a rapid devaluation of the currency.

In 2003, new notes were issued, and old notes were exchanged for new ones on a one-to-one basis. Swiss notes, which were printed before the Gulf War, were exchanged at a rate of one Swiss note for 150 new notes.

The exchange rate for the USD/IQD was set at 1,190 until December 2020, when Iraq's Central Bank devalued the currency by more than 20% in response to a liquidity crisis. This devaluation set the peg at 1:1,450.

Iraq's main export, oil, is priced in US dollars, which is why the dinar has little use outside of Iraq. Despite this, there are numerous scams that try to entice people to buy dinars in hopes of eventual price appreciation.

Typically, brokers selling IQD cash charge a 25% to 30% premium over the official exchange rate, making it difficult to buy or sell the currency.

Iraqi dinar news and information can be found on various online platforms, including IraqiNews.com and Iraq Business News. These websites provide frequent updates on the latest news from Iraq, including political, economic, and social news.

IraqiNews.com is an online news website that covers news from Iraq and the Middle East, available in English. Iraq Business News, on the other hand, is a UK-based website that focuses on Iraqi local news, particularly business and economic news.

The Iraqi dinar has a unique currency code, IQD, and is used as the currency of Iraq. It's worth noting that the dinar has been used to promote scams, and investors are sometimes enticed to pay large premiums for the currency in hopes of it being revalued higher.

Here are some key facts about the Iraqi dinar:

XE.com is another useful resource for staying up-to-date on Iraqi dinar news and information. Their online currency converter and currency ranking charts provide valuable insights into the current exchange rate between the US dollar and the Iraqi dinar.

Buying and selling Iraqi dinar outside of Iraq can be a tricky business. The official exchange rate is 1,459 dinars per USD as of August 2021, which would cost about $685.51 to buy one million dinars.

Buying from an online broker can be even more expensive, with some offering one million dinars for $857, a 25% premium over the official rate. This premium can add up quickly, especially when considering shipping fees.

If you decide to sell your Iraqi dinar, there's likely nowhere to sell except for back to a broker, since there's little demand for the currency outside Iraq. A broker may offer $568.97 to buy back the dinars, which is 17% less than the official exchange rate value.

Here's a rough breakdown of the costs involved:

As you can see, buying and selling through brokers can result in significant losses, with the potential for more than 30% loss just from the transaction itself.

Iraqi Dinar News and Information can be a complex and confusing topic, but with the right resources, you can stay informed. IraqiNews.com is an online news website that provides the latest news about Iraq and the Middle East, including political, economic, and social news.

Iraq Business News is another valuable resource, launched in February 2010 and based in the United Kingdom. It provides a wealth of information on the Iraqi government, parliament, and oil news, making it a go-to source for business people and investors.

One of the key takeaways from IQD is that the currency has been used to promote numerous scams, and investors are sometimes enticed to pay large premiums for the currency in the hopes it will one day be revalued higher.

Iraq's main export, oil, is priced in US dollars, which means there is little demand for the dinar globally. This is why it's essential to stay informed about the country's political and economic conditions.

For those who want to invest in foreign currency, XE.com offers online tools for foreign exchange transactions, including an online currency converter and other services related to global currency trading. Their currency ranking charts keep you updated on the current exchange rate between the US dollar and the Iraqi Dinar.

Here are some key facts about the Iraqi Dinar:

Iraqi Dinar news and information can be overwhelming, but with the right resources, you can stay informed and make smart decisions about your investments.

The Iraqi Dinar has a rich history, and understanding its background can be helpful in navigating the current market. The Iraqi Dinar was first introduced in 1932 to replace the Indian rupee.

The dinar was initially pegged to the British pound (GBP) until 1959, when it was pegged to the U.S. dollar (USD). This peg remained relatively stable until the Gulf War in the early 1990s.

Prior to the Gulf War, the dinar was worth over $3 in U.S. currency, but the war led to a significant devaluation of the currency. Currency printed before the Gulf War became known as the Swiss dinar and was worth more than the newly printed notes.

New notes were issued starting in 2003, which were of better quality, and the old notes were exchanged for new ones on a one-to-one basis, while Swiss notes were exchanged at a rate of one Swiss note for 150 new notes.

Today, the exchange rate for the USD/IQD is set at 1:1,450, a significant devaluation from the previous rate of 1:1,190. This devaluation was announced in response to a severe liquidity crisis brought on by low oil prices.

Here are some key facts about the Iraqi Dinar:

The Iraqi Dinar has little use outside of Iraq due to the country's main export, oil, being priced in US dollars. This has led to numerous scams attempting to entice people to buy dinars in the hopes of eventual price appreciation.

Iraqi dinar recaps and analysis are crucial for understanding the current state of the currency. The Iraqi government has implemented various measures to stabilize the dinar, including the Central Bank of Iraq's efforts to increase foreign currency reserves.

The dinar's value has fluctuated significantly over the years, with a notable drop in 2018 due to the country's economic crisis. In 2020, the dinar experienced a slight recovery, but it remains a volatile currency.

Iraq's economy is heavily reliant on oil exports, which accounts for over 90% of the country's revenue. This makes the dinar's value closely tied to the global oil market.

The Iraqi government has been working to diversify the economy, but progress has been slow. This has led to ongoing economic instability.

The dinar's exchange rate is currently around 1,200 dinars to the US dollar. This rate can fluctuate rapidly due to various market and economic factors.

Investors and traders closely monitor the dinar's performance, as it can have significant implications for the global economy.