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Investing in the Iraqi dinar
The rumors of an imminent Iraqi dinar revaluation have attracted a significant number of investors. Dinar gurus are convincing these investors that their investments will reap windfall profits if the exchange rate rises. In reality, the Iraqi economy has been on a downward spiral for years. Only oil can revive the country’s economy. Unfortunately, the country’s vast oil reserves are under the control of Kurdish forces and ISIS, and it is impossible for the country to develop trade with foreign nations.
In addition to revaluing the dinar, other factors must be taken into account before investing. The current low rate of the Iraqi dinar means that an upward trend is unlikely. However, the inflation rate is higher than that of advanced economies, so an upside move is highly unlikely. The dinar’s exchange rate could reach six or seven figures overnight if Iraq manages to survive COVID-19.
Investing in real estate in Dubai
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You may also want to consider a second source for your investment. The Dinar Intel website claims to track the dinar against several currencies, including the U.S. dollar, the Canadian dollar, and the Australian dollar. It also claims to have contracts with the Central Banks of Switzerland, Canada, and the European Union. It has also signed a trading agreement with the Bank of America, although it has not announced plans to expand this relationship in the near future.
Trends of the Iraqi dinar
The Iraqi dinar, also known as the IQD, is one of the most widely traded currencies in the world. The Iraqi government has taken steps to stabilize the currency. For instance, the IQD/USD exchange rate was 1,270 in April 2007; it is predicted to rise to around 1,190 in 2020. Moreover, Iraq has a large number of oil reserves and a potentially stable economy. As such, there is a strong chance that the IQD will appreciate in value in the future.
However, the Iraqi authorities are satisfied with the current range of the dinar. In a letter to the International Monetary Fund in March 2011, the Iraqi government said that it saw benefits in maintaining the stability of the dinar. Such stability provides a strong anchor for the expectations of the public. Further, it is believed that appreciation of the dinar is more likely in an environment of uncertainty and low financial intermediation.
News that affects the value of the dinar
One of the main causes for the depreciation of the Iraqi dinar is the collapse of oil revenues, which caused the dinar’s value to plummet. The Iraqi central bank determines the official value of the dinar. There has been some speculation regarding the potential revaluation of the dinar in recent years, and some people have even invested their money in such investments. These rumors have generated a substantial amount of money, though state regulators and the Better Business Bureau have cautioned people against making investments in the Iraqi dinar.
As a result, many people have been urging the government to mitigate the devaluation. This will help to alleviate the deficit, provide employment opportunities for unemployed youth, and eliminate corruption. Hopefully, this recovery will also activate the private sector and reduce the level of corruption. However, the devaluation had some negative results, and the inflation rates grew while the development rate remained static. To avoid such a scenario, the current government needs to address the underlying causes of the devaluation.