Iraqi Dinar Revaluation News 2011 with Iraqi Dinar Value Chart 2011 – Possible Revalue in 2011
Iraqi Dinar Value Chart 2011
The Iraqi Dinar Revaluation in 2011
The Iraqi Dinar is currently trading at around 1175.5 (bid) Dinars to one US dollar. The Iraqi Dinar, prior to the US invasion, was near on par with the US dollar. Actually, some figures show that the Iraqi Dinar was 3 to 1 to the dollar, but that was apparently a subjective figure determined by Saddam and his party, so it is hard to pin down its true value. The Iraqi Dinar Value Chart to the bottom right only goes back five years. In that time period, however, the Iraqi Dinar has accumulated value against the dollar.
The turmoil that ensued during and after the Gulf wars decimated the currency, and now it takes over 250,000 Dinar to buy a cheap refrigerator in Iraq. It takes over a thousand Dinar to buy a loaf of bread. The sanctions, unstable government, reparations, destruction of oil wells, the lack of external (much less internal) investment all contributed to the Dinar’s demise.
Recently, however, Iraq has become more and more viable every day. Sanctions are being lifted, Iraq’s Parliament officially approved a second term for Prime Minister Nouri al-Maliki and his partial cabinet lineup, and Iraq recently enjoyed International participation in developing and redeveloping its oil wells and oil discovery projects.
As a side note, the United States did not garner very many contracts in this regard. Our oil and gas companies decided that the terms of the contracts were too restrictive and unprofitable. Those contracts are good for Iraq’s economy, AND will not become a detriment to our own domestic oil and gas companies.
There were indeed security concerns in the past, and they still exist, but on a much smaller scale.
“There is a big misconception regarding security, yes there are problems but it is nothing compared to the past. In the past we had a huge security issue but now things have changed. I would say now there is a reduced security problem. We have a strong security force and incidents have all but finished. Corruption is another issue which media has not rightly covered. In the past, the government was weak, but now the government is strong, with transparency and accountability paramount, especially given the international coverage even the smallest issue on corruption is given.” (Source:prnewswire.com/news-releases/iraq-development-advances-despite-concerns-102886039.html)
Iraq has been stated to have oil reserves that compete, or surpass (speculative), the largest oil reserve countries in the world, including Saudi Arabia, Canada, Iran, Venezuala, Russia, etc.
Iraqi Dinar Investment – How Can I Invest In Iraqi Dinars?
The IQD (New Iraqi Dinar) is not yet traded on the open foreign currency exchange market. That being said:
“Under the Order of the Coalition Provisional Government Order 39, a US citizen has the same rights to investments as an Iraqi citizen.”
However, you’ll probably have to go to a foreign exchange currency dealer to buy Iraqi Dinar. Furthermore, despite the claims that these sites typically make, they will probably not buy your Dinar back from you. If they do buy it back, they will probably buy it back at a deep discount.
If you find a specific bank that buys and sells New Iraqi Dinar, please leave a comment below with the Bank’s phone number and/or address for others to read. Buying New Iraqi Dinar at a respectable bank avoids the 30% or more markup currency dealers charge, and it may be safer, not knowing to whom you are sending your cash. It is convenient, however, to buy New Iraqi Dinar from currency dealers, as some of them are able to allow the use of a credit card for purchase. If they allow credit cards, then the site is presumably one of the safer dealers.
Please do not succumb to the hype! Logical minds doubt there will be a revaluation to the US dollar on any scale other than a normal (slow) increase at which their currency recovers. This does not seem like a get rich quick phenomenon. I do, strongly, believe that the Iraqi Dinar will increase in value against the US dollar, however, I do not believe it is going to happen overnight, and I doubt it will make any of us instant millionaires.
If you have some disposable income that you would ordinarily throw out the window of your vehicle while driving down the Interstate, buying New Iraqi Dinar would be a better use of your unneeded money.
However, if you speculate that the United States will go through a period of hyper-inflation, this is a good way to inflation proof your capital assets while the economy (hopefully) stabilizes. If the value of the dollar drops (like most of the great economic minds are alluding to), the Iraqi Dinar is most likely going to gain in value (against the inflated dollar), as well as many other foreign currencies. Having a few gold coins, silver ingots, Euro, Yen, Yuan, Dong, and Dinar around will somewhat protect you, or cushion the blow, from the pending US dollar currency collapse.
- The Vietnamese Dong Exchange Rate and the Vietnam Currency Revalue
The Vietnamese Dong Exchange Rate vs the United States Dollar is currently 10,000 VND to 1 USD. Stated another way, 1 United States dollar can buy 10,000 Vietnamese Dong.
In any investment, there is a risk you may lose your ENTIRE investment. However, you can adorn your walls with this currency, as it is very colorful. You can also have your children bring these currencies to class with them for show-and-tell, and share with them the rich history of Iraq and the various countries’ currencies with which you invest.
Please leave a comment, and let us know your experiences with, and your knowledge of, the New Iraqi Dinar.