Population Unemployment Rate. More Indicators. National Statistics World Bank. We have a plan for your needs. Standard users can export data in a easy to use web interface or using an excel add-in. API users can feed a custom application.
White label accounts can distribute our data. We Are Hiring. Trading Economics welcomes candidates from around the world. Current job openings:. JPMorgan Chase. Exxon Mobil. In the absence of any revaluation, there is going to be no change in the forex exchange rate of Iraqi dinar IQD with or without redenomination. Economists also point out that it would not be beneficial to the Iraqi economy to allow any such value appreciation by the authorities even by means of revaluation.
Doing so will lead to multiple problems for Iraq:. However, this is misleading. The new release was to prevent the use of stolen and looted old Kuwaiti dinars. In the Kuwaiti example, the pre-war forex rates were retained, but old banknotes were swapped for new ones.
Examples of European countries like the Netherlands, the United Kingdom, and France are sometimes cited in an attempt to justify an Iraqi dollar investment.
These other countries managed a rapid economic comeback from the effects of World War II, and are today considered among the developed countries. One important fact missed here is that these countries were able to progress faster because the war situation was completely different from the war in Iraq. In the case of the world wars, European countries in question were on the winning side and received maximum support in the post-war aftermath.
The case of Iraq, by contrast, is more of a civil war, where there exists a possibility of the country being split into multiple fragments. Even if it stays as one nation, it will still take a good long time for the economy to recover.
Some investors argue that the market could drive a strong appreciation for the Iraqi dinar in the post-war era, simply because the huge oil reserves will eventually make it a strong currency. Similar to Iraqi dinar, similar rumors are reported for Vietnamese dong and, most recently, the Egyptian pound. No banks are offering Iraqi dinars. If you have to buy Iraqi dinars, you can buy them only at select money exchangers, who may or may not be legally registered.
The bill was introduced by the Central Bank of Iraq in Nov. This will erode the profit potential even for short-term trading. In terms of longer-term opportunities, forex trading in general comes with a few challenges:. How Iraq, its economy, and hence the forex rate develop over the long term, is a long-term uncertain bet. In addition, trading forex currencies is always risky, as external factors at international levels are difficult to control or predict.
Unless you are trading on regulated markets or through regulated agents, traders and investors should use extreme caution for trading the Iraqi dinar or similar currencies. Bank of America. State of Utah Department of Commerce. The Entrepreneur Fund. International Monetary Fund. Center for Strategic and International Studies. Treasury Vault. Los Angeles Times. Obama White House. Treasury Bonds. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. If a customer wants to sell his dinars, the dealer will only buy it back at a 30 percent discount - so no quick trades here.
But Scarpa said he is prepared to wait. The country has the second-largest oil reserves in the Middle East and exports 3. In the last four years, the dinar has barely moved.
Since , it has appreciated by just 5 percent against the dollar, and at a tenth of a penny, the Iraqi dinar is the weakest currency among oil-producing Arab nations.
By August , the dinar had plummeted to a fraction of a penny. The Iraqi central bank sells dollars daily at a fixed price of 1, dinars through two state-run financial institutions and some private lenders Those institutions set the market rate through sales to customers.
The current market rate is 1, dinars to one U. His customers are U.
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