Which is the best place to buy Iraqi Dinar?
Just as it is with any other purchase, knowledge is the key to success when buying the Iraqi Dinar. The more knowledge you gather before you buy, the more success you will enjoy after your purchase.
In order to be successful with the Dinar, you will need to have the most accurate information about Iraqi News, Politics and the Dinar and work with a leading currency dealer.
Whether you buy the Dinar as a currency collector simply because of Iraq's brightly colored banknotes, or whether you buy it with an eye toward a future currency exchange with Currency Liquidator, there's a lot to know about Iraq's economy and currency.
Oil Drives the Iraqi Dinar
Given the world's insatiable appetite for oil and gas, Iraq's dominant supply role is likely to become even stronger going forward. Although it is difficult to predict the future with certainty, it seems likely that sometime in the near future Iraq will grow into a regional and international energy superpower based on its rich reserves.
In fact, Iraq seems on-track to replace Saudi Arabia as the region's wealthiest, most-developed nation within the next few years.
What does this mean for the Dinar?
A nation's economy, as well as the value of its currency, depends on its natural resources. Iraq's exceptionally large oil reserves are like “money in the bank,” available to meet the young democracy's needs as it continues to grow.
Eventually the exchange rate of the Iraqi Dinar should adjust to reflect the true value of the country's oil wealth. This seems likeliest to occur once the Dinar’s exchange rate is not artificially set or controlled by the CBI.
When that occurs, the strength of Iraq's economy will rapidly become obvious to all observers worldwide, not simply those few individuals who have taken the time to research it.
Iraq’s Oil Has Changed the Future for Iraq and Their Currency
Since the Gulf War and the ouster of Saddam Hussein several years ago, the Dinar has been considered interesting by many observers of Iraq's economy, especially in light of the country's booming oil industry.
Nowadays, more and more people are discovering Iraq's economic success story. Encouraged by Iraq's rapidly-growing petroleum industry and favorable demographics.
Iraq's economy has been growing steadily each year since the ouster of Saddam Hussein in 2003. The country is blessed with enormous oil reserves, and thus far only a tiny fraction of potential oil-bearing sites have been explored. Fueled by petroleum, the economy is expected to perform even better going forward.
In recent years international oil companies including:
These companies have flocked to Iraq, drawn by the opportunities to develop its oil and gas resources.
Although these companies were first active in Iraq beginning in the 1920s, they were absent from Iraq during the Saddam Hussein era.
Regardless of ongoing political friction throughout the region, Iraqi oil is flowing freely. The nation now exports increasing quantities of petroleum each month, and there are plenty of revenues to drive the nation's development, including government spending for infrastructure and social programs.
Because of its underlying oil wealth, Iraq is inherently a very rich country. Large-scale government construction and development programs include:
- Two major maritime shipping terminals to serve the oil industry
- multiple refinery projects
- numerous explorations are currently underway for new oilfield discoveries.
The government is also making great progress in non-oilfield infrastructure development:
- The central government is building or upgrading hundreds of local roads and bridges throughout the country,
- They're also nearing completion of the world's single largest residential housing complex, with more than 100,000 homes and apartments for Iraqi families.
Iraqi Dinar Currency History: What Set Current Exchange Rates?
The Iraqi Dinar (Symbol: IQD) is Iraq's official currency. Issued since 1931 by the Central Bank of Iraq (CBI), it is one of the world's most important yet under-recognized currencies. Of course, banknote collectors also like the Dinar because IQD notes are colorful and interesting.
The value of Iraq's currency was arbitrarily set by:
- CBI at a very conservative level in 2003
- was the low point of the Iraqi economy
- In 2003, a low-valued Dinar seemed appropriate.
At that time, the local oil industry was stagnant after years of UN sanctions had made replacement parts and new technologies unavailable. Oilfield exploration had stopped during Saddam Hussein's reign, and Iraq was producing and exporting only a trickle of oil.
Since then the nation's economy has fully recovered. Iraq is thriving, and infrastructure development is progressing throughout the country.
Yet, even though the economy has grown enormously since 2003, and the government has amassed huge reserves of cash and gold bullion to store Iraq's wealth, still, the foreign-exchange rate of the Dinar has not kept pace.
The IQD is still officially valued at nearly the same price level where the CBI fixed it twelve years ago – The Dinar's value has not risen to the level expected by many observers.
The value of any country's currency is ultimately based on the strength of its economy and the wealth of its natural resources. By any of these measures, Iraq is a very wealthy country.
That's why so many people are enthusiastic about Iraq, and feel so strongly about the Iraq economy.
How to buy Iraqi Dinar Safe and Secure
When buying Iraqi Dinar currency from a leading dealer with an authenticity guarantee, there are no worries about counterfeits.
Dinar banknotes feature highly sophisticated security measures:
- Including watermarks
- security threads
- color-changing inks
Iraqi Dinar Notes are Highly Sophisticated to Protect Their Value
The CBI has had the full benefit of American technology and insight in designing the new generation of Dinar currency introduced in 2003 after Saddam's departure.
In fact, Dinar notes feature SPARK® ink technology, which is the state-of-the-art in anti-counterfeiting technology. Beyond the color-change, viewing effect achieved by tilting the banknote, SPARK® also displays a bright ring that moves around the central point of the image as the note is tilted.
Dinar notes are also scanner-readable, and they even feature raised Braille lettering for use by the visually impaired.
Buying Dinar from Currency Liquidator gives you options!
Iraqi Dinar notes and denomination options
Today's Dinar banknotes are most commonly issued in the denominations of IQD 25,000 and IQD 10,000. In the past, the CBI also issued smaller denominations including notes worth IQD 5,000 as well as IQD 1,000 and 500 and 250, plus a 50 note. Due to inflation, today these smaller notes are rarely used in everyday transactions.
Although some people have claimed that uncirculated (never used) banknotes are more valuable than circulated (used) notes, the reality is that all Dinar currency is spendable and redeemable, whether it's fresh from the mint or whether it's already been circulated in commerce.
How to buy Iraqi Dinar
When you are ready to buy the Iraqi Dinar or any other foreign currency, you should work with a leading currency dealer who will ensure your satisfaction.
Although there are many currencies dealers’ online, basic research quickly reveals that most of them are marginal, and some of them are outright questionable.
The best place to buy Iraqi Dinar
It's always best to work with a dealer who offers the lowest prices for Dinar and other currencies, as well as providing exceptional customer service and support, convenient payment options.
When you buy Dinar, at a minimum you should insist on receiving a full guarantee to cover authenticity of the banknotes. The very best dealers also offer more: A buy-back guarantee that allows you to sell your Dinar back to the dealer if you decide you no longer want the currency.
Buy Iraqi Dinar with echeck
The best dealers accept e-check because it is fast, easy and safe. Most importantly, a leading currency dealer will be fully registered with the U.S. Treasury as a money-services business, as well as being an A-rated member of the Better Business Bureau, and be in good standing.
In fact, the leading dealer, Currency Liquidator, has zero complaints listed against it through the Better Business Bureau. That is an exceptionally strong qualification to look for when you are ready to buy the Dinar.
Should I buy Iraqi Dinar?
As with any business decision, before buying Iraqi Dinar you should perform appropriate due diligence and consult your own trusted third-party professionals. Here are some things to consider:
- Iraq's economic growth
- Political stability
- Oil industry development
- Monetary policies
The Dinar's value has fluctuated over time. Before Saddam Hussein's mismanagement caused the Dinar's value to drop during his years in office, the Dinar was much stronger.
Fortunately, since Saddam's ouster in 2003 the Iraqi economy has improved dramatically. There are plenty of economic indicators suggesting the best for Iraq is yet to come.
Many people are enthusiastic about the Dinar. For those wondering what may be an appropriate target value, it's important to recall that in the years before Iraq's economy was stunted by the UN sanctions against Saddam, the Dinar has at times been worth more than USD $3 each.
In 2003 the foreign exchange rate for the Dinar was set at an artificially-low level to account for the economic stagnation caused by the Gulf War and Saddam's mismanagement.
However, since then the economy has skyrocketed thanks to the country's booming oil industry. Given the country's oil wealth, the Iraqi economy should do even better in the future.
Logically, sometime in the future Iraq's economy and currency will receive the full attention they deserve.