If you are interested in trading on the currency market, foreign exchange trading (forex) is the market for trading these currencies. While you can trade a diverse number of currencies on the foreign exchange market, the Forex dinar is a popular choice among investors.
The official currency of Iraq is the dinar. This currency is abbreviated as IQD and is issued by the Central Bank of Iraq. This currency, like the American dollar is made up of smaller measurements of currency such as one American dollar is made up of 100 cents. Fils, which are the equivalent of American cents, actually make up an Iraqi dinar. It takes 1,000 fils to make one dinar. If you are familiar breitling dinar guru with the rupee’s use in Iraq, you might be wondering where it falls in terms of Iraqi currency. Until the release of the dinar, the Indian rupee was actually the national currency of Iraq but it’s use was discontinued after the Iraqi dinar came into existence.
The dinar was introduced as the national currency back in 1931. Up until 1959, the value of the currency was pegged to the British pound. After that, it was pegged to the U.S. dollar. Up until the Gulf War, the currency was worth more than $3 in the United States. However the war resulted in a fairly quick devaluation of the currency. Despite the devaluation, new currency has continued to be issued. Because of the devaluation, the International Money Fund now values the currency at a set rate.
Economists and forex experts agree that the Iraqi dinar is poised for a comeback. This is largely due to the fact that the economy in Iraq is expected to recover by 2013. This economic recovery is expected to be responsible for a surge in the value of the forex dinar. In addition, the high price of crude oil and the global shortage of oil are also expected to play a part in the recovery of the Iraqi dinar’s value. It is speculated that the dinar will increase so that one U.S. dollar is worth three Iraqi dinars.
Another reason that the Forex (Iraqi) dinar is expected to appreciate so much is that speculators are using the recovery of Kuwait’s currency as a guide. With their currency, it took a period of 10 years for the currency to have a 1:1 ratio with the U.S. dollar. And it took an additional three years for it to be positioned so that it’s value was three times as much as the U.S. dollar.