What will a dinar buy in iraq

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Current job openings:. JPMorgan Chase. Exxon Mobil. Goldman Sachs. Crude Oil. Natural gas. Heating Oil. Iron Ore. United States. United Kingdom. South Africa. 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. He also sold dinars to many U. That will start fueling the fire. The Iraqi dinar was trading in July at a rate of about 1, per United States dollar, so a 1,fold revaluation would see the exchange rate at 1.

So what are the odds of that revaluation actually happening? Probably about the same as winning the Powerball lottery, which is to say virtually nil. Before you plunk down your hard-earned dollars for the currency equivalent of moose pasture, here are our top 10 reasons you should not invest in the Iraqi dinar.

There are simply too many warning signs to warrant investing in this currency. When it comes to the Iraqi dinar, caveat emptor or buyer beware should be the watchword. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page.

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