Well this is a very interesting situation. If you are interested in the foreign exchange market at all, there is a few things to consider with this currency. People have been buying it for the past couple of years speculating that it will go up in value and become as valuable or more valuable than 1 USD. As it stands, as of this past Friday (June 28, 2013) the currency is worth a very small fraction of the USD. It is 1/1,160. That means if you invested $5,000 of USD into the IQD and it became of equal value to the USD, than it would be worth 5.8 million.
Here is the problem though. If you look at Iraq, how does its economy compare to the U.S. or European markets? I am just guessing, but it is most likely a long way off. All of that has to do with the value of a currency. Some things that could help it is exports, OIL. If Iraq can find someway to leverage its strengths, and you combine that with the free country status that it has because of the U.S., than it becomes a little more real to think about the currency gaining a lot of value relative to other currencies in the world.
People think it is going up because the U.S. government has been stocking up on it, there has been considerable positive steps of the government putting steps in place to get their economy stabilized, and a few other foreign factors that rely on the Iraqi Dinar going up in value have caused some to really put some cash into the currency.
The only way it gets up to the value of the USD is if Iraq has the ability to become a new-world country with sky scrapers, business, and modern communities.
Some people have said that Iraq was the big brother of kuwait. The U.S. went in there and restructured everything. The net result was their currency flying up in value. Now, the same deal seems to be going on in Iraq over the past 8-10 years. The U.S. went in there and made the country have a chance to become more free. Their currency went nearly bankrupt, but has been steadily rising for awhile as people all over the world try to invest in it.
The most recent news on this entire subject is that the bank accounts of its citizens have been frozen. Also, for the first time since the Dinar started getting traded more heavily, the sites that offer this exchange have stopped allowing buy/sell orders to go through. That happened this past Friday.
By this coming Wednesday, there is supposed to be some ruling and events that may cause a spike in the currency value. We will see what happens and if something does happen, there will be big news on the subject that is worldwide.
Full disclosure: I have no affiliation with sites that sell the Iraqi Dinar nor own any of the currency myself.
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