The Iraqi dinar gained against the dollar today, but fell back to the opening level later as tensions between Sunni, Shi’ite and Kurdish political groups intensify, adding to the political turmoil and preventing an introduction of the much needed oil law.
Iraqi Dinar IQD
Central Bank: Central Bank of Iraq
Trade Balance, 2014: -$32.09 bln.
Inflation, 2014: 3.3%
Major commodity exporter
High-yielding interest rates
Factors of Weakness
Political and general domestic instability
The Iraqi dinar is the currency of Iraq. It was introduced in 1932. It was pegged to the Great Britain pound and then to the US dollar. Foreign investors became interested in the currency after new banknotes with additional security measures were released in 2004. The government allowed the overseas exchange of the currency, but international banks are not yet officially exchanging the dinar. The currency may be exchanged via different companies, but speculators run a risk of scam. Crude oil has a great impact on performance of the dinar as Iraq is one of the biggest exporters of crude in the world.
Iraqi dinar is issued by the Central Bank of Iraq. As Iraq is recovering after a period of war and prolonged foreign military presence, the economy of the country is booming from the oil exports. This has made the country’s currency a popular investment vehicle for the Forex traders. For such a volatile currency as IQD, it is important to receive timely news and analytical forecasts. This category presents the FX news related to the Iraqi dinar.
Iraqi Dinar News Archive
Iraqi dinar can be an interesting option for traders who look for currencies with great potential for profit. But such potential often comes with higher risk. How investor can predict performance of the dinar?
Iraqi dinar slipped today on the speculation that Iraqi budget would post the deficit next year, decreasing the appeal of the currency.
The new Iraqi dinar, introduced in 2003 after the fall of the Hussein’s rule, became popular among some investors, who hope it would become much more valuable soon and would bring a big profit. Are such hopes justified or buying the dinar is buying the worthless paper?