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A recent devaluation of the Iraqi dinar caused a spike in the country’s currency, putting the currency under heavy pressure. Many workers in the public sector fear pay cuts, and the state’s proposed budget for 2021 projects a $40 billion deficit. This budget will be voted on by lawmakers next year, and it is viewed as unpopular ahead of the elections. Prime Minister Mustafa al-Kadhimi has called for early elections.
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Since the Iraqi dinar is valued at less than one U.S. cent, this is bad news for investors. International economic sanctions have weakened the dinar’s value, causing investors to flee the country. It is impossible to purchase dinars directly from Iraq, and only through dealers. Those dealers acquire dinars from the Iraqi banks and then sell them to U.S. customers at a 30% discount.
If you’re interested in investing in the Iraqi currency, you’ve likely wondered about the risks. This volatile currency is not traded through established financial institutions and is subject to external factors in international markets. There are, however, several reasons to consider investing in Iraqi currency. You can use it as a collector’s item, or buy it as a hedge against inflation. In either case, there are risks, and investors need to consider the potential returns and downsides before jumping into this venture.
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Investing in the Iraqi currency works very similarly to investing in other currencies. You buy Iraqi dinars in exchange for US dollars and wait for their value to appreciate. This is the same concept as investing in stocks or bonds, where you purchase something in the hope that its value will increase in the future. While investing in the Iraqi currency is an excellent way to invest in emerging markets, you should be aware of the risks involved.
Due to international economic sanctions, the Iraqi dinar is worth less than a penny in the U.S. and is only traded within the country. Buying Iraqi dinars is possible only through dealers. Dealers purchase dinars from the Iraqi banks, but can only buy them back at about a 30% discount. In addition, the dinar’s value can decrease dramatically in the event of a political crisis.
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Some investors invest in the dinar as a form of diversified portfolios but beware of penny stocks. Although they may be a good idea, penny stocks are highly volatile, opaque, and a major risk. This makes it difficult to determine their true value. Investors are best served by waiting for the IQD to increase against the USD. Some investors have even been scammed by people offering to invest in precious metals and houses.
There are many ways to invest in the Iraqi dinar, but one strategy is to diversify your investment horizons. One way to diversify is to invest in property sales in Iraq, either by renting out an apartment or selling it. Another strategy is to attend as many conferences as possible to network and share ideas with fellow dinar investors. Here are the top 10 dinar gurus. Read on to find out more about each one.
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The first dinar guru on our list is Dinar Guru, an Iraqi financial journal that publishes updates on the forex market. This website was started by Canadian investment adviser Kamal Al-Rabieh with the goal of spreading the word about investing in Canada. Dinar Recaps aggregates the latest news on the Iraqi economy. It also claims to have legitimate currency experts. The Dinar Guru alert list has even been featured by National Geographic. Read more to learn more.