IQD Todays: More Details of New Iraqi Dinars

Saturday, 31 March 2012

More Details of New Iraqi Dinars

AKnews reports that Iraq’s new currency will include threelanguages: Arabic, Kurdish, and English. It will also include archaeological features including those of the Kurdistan Region. Speaking on behalf of the economic committee in the Iraqi Council of Representatives, Muhama Khalil said thatdeleting the three zeros, and restructuring the currency will provide significant economic benefits.

He explained that.. Iraq signed a contract with four foreign companies to producing paper and coin variants of the newcurrency from the beginning of next year.

The move to delete the zeros will reduce the number of bank notes in circulation and simplify Iraq’s payment system. The Iraqi Central Bank will re-print some 30tr dinars ($26bn).

(Source: AKnews)
iraq-businessnews.com

1 comment:

Anonymous6 August 2012 at 22:59
Iraqi Dinar is very real, but the pitch many Dinar dealers try to send your way is far from reality and designed to get you buy from them. Some of these dealers even go as far as to explain that they are trusted by the government and supply you with a document to reinforce this illusion.

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This page aims to educate the potential dinar investor. As with any investment, there is risk associated with investing in Iraq Dinars. Although we attempt to provide accurate information, there is no guarantee, explicit or implied.

Security features on the New Iraqi Dinar:

- Ultraviolet writing To cheack for the ultraviolet writing on the Iraqi Dinar, you will need a UV lamp (as commonly found in hardware stores). In a dimly lit area, hold the UVA lamp over the Iraqi dinar. You should clearly see UV writing on the back side of the dinar.

- Horse head watermark This is one of the most simple security checks you can make. Hold the Iraqi dinar up to a bright light source. The image of a horse head should clearly appear. This pattern is embedded, not printed, into the paper.

- Color changing symbol In the bottom left hand corner, the eight sided symbol should change color from purple to green when viewed at different angles.

- Security thread There should be a metalic security thread embed

- Metallic ink
The image of a dove is printed in metallic ink on the top left hand corner of the back of the dinar.

- Unique serial number
Every dinar is uniquely numbered in east-arabic script. See the conversion below to western numerals. Notice the similarities between the 2 and 3 numerals.

The Pros and Cons of Investing in the Iraqi Dinar

There are several reasons why you might wan to invest in the dinar, but with these comes several risks. Investors should be aware of both of these before investing in the dinar.

To help potential investors fully understand the situation surrounding the Iraqi Dinar Investment, we have provided a running list of the pros and cons of investing in the dinar.

PROS:

"All Time Low": The dinar is currently was at an "all-time low" just a few years ago when it was at war. Now, in its postwar state the currency is beginning to appreciate in value.

Progressing Economy: The Iraqi economy is progressing which has resulted in an increasing demand for the dinar. Recent events such as the following have contributed to stabilizing of the economy:

Iraq has a shrinking global debt. Because of the Paris Agreement, the majority of countries to which Iraq was in debt forgave a large amount of that debt. The US, for example, has forgiven all Iraqi pre-war debt.
Since 2004 six western banks have opened in Iraq, and six banks were in operation outside of the country
An estimated 33 billion dollars have been collected for the process of reconstruction of Iraq and companies such as Coca-cola, Chevron, Texaco and Alabama Blount4 Inc. are beginning to invest in Iraq
In 2007 the Iraqi Stock Exchange opened to foreign investors

International Support: Over 60 countries, including the US, Great Britain, Canada, Japan and India are providing financial support to help rebuild Iraq. Several industrial nations from around the world are present in Iraq, serving as military or civilian support to help Iraq establish stability and security.

Several nations are pledging billions of dollars for reconstruction of the infrastructure including power, water, road and highways, IT and phone systems, and health and human services
The US alone has pledged over $18 billion dollars for support, debt relief, and economic connections

Security Features: The New Iraqi Dinar notes have some of the most up-to-date security features help protect against counterfeiting and fraud, including, but not limited to, watermarks, a security thread, raised letters, and an optical variable ink.

CONS:

Speculative Investment: The investment is still very speculative and risky because of the following:
- It is uncertain when the economy will stabilize and become secure enough to invite further foreign investment and trade agreements
- Even once stabilized, it is impossible to predict how international markets will handle trading and the value of the dinar
Uncertain Future of Economy: While right now the economy of Iraq is progressing and there is increasing international support, there is always the risk that this might change. Foreign countries as well of the US may decide to pull out from Iraq if the economy takes a downturn. It is important that Iraq become stable enough to maintain order and security in its own economy without international support.
Long Term Investment: The Iraqi dinar investment is by no means a short term investment and you should not invest money that you do not have, with the expectation that you will get a quick return. It may take a month, a year, or 10 years for the dinar to produce a solid return. However this also may never happen, so remember that you may be sitting on this investment for a long time, and that you should only invest as much as you can afford to lose.
No Exchange Market: The dinar is not yet traded on the open foreign currency exchange market. We cannot predict if/when the dinars will be exchanged on the open market â€“ this again depends on the stability and security of Iraq. Until this happens, the only options you have to exchange the dinar are
- Through ebay
- At certain banks
- Back to dealers
- At currency/collector shows