DinarChronicles is a site that is dedicated to providing information on the Iraqi Dinar. The site includes a forum where members can interact with each other, as well as a blog where the latest news and updates are posted. The site also offers a currency converter and exchange rate calculator.
The Pros and Cons of the DinarChronicles
When it comes to investment opportunities, there are always pros and cons to weigh. The same is true with the DinarChronicles, an Iraqi currency site, and guru review.
On the plus side, the DinarChronicles provides a wealth of information on the Iraqi dinar and its recent history. The site also offers an investor forum where users can share tips and advice.
On the downside, some have criticized the site for being too optimistic about the future of the dinar. Others have also raised concerns about the lack of transparency when it comes to the site’s finances.
The different types of Iraqi Currency
The dinar is the primary currency of Iraq. The Iraqi dinar was pegged to the U.S. dollar at a rate of 1 dinar = $0.0016667 before the Gulf War in 1991. After the war, the value of the dinar fell sharply due to inflation and UN sanctions, and by 1995 it was worth only about one-fifth of a cent.
In 2003, following the overthrow of Saddam Hussein, the Iraqi Governing Council introduced a new currency, also called the dinar, with an initial exchange rate of 1 new dinar = 1,000 old dinars. The new dinar has since risen in value against the dollar, and as of February 2018, it is worth about $0.0011 (or 1,100 old dinars).
There are two other types of currency in Iraq: the Sunni Iraqi Sharia-compliant currency and the Kurdish Regional Government (KRG) currency.
The former is used exclusively in Sunni areas and is not legal tender in other parts of Iraq; it is pegged to the dollar at a rate of 1 Sunni Iraqi Sharia-compliant = $0.0014 (or 1,400 old dinars). The KRG currency is used in the Kurdistan Region and parts of Nineveh Province; it too is pegged to the dollar at a rate of 1 KRG = $0.0016 (or 1,600 old dinars).
The history of the Iraqi Dinar
The history of the Iraqi Dinar is long and complex. The currency was first introduced in 1932, replacing the Indian Rupee.
It was pegged to the British Pound Sterling at a rate of 1 Dinar = 4.86 Pounds. After World War II, the Dinar was devalued against the US Dollar, due to Iraq’s heavy reliance on imports from the US. In 1949, the Iraqi Dinar was officially pegged to the US Dollar at a rate of 1 Dinar = 2.80 Dollars 8D (US 0.0042).
The Dinar remained relatively stable until Saddam Hussein came to power in 1979. At this time, Iraq began to experience economic turmoil and high inflation rates.
In 1990, Iraq invaded Kuwait and as a result, the United Nations imposed economic sanctions on the country. These sanctions led to even higher inflation rates and by 2003, one Dinar was worth just US$0.00026.
After the overthrow of Saddam Hussein in 2003, the new Iraqi government decided to redenominate the currency. This meant that one “new” Dinar was worth 1,000 “old” Dinars.
The redenomination took place on October 15, 2003, and since then, the value of the Iraqi Dinar has slowly been increasing. As of June 2018, one Dinar is worth US$0.00084.
How to buy Iraqi Dinar
When it comes to purchasing Iraqi Dinar, there are a few different avenues that you can take. You can buy from a bank, an exchange, or online.
Banking Institutions: Most banks will not have Iraqi Dinars on hand and will need to order them for you. This can take anywhere from a few days to a couple of weeks. Once your bank has the Dinar, they will likely charge a markup of 10-15%.
Currency Exchanges: There are many currency exchanges that deal in Iraqi Dinar. The rates at these exchanges are constantly changing, so it’s important to shop around for the best rate.
These exchanges will also charge a fee for their service, typically around 5%.
Online: There are many websites that sell Iraqi dinars online. The rates at these sites are usually very competitive, but it’s important to do your research to make sure you’re getting a good deal.
These sites also usually have a much faster delivery time than banks or exchanges.
Conclusion
DinarChronicles is a great platform for those looking to learn more about the Iraqi currency, with helpful insights and an active community of dinar investors.
With so much information available at your fingertips, it can be overwhelming to try and make sense of it all. For this reason, reading reviews and getting advice from experienced professionals in the field are essential steps when researching investments such as these.
DinarChronicles provides just that; in-depth articles on the state of Iraq’s economy along with resources for independent research into various currencies. If you’re curious about investing in dinars or other Middle Eastern currencies, DinarChronicles is worth a look!
