Photo by أخٌ في الله … on Unsplash

Iraq has been in the news for many years. Iraq is located at the very end of the Mediterranean Sea between Jordan and Iran and north of Saudi Arabia. Iraq is part of the Middle East. Now we all know that the US invaded Iraq. We all watched the fall of Sadam Hussein. The country has been working to rebuild itself day by day. The currency in Iraq is the Iraq dinar. The exchange rate with the US dollar is about 0.00084 today. This fluctuates every day, but as you see, the value of the Iraq dinar is low. What is on everyone’s mind is when will the Iraq dinar be revalued?

Who Revalues Currency?

A revaluation of the Iraq Dinar is set by the country’s government. The valuation of a currency is relative to a baseline. This baseline could be any number of things. The price of gold, wages, and the price of foreign currency may be taken into consideration for the baseline. The main issues surrounding the Iraq dinar being revalued is for both the political and economic planes in Iraq to become stable. Until there is stability, the dinar will remain at the low evaluation.

Everyone Has To Work Together

There is oil in Iraq, so the ability to create a stable thriving community is there. Everyone in Iraq has to see the future for the bright place it can be. Cities are in ruins in Iraq. The infrastructure is in dire need of rebuilding. Islamic extremists and the fight between the Sunnis and the Shias have been fighting each other for years makes it hard to try to get anything done. Until there is some sort of understanding among all, it will be a long time before Iraq becomes the thriving beautiful country it will one day be.

What Can The Dinar Buy You Now?

Here is a comparative look at what you can buy in Iraq. A three bedroom apartment in the center of the city costs about $656.99 or 781818.10 Iraq dinar. Milk is about $4.56. Fruits and vegetables are under 50 cents a pound. Beef is $5.00 a pound and chicken is about $2.00 a pound. Basic utilities for a 915 square foot house is about $108.00. The Internet costs about $40.00 a month. The price of normal living is okay. The average Iraq person makes about $572 a month. There are smaller apartments for about $248 and $364. Beer is about $2.00 a bottle. This is all reasonable, but until the fighters start seeing a future where everyone gets along, good economic stability will remain at a snail’s pace.

Iraq Dinar Appearance

Like most foreign money, the Iraq dinar is beautiful in color. You can find purples, oranges, reds, and greens coloring different denominations of the money. The denominations of the money are: 50, 250, 1,000, 5,000, 10,000, and 25,000. The 50 and 250 are rarely used. The money has statues, palm trees, important people, Arabic writing, and more on each denomination. The dinar is issued by the Central Bank of Iraq.

The Dinar Scam

There has been a lot of talk about the dinar scam. There are people investing in the dinar hoping that one day when the dinar is revalued, the investments will be worth a lot more than they are now. There is nothing wrong with investing in the dinar, but anyone should do so with caution. It is a risk right now as there is no certainty as to when the country will stabilize. You have to watch out for paying big fees for exchanging the money. It would probably be wise to invest some money in dinar, but see it as a long term investment. The money is real, it is just that if anyone is promising high returns soon, they are misleading. The country is just not stable enough.

There is a lot of hope for Iraq. It is a beautiful country with a lot of resource in oil. Iraq has the potential to be a real player in the global travel trade and other lucrative businesses. Until the wars between the people in Iraq and the Islamic extremists find peace, there will be uncertainty and setbacks. We can all hope a resolution can be found and the dinar will one day be revalued.