Important Checklist For Buying Iraqi Dinars

 

There are a number of people who are opting to invest in Iraqi dinars because of varied reasons. Most of the people are eyeing the fact that the economy might be improving soon and in the near future they can earn a lot of profit from this investment. Others are investing because the Iraqi dinar seems to be more promising because of constrained competition in the dinar exchange market. Some are investing in the dinar because they believe buying it now is the opportunity to purchase the currency at the lowest possible price.

If you are planning to make an investment in the Iraqi dinars then here are some important points that you should consider before buying:

  1. The first point that you should learn is the difference between the new and the old Iraqi dinar notes. The old notes have a picture of Saddam Hussein whereas the new ones do not. You want to purchase only New Iraqi Dinars – old Iraqi dinars where replaced in 2004 when Saddam Hussein was overthrown and have little value except for possibly collectors. The new Iraqi Dinar is the new accepted currency of Iraq.
  2. You will have to look out for the exchange rate of the dinar because it is not traded in the international currency market. There is a very nice exchange rate calculator Google Gadget that you can easily add to your iGoogle home page and track daily movements in the exchange rate value. You can add this tool by going to your iGoogle home page and clicking on “add stuff” and searching for “Iraqi Dinar Exchange Rate” then clicking Add.
  3. It is better that you invest in Iraqi dinars with the help of an online dealer who can provide you with authentic currencies.
  4. Stay up to date with the current situation on Iraq by subscribing to an RSS Feed, I follow the news also through my iGoogle page. There is an excellent Iraqi Dinar news feed that you can add by going to your iGoogle home page and clicking on “add stuff” and searching for “Iraqi Dinar News” then clicking Add on the highest rated news feed.
  5. Make sure that the dealer with whom you are trading is authentic and registered with the US Treasury Department and the Better Business Bureau (BBB).
  6. Always verify the physical address of the dealer and check the phone number. Always be sure that you are trading with the right people. If you can’t get someone on the phone it’s not a good sign.
  7. Check for the modes of payment that the dealer offers and make sure that the payment is authentic.
  8. The economic conditions in Iraq are unpredictable and it is important that you keep an eye on the currency and how it appreciates. Again – download the Iraqi Dinar iGoogle Gadget and stay on top of it
  9. Decide on the amount of currency that you wish to trade in and the denominations that you would like to invest in.
  10. Check whether the dealer with whom you are trading deals with both buying and selling of the Iraqi dinars. This will be helpful when you wish to sell off the dinars when the rates rise.

When you are considering investing in Iraqi dinars it is important that you don’t expect immediate returns, as depending on the economy and political situation it can take time. It is best to buy authentic dinars and keep them till the price rises and sell them when there is a considerable appreciation.

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