Exotic currencies have always been appealing to certain people, especially traders and collectors, and so is the Iraqi dinar. It was first introduced back in 1932, replacing the Indian rupee, the country’s previous currency. Just like its country of origin, Iraq’s dinar has a rich history as well.
After the 1991 Gulf War, the printing method of the banknotes was changed due to UN sanctions. To avoid these restrictions, the Swiss printing technology was replaced by printing in China and cheaper domestic printing.
The state’s limited resources led to banknotes of poor quality. Almost every one of these new banknotes included Saddam’s portrait, so they became known as “Saddam dinars”. The pre-90 notes, called the “Swiss dinars”, were canceled but continued to serve as a currency in the north of the country.
The Iraqi dinar has value for currency collectors, especially the banknotes depicting Saddam Hussein, as his portrait doesn’t appear on the banknotes since his downfall. But, there are more reasons why people use this currency. Let’s take a deeper look into the four main reasons why people are interested in the Iraqi dinar.
1. Better Availability
Access to buying and selling currencies that are thinly traded used to be quite difficult as they weren’t easily available on the market. The same goes for acquiring the official currency of Iraq. It wasn’t easy to obtain until some time ago.
Not all banks trade Iraqi dinar, and it isn’t that common to find it in traditional exchange offices either. And even if you do, the exchange office may not be near your location. The establishment of reliable and secure online exchange services made it possible for investors, travelers, and collectors to buy and sell this currency from the comfort of their homes.
Everyone interested in Iraqi dinar news will be relieved to know that there is more information on this exotic currency available, in addition to it being accessible through online platforms.
The best aspect of the online exchange businesses that specialize in exotic currencies is that you get the money delivered to you in a matter of days. If you order a larger amount of cash, most businesses will provide free shipping. And the best of these online currency exchanges also offer buying insurance for your shipment at a great price.
Naturally, safety is the number one concern for most people when it comes to exchanging currencies. However, if they are registered as a money service business with FinCEN, online currency exchanges are considered to be the safest and most efficient sources of exotic currencies.
However, the banks are more likely to overcharge you, while online businesses tend to offer competitive rates.
2. Sought-After by Currency Collectors
Due to the changes the Iraqi currency has seen over the years, it is loved and sought-after by avid currency collectors. Certain types of notes are particularly cherished and considered valuable. For instance, after the downfall of the former ruler Saddam Hussein, the notes depicting his face ceased to be legal.
These former notes quickly rose in demand among money enthusiasts. For the Iraqi people, they were a testimony of a painful decade and the economic decline in the 1990s. With rampant inflation, the “Saddam dinar” became virtually worthless, so the Iraqis were quick to adopt the new, redesigned dinar.
Saddam’s portrait on the banknotes was replaced by famous Iraqi natural scenes, monuments, and famous people like the physicist and mathematician from the 10th century Hazan Ibn al-Haithem.
This was a way for the Iraqi people to erase the memory of Saddam. Unique features and the beautiful design of the Iraqi dinar fascinate currency collectors, making these banknotes desirable items for them to display.
3. The Economy Has Stabilized in the Recent Decades
Once the third-largest economy in the Middle East, Iraq’s financial sector suffered greatly during the war against Iran. After that, the country dealt with another great blow to its financial system. The decline in the economy pushed millions of Iraqis into poverty.
The Iraqi people have been struggling for decades to build stability amidst internal conflicts and civil war. Their efforts to improve the situation have been evident in recent years. After the prolonged period of conflict and instability, Iraq is recovering and rebuilding its economy.
The investments in important sectors like transportation, agriculture, manufacturing, and construction have diversified the economy and made it less dependent on the oil industry. In addition to this, the oil revenue will be directed into supporting the economy’s growth and its diversification.
Greater stability and a recovering economy have strengthened the value of the Iraqi dinar against the dollar and encouraged foreign investors to explore opportunities in this underserved consumer market.
4. More People Are Traveling to Iraq
Since the region has stabilized, it has become an attractive, unconventional destination for visitors from across the globe. Iraq’s rich history and cultural heritage, its hospitable people, delicious food, and affordable prices have put this middle-eastern country on the map.
Some of the world’s oldest civilizations like Babylonia and Assyria were born on the territory of modern-day Iraq, so it’s no surprise the country is filled with rich historical sights. Some of them are so invaluable that they’ve been included in the UNESCO World Heritage List.
Also, humanitarians from all around the world consider Iraq a great destination. There are many organizations working to improve local resident’s lives, so there are numerous opportunities for volunteering.
Finally, the food, the stay, and all the other expenses are pretty low, so a trip to Iraq doesn’t cost a lot. This makes Iraq an attractive destination for both budget travelers, and those looking to explore less traveled regions. As the economy recovers, business people looking to invest in this market are also in need of the Iraqi currency, just like tourists and humanitarians.
Acquiring Iraqi dinar at the banks, airport kiosks, or traditional exchange stores usually comes with less than favorable exchange rates, in case they offer this exotic currency. Instead, travelers to Iraq can save both time and money by utilizing services of online currency exchanges.
Similar to other countries in the world, the onset of the COVID-19 has affected Iraq’s tourism, but with the development and administration of vaccines there is hope for reviving this sector.
Iraq and its currency have a long and rich history. Although the country has long been associated with conflict and turmoil in the minds of Americans and people across the globe, it’s recovering from the past upheaval and rebuilding its economy and the tourism sector.
Stabilization in Iraq has attracted more tourists and business people to this beautiful middle-eastern country, and many of them are looking to exchange the money at competitive rates, prior to their departure.
With currency exchanges becoming available online, the Iraqi dinar is more accessible, and its acquiring is easier, cheaper, and safer too, for investors, collectors, and travelers alike.