Since the beginning of the Iraq war in March of 2003, the need for Iraqi currency called the dinar has risen sharply. The military campaign ended in December of 2011 when the United States of America removed their last remaining troops from Iraq. This brought to an end what was almost a nine year war.
During American occupation, and more so after, private contractors moved into the war torn nation to rebuild its infrastructure. These businesses needed a way to buy Iraqi dinar for trade and supplies while they were in the region. Engaging in Iraqi dinar investment can be tricky because the exchange rate for dinars to dollars is always fluctuating.
The history of the dinar is a storied one. Previously the Iraqi monetary system was based on the Indian rupee due to the British occupation that began with the first World War. Since the Iraqi dinar has become the main currency in the country, many changes have taken place. For example, in the 1970’s when the US dollar was being devalued the dinar did not follow suit, rising to almost three dollars and forty cents per dinar.
Iraqi currency has changed over the years in more than just its value. In ’91 the fifty and one hundred dinar note were introduced, in ’95 two hundred fifty dinar notes, and in ’02 a note worth ten thousand dinars. The most recent addition was that of the five hundred dinar note in 2004. This no doubt made buying dinar easier as it gave access to varied sums in different formats.
Now in post war Iraq the need to buy dinar and engage in dinar trade continues as the country struggles to rebuild. As long as the nation remains on the international stage and continues to serve as a watering hole for foreign infrastructural companies, the need for Iraqi dinar investment will continue. Learn more: www.gidassociates.com