Has the Iraqi Dinar Ever Traded on the Forex Market?

It is in your best interest as an IQD investor to read the entire article - Urgent info at the end.

The Facts About the IQD and the Forex Market

The Iraqi Dinar (IQD) has not been a freely traded currency on the international Forex market for any significant period. While it is technically possible to exchange IQD for other currencies, several factors limit its participation in the global Forex market:

1. Limited convertibility: The Iraqi Central Bank maintains strict controls on the convertibility of the IQD. This means there are restrictions on how much IQD can be bought or sold at any given time and who is eligible to participate in these transactions.

2. Limited liquidity: Due to these restrictions, a limited amount of IQD is available for trading on the Forex market. This lack of liquidity makes buying or selling large amounts of IQD difficult and can lead to significant price fluctuations.

3. Political and economic instability: Iraq has faced a period of political and economic instability in recent years. This instability can make investing in the IQD risky and discourage potential buyers and sellers on the Forex market.

While the IQD is not currently a major player in the Forex market, there have been efforts to increase its convertibility and liquidity in recent years. In 2019, the Iraqi Central Bank announced plans to gradually liberalize the currency regime, and there have been some reports of increasing IQD trading volumes on some international exchanges. 

However, it is still too early to say whether the IQD will ever become a fully tradable currency on the Forex market.

Limits on Trading the IQD on the Forex Market

There are several limits to trading the Iraqi Dinar (IQD) on the foreign exchange (forex) market, making it a highly illiquid and risky currency to trade. Here are some of the key limitations:

1. Limited convertibility:

• The Iraqi Central Bank maintains strict controls on the convertibility of the IQD. This means there are restrictions on how much IQD can be bought or sold at any given time and who is eligible to participate in these transactions.
• For instance, individuals may be limited to exchanging a certain amount of IQD per day or week, and businesses may need to obtain special permission from the Central Bank to trade larger amounts.

2. Limited liquidity:

• Due to these restrictions, a limited amount of IQD is available for trading on the forex market. This lack of liquidity makes buying or selling large amounts of IQD difficult and can lead to significant price fluctuations.
• Even small trades can cause large price swings in the IQD due to the limited number of buyers and sellers.

3. Political and economic instability:

• Iraq has faced a period of political and economic instability in recent years. This instability can make investing in the IQD risky and discourage potential buyers and sellers on the forex market.
• Factors like war, corruption, and inflation can all contribute to the instability of the Iraqi dinar, making it a less attractive option for forex traders.

4. Lack of transparency:

• The Iraqi foreign exchange market is not very transparent, and obtaining accurate information about IQD trading volumes and prices can be difficult. This lack of transparency can make it even more difficult to trade the IQD effectively.

5. Infrastructure limitations:

• Iraq's financial infrastructure is not as developed as other countries, making it difficult to trade the IQD electronically. This can make it more time-consuming and expensive to trade the currency.

6. US sanctions:

• The United States has imposed sanctions on some Iraqi individuals and entities, which can make it difficult for US residents to trade the IQD. These sanctions can also make it more difficult for international banks to clear IQD transactions.

Overall, the Iraqi Dinar is a highly illiquid and risky currency to trade on the forex market. The strict controls on its convertibility, the lack of liquidity, and the political and economic instability in Iraq all make it a challenging currency to trade.

IQD Investor's Options for Exchange

It is difficult to know what the rules for IQD investors will be.  The channel has continued to recommend that investors be prepared to travel to exchange the IQD.  However, when we look into the Iraqi laws surrounding our ability to exchange the currency, even in Iraq, we wonder what our options will be. 

There is no doubt that the Central Bank of Iraq is NOT interested in US investors suddenly being able to exchange one Iraqi Dinar for one US dollar or whatever the rate is.  This would simply upset the Iraqi Government's cash flow.

If Iraq does not print new currency, we must ask ourselves, what will the Iraqi Government do to maintain stability in the exchange process between the US dollar and the Iraqi Dinar for everyday people? 

Scam in the Making

This is the time to share with you that some completely understand the legalities of this article.  In fact, they have already devised a way to scam unsuspecting IQD investors out of their money. 

The scam would go something like this: 

1.  Send us your IQD serial numbers.

2.  Or, send us Your IQD, and we will exchange it for you!

Now, the channel and the blog want you to understand that the second choice may NOT be a total scam.  Ultimately, this may be the only way many people can experience an exchange transaction. However, you must be careful with whom you enter into an agreement and what insurance they provide for and to you? 

When the time comes, Investors will need to join the channel's Membership component, and we will hire an attorney to answer our questions.  

FAIR WARNING: Existing Members will continue to pay $2.99 a month; however, when this segment kicks in, the monthly price will be much more than the existing members pay.