According to a May 9, 2014, report from Huntsville, Ala., WHNT News, it is possible that one or more small U.S. banks trade in Iraqi dinars, but the station was unable to locate a bank that does. Wells Fargo Bank and Bank of America state on their websites that they do not deal in the dinar, and HSBC does not include the dinar in its list of accepted global currencies.Know More
An article in Wealth Daily quotes the Washington State Department of Financial Institutions in a warning to consumers about buying Iraqi dinars. The agency reports that the dinars can be redeemed in Iraq only; most of the established currency exchange houses and banking institutions cannot convert the dinar to US dollars. The agency warns that consumers who try to sell the dinars through exchange services are at risk of losing money. Since no exchange exists for the Iraqi dinar, dealers can charge whatever they want to sell and buy the currency.
Convincing consumers to invest in Iraqi dinars is an ongoing get-rich-quick scheme with virtually no chance of coming to fruition, according to Wealth Daily. Since 2010, when the Central Bank of Iraq announced that it was redenominating the country's currency, profiteers have been selling Iraqi dinars to unsophisticated investors at inflated rates. They claim that the dinar is due to appreciate dramatically when the CBI revalues the currency in as little as three years. However, these claims are based on several misconceptions, including the belief that Iraq would gain by revaluation, which it would not. A weak dinar allows Iraq to make more money on its exports, which bolsters its economy and puts more cash into the general fund for rebuilding the country's infrastructure and oil fields. Wealth Daily provides a graph that illustrates the fact that the CBI has been maintaining the currency at a flat rate since 2009.Learn more about Banks
As of 2015, the best bank in the United States is the Signature Bank, as reported by Forbes. Signature Bank enjoyed a streak of 20 straight quarters in which they have accomplished record earnings. Over the last 12 months, its return of average equity has been 13.8 percent.Full Answer >
The revaluation of the Iraqi dinar is ready to be implemented by the country's Central Bank; however, the Parliamentary Economic and Investment Commission has decided to postpone the revaluation to 2019. The plan is to eliminate zeros from the value of the Iraqi currency, allowing the dinar to gain value on the global market.Full Answer >
Finding the value of the Iraqi dinar can be done through an online currency converter or through a news organization's financial section. Unfortunately, not all news agencies track all currencies, so a more in-depth search may be required.Full Answer >
The revaluation of the Iraqi dinar up to a level of parity with the U.S. dollar, that is, to an exchange rate of 1:1, would mean that the United States would profit by trillions of dollars, according to Greg McCoach of Wealth Daily. This is because, at least according to some speculators, the United States purchased around $4 trillion Iraqi dinars for a price of $1 per 4,000 dinars. Many other investors also purchased Iraqi dinars at a favorable exchange rate and would also stand to profit.Full Answer >