Can the Dinar rate change? Yes, it can and it has done so many times, here's proof...
By Muhammad Ali
Many people wonder can the Dinar rate change just like that? Well I am happy to tell you that yes it can and it has change many, many times in the past few years.
The purpose of this article is to provide encouragement to those who have recently purchased currency as well as for those who have been waiting for some time. Encouragement is something that we all need.
During the years, I have compiled screenshots of various times the Iraqi Dinar and Iranian Rial rates changed in various currency exchange platforms so I'd like to share this with you so that you can have more confident in your currency.
The first proof I'd like to show you was from the Central Bank of Iraq website in which the rate changed from $1 = 1,1190 Dinars to $1 = 11 Dinars.
The date is written on chart and it is written in Arabic. The translation of the date is 2017/2/28. Now if you look at the US Dollar entry it clearly says $1 to 11 Dinars. This rate was internal to Iraq.
Below is a chart from Investing.com dated 21/07/2017, the time frame is the 15 minutes chart and the Dinar rate went live for about 30 mins or so at 23:30 hours and the live rate had changed to $1 USD to 11.79 Dinars.
This next screen shot was taken from an XE app dated 9/30/16 and you can clearly see the live rate of the Dinar at 0.0846. If you had exchange 1,000,000 IQD on this date and time you would have received $84,568.21 US Dollars.
If you think that was great, here's another XE app screenshot in which the Dinar rate changed to 0.7959. The date that this screenshot was saved was 2016/10/12 at 22.58. 200,000 IQD would have given you $159,182 US Dollars. Awesome!
OK I am not done yet. I even have screen shots of the Iranian Rial changing rate. LIVE!
The first screen shot was saved from Yahoo Finance on Friday September 2nd, 2016 6:16 pm EDT.
You can clearly see the Iranian Rial rate changed to $3.31 USD to 1 IRR
Here is the same rate using a different exchange website.
And then by Monday the rate for the Iranian Rial went back to 0.00004
This next piece of evidence of Iraq's rate changing comes from this website.
Section 8 | Currency and Price Stability
The government’s monetary policy since 2003 has focused on maintaining price
stability and exchange rate predictability. The inflation has remained in the low since 2010. According to the CBI, the inflation rate is 1.4% (2015 estimates), while the World Bank estimates 2015 at -1.2%, and the country’s international reserve volume
also has decreased due to the sharp decline in oil prices. The independence of the CBI suffered a setback in January 2011 when former Prime Minister al-Maliki won a court ruling that placed independent institutions, including the CBI, under the control of the cabinet.
In January 2012, the CBI raised the exchange rate of the Iraqi dinar to $1.19, causing a huge crisis that led the Supreme Judicial Council to issue an arrest
warrant for CBI governor Sinan al-Shabibi in October 2012 on charges of corruption. Al-Shabibi received a seven-year prison sentence in absentia 2014, shortly before being acquitted of all charges.
The difference between the official and parallel exchange increased from three percent in 2015 to nine percent in May 2016. The CBI introduced a number of policies to keep inflation low. The dinar remained widely stable and was worth $1.71 in early 2017.
2012 IQD WORTH $1.19
2017 IQD WORTH $1.71
2019 IQD WORTH ???
Now here is another surprise, the VISA Credit card rates suddenly started show the Dinar rate at 0.84 USD.
Now here is one very recent. October 31st, 2019. The Dinar rate was showing on Real-Time FX at the rate of 0.008. 1 zero was removed.
Ok guys, I hope these screenshots has encouraged you to hold on to your currency as they have encouraged me and my group here in Malaysia. We all pray for the day that the rates will change and stay changed permanently.
Please visit my website for more articles and take a tour of my Currency Exchange Planner Excel spreadsheet and Mobile App version.
It is the most advance and affordable planning tool for the Dinar community.
I wish you all the best on your exchanges.
The No. 1 Planning Tool for the Dinar community.
Available in Desktop PC/MAC and Mobile App (Android & IOS) versions