In this article, I’ll show you how to use a free application to convert Turkish lira to Iraqi dinar. You will also learn about how to invest in the Iraqi dinar. But be aware – this is not a simple process. You have to be very careful because there are many scams involved. In addition, you will have to deal with buying and selling cash. Dinar chronicles is one application to convert dinar.
Free application to convert Turkish lira and Iraqi dinar currencies
You can easily convert the Turkish Lira to Iraqi dinar with a free application. The application lets you convert any amount between the two currencies. Its live currency rates are updated every hour. The application is extremely user-friendly and allows you to convert any amount instantly. It works offline too, so you can use it wherever you are.
The International Monetary Fund, which oversees Iraq’s finances, uses a single rate of ID 1170 per US dollar. This is called the “program rate” and is not the rate that Iraq uses. However, this rate is used for calculations in the IMF’s monitoring program. The reason for this is that Iraq has little export revenue, apart from oil, and little international demand for its dinars.
Investing in IQD is a scam
You’ve probably heard about the IQD, but are you aware of its dangers? The Iraqi dinar is not a free market currency, and the exchange rate is fixed by the central bank. Therefore, investing in IQD is not a good idea. You can get a better return on traditional investment vehicles, like bonds and stocks.
The Iraqi dinar is not traded on global forex markets. It can only be purchased through banks in the Middle East or high-fee money exchanges. Additionally, the Iraqi government sets the price of the dinar.
Selling IQD in cash is challenging
Selling IQD in cash is a difficult proposition, especially if you plan to sell it within a short time. Because the dinar is illiquid and has no demand outside of Iraq, brokers will bid at a premium of around 25% to 30% over the official exchange rate. This can result in a huge loss for the entity immediately.
Fortunately, there are ways to sell your Iraqi dinar for cash. The first and most obvious is to go to a broker. While you may not need to sell the entire amount at once, it would be better to sell the IQD in a small sum than to sell it in large amounts. The problem is that there are only a few brokers and money exchangers who purchase and sell the Iraqi dinar. These brokers charge more than the authorized exchange rate, and the risk of losing a lot of money is very high. Furthermore, you have to be careful not to fall victim to unofficial promotional offers. These can be found through the internet, email, or telemarketing calls.
Buying IQD from a broker is a challenge
Buying IQD from a broker can be difficult and risky. The dinar is not traded on the global forex markets and can only be bought through banks in the Middle East and high-fee money exchanges. The government of Iraq determines the rate at which the dinar may be bought or sold.
Brokers who sell dinars in cash charge around 25% to 30% more than the official rate. This means that an entity that purchases dinars from a broker risks immediate and significant losses. In addition, the dinar is not very valuable outside of Iraq, and there is limited demand for it beyond its borders. As a result, there are several scams that aim to lure unsuspecting individuals and entities to buy dinars. Multiple institutions have issued warnings about IQD scams and caution investors to avoid them.
Buying IQD from a money exchanger is challenging
Purchasing Iraqi dinar (IQD) from a money exchanger can be difficult. Most banks do not trade in Iraqi dinars, so the only way to purchase or sell them is through an intermediary. Money exchangers often charge fees as high as 30% over the authorized rate of exchange, meaning a buyer or seller may lose up to half their money without realizing it. Moreover, some people are being targeted by scam artists who promote unreliable schemes. Therefore, it is best to avoid these schemes.
Buying IQD from a money-exchanger is difficult because of limited liquidity in the market. Only a few Middle Eastern banks have been willing to trade the dinar, and the volume of transactions is very low. There is only a small number of money exchangers who can purchase IQD, and some of them may not even be legitimate. In addition, these money exchangers often charge high transaction fees, which can quickly erode your profits, especially if you are only trading IQD in the short-term. Read more on Balthazarkorab.