Today, investing in foreign currency is an opportunity that can pay off big time. Iraqi currency especially provides a unique investment opportunity, as the country is rebuilding and the value of dinars to dollars is at an all time low. However, the Iraqi dinar conversion rate is expected to become more favorable as the country recovers from its years being ravaged by war.
Interestingly, dinar banknotes issued between 1990 and 2003 had an image of Saddam Hussein on the front of the note. Seven years after the last Saddam fronted banknote was produced, the Central Bank of Iraq announced they planned to redenominate their currency, and they did so to ease cash transactions.
In 2005, Iraqis voted in the first democratic elections in Iraq in over 50 years. Typically, countries in peace have a better economy, and now that Iraq is not war torn, the country is recovering quickly. As such, Iraqi dinars are being made available to buy in several countries, and investors purchase dinars in the hopes that they will become more valuable in the long term. In America, for example, Michigan, California and Illinois have the highest Iraqi born populations, and people in those states might be more inclined to take investing in foreign currency as a serious financial option.