Holders of Iraqi dinars expect the value of the currency to increase as the country grows as a democratic nation. After the ousting of Saddam Hussein, people from all over the world invested in the currency, buying it from online websites, auction sites and foreign banks. Many expect the dinar will undergo revaluation, a deliberate upward change in its value, by Iraq's central bank in the future. When the central bank sets the official exchange rate, you will be able to calculate the dinar revaluation. You can use an online calculator or your own calculator and the currency rate of the dinars as expressed in U.S. dollars after the revaluation rate is set.
Step 1
Verify the amount of Iraqi dinars you have or the amount for which you want to calculate the value. For example, you may want to calculate the value of $1 million worth of Iraqi dinars or you may currently own 1 million Iraqi dinars.
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Step 2
Identify the Iraqi dinar exchange rate as it is set in U.S. dollars by the Iraqi central bank. You can obtain this from any currency conversion website, bank, exchange service or any publication that tracks and prints currency rates. For example, if the exchange rate of Iraqi dinars is 0.001, then this is the conversion rate you would use to calculate the revaluation.
Step 3
Multiply the amount of Iraqi dinars by the Iraqi dinar exchange rate in U.S. dollars. For example, if you have 1 million Iraqi dinars then you would multiply 1,000,000 by 0.001. Your Iraqi dinars are worth $1,000 in U.S. Dollars.
Tip
According to Dinar Banker, to sell your Iraqi dinars, you have to go through a step-by-step process in person at a currency exchange location, in person or by mail. In essence, you would be selling the currency to an intermediary company or currency exchange business in order to earn the money on your investment.
Currency exchange companies also tend to charge you processing fees for the transactions, so you end up with less than the true exchnage rate. The processing fees and charges vary from company to company, so you need to identify the fees with the company with which you choose to work.
Numerous websites and auction sites also exist where you can sell your Iraqi dinars to other consumers. If you sell to consumers, however, you may not be able to get the same conversion rate as the exchange rate that you can get from selling the dinars back to an intermediary company.
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