How Understand Exchange Rates When Viewing Iraqi Dinar & Vietnam Dong Rates Of Exchange?

A common misunderstanding among buyers of the Iraqi Dinar is how to read and understand exchange rates. Many buyers also don't understand why the price or rate they pay for Iraqi Dinar is higher than that of the rate posted on the CBI or Central Bank of Iraq's website. The value of the Iraqi Dinar today, as of this article being written, is 1166 IQD per USD. This means for every US Dollar you get 1166 Iraqi Dinars. This number is often written in the inverse, meaning you may see the rate posted as 0.0008576329. This means that one single Iraqi Dinar is worth 0.0008 of a US Dollar; a fraction of a penny or 1 US cent. Therefore, the value of the Iraqi Dinar today could be posted as 1166 or as 0.0008576329. Both tell you the same thing. If you understand the exchange rate better in one form over the other it's very simple to figure out the inverse. If the rate is posted as 1166 and you prefer seeing it in decimal form all you need to do is take 1 and divide it by 1166 and you will wind up with 0.0008576329. On the other hand if you see the rate posted as 0.0008576329 and you prefer seeing it the other way around all you need to do is take 1 and divide by 0.0008576329 and you will wind up with 1166.

Many buyers get very confused when they see the exchange rate posted in a form they are not used to but it's very easy to flip and it and see the exchange rate in the inverse way if it's easier for you too understand that way. Moving on we'll now discuss why buyers don't get the same exchange rate or value they see posted on the Central Bank of Iraq's website. With any currency there's a cost associated with acquiring the currency. Even more so when your acquiring the actual paper money or physical currency as opposed to just trading in currencies electronically like on the Forex Markets. That being said the Iraqi Dinar is not a pegged or traded currency and is therefore not traded or posted on the Forex Markets. Even with common currencies like the Canadian Dollar you'll often pay upwards of a 12% to 15%