NEW YORK Reuters - The U. Lately he has turned to one of the chanciest investments in the world - the Iraqi dinar. He's not alone in risking his money on an investment that can charitably be described as a long-term turnaround project that will pay off only for the extremely patient.

Thousands like Scarpa in America are buying the dinar, hoping someday the war-torn nation can revalue a currency worth just a fraction of a penny. The fundamentals for buying the dinar are precarious. The United States invaded the country in and has only recently removed most of its troops.

US Dollar to Iraqi Dinar Stock Quote | Stock Price for USD-IQD

The country's political situation remains unstable, and destabilization in the Middle East - most recently with rockets fired between Israel and the Gaza Strip - could undermine the fledgling republic further. Most of them cite near-zero interest on their U. The dinar, worth just a tenth of one U.

Also, buying the dinar is a task in and of itself. The currency is only traded in Iraq, so it can only be purchased by U. If a customer wants to sell his dinars, the dealer will only buy it back at a 30 percent discount - so no quick trades here.

But Scarpa said he is prepared to wait.

The country has the second-largest oil reserves in the Middle East and exports 3. In the last four years, the dinar has barely moved.

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Since , it has appreciated by just 5 percent against the dollar, and at a tenth of a penny, the Iraqi dinar is the weakest currency among oil-producing Arab nations. By August , the dinar had plummeted to a fraction of a penny.

The Iraqi central bank sells dollars daily at a fixed price of 1, dinars through two state-run financial institutions and some private lenders Those institutions set the market rate through sales to customers. The current market rate is 1, dinars to one U. Hassnain Ali Agha, founder of Las Vegas-based currency dealer Dinar Trade, is the biggest U.

He also sells other exotic currencies such as Afghanistan's afghani and the Libyan pound. The United States is a huge market for Agha's firm, which has nearly , customers, 90 percent of which have purchased dinars.

His customers are U. He also sold dinars to many U. That will start fueling the fire.

Iraqi Dinar

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