Iraq Dinar scam is back following a rumour that Central Bank of Iraq has announced their plans to redenominate the Iraqi Dinar. This is in order to increase the strength level of the Iraqi currency, which will allow people to carry less paper money. By the end of 2010, they intend to drop three zeros from the nominal value of bank notes. That means that 1,000 IQD (pre-redenomination) and 1 dinar (post-redenomination) will both be worth the same amount in US Dollars. Haven't you heard that Iraqi Dinar revalue soon?
Iraq Dinar speculation has been around since a new Dinar has been introduced in 2003. Speculator will sell their item in bulk with a statement from Iraq news that Iraq Dinar value will be going up one day. One of the reason most of this speculator will be saying is that Iraq is the second largest oil reserve holder in the world. 95% of Iraq revenue come from oil export. They were saying that Iraq will gain its independence one day and Iraq economy will be bounce back. At that time, all Iraq Dinar holder will gain profits by trading their Iraq Dinar. The news that the speculator reported as a good news for Iraq Dinar, they're no single source or link that come from Iraq government or any news agency (some quote a news by reuters in Wikipedia, but the link is from a website: radio free Iraq?).
Where do you sell your Iraq Dinar? The truth is, there is no legitimate market that will buy any of your dinar outside Iraq. Some people suggest that we can trade Iraq Dinar via online banking? Do you know that you cannot trade it via banks or money changers outside Iraq? Buying Iraq Dinar will be easy but selling them will be a big problem. Most of the Iraq Dinar trader in US registered with the U.S. Treasury as a Money Service Business.
Some speculator even show the historical value of the Dinar. They were speculating that Independence might help Iraq to gain its value near its historical value before gulf war. Is that for real? I think to anyone who want to believe anything about that should read this statement by CNN money expert in 2004, Walter Updegrave:
"The economic prospects for a country that determine the future value of its currency, not the price it trades at now or the price it traded at in the past. And no matter how low a value a currency reaches, it can always go lower." Source: CNNThe only people who really gaining profit from this speculation is the first person who started this Iraq Dinar trading. Before you invest on anything, make sure that you can sell them. Unless there is a legal way to sell your Dinar, this speculation will always be one of the biggest Internet scam.
Should you invest in Iraq Dinar? Many people said Iraq Dinar is a good investment but before you start investing, you might want to read this post here; Iraq Dinar Investment.
I had been reading about Iraq New Currency for years now. They said three zeroes will be remove for the new dinar.
I had been reading about Iraq New Currency for years now. They said three zeroes will be remove for the new dinar.
Source: Wikipedia
15 comments:
Haha, in Malaysia a lot people got scammed already!
They are now trying to sell the notes back as collectible notes on ebay.
ya, rumour like this has been around for quite a while.
I don't think it is a scam. I am confident people who invest in Dinar will get their profit before 2016. Let's see.
Scam. My idiot bosses bought this stuff and have been stuck with it for about 2 years now. They did not go through a Forex investor, who would have told them they were crazy.
I Have friends who keep telling me their millions are coming in a couple of days. They invested 500 usd.They actually think they will get a million dollars for every 1000 usd's they invest into Iraqi Dinars.
The fact remains that if it was that easy, then nobody would have financial issues. Also, this is not something that should be bought into lightly. It takes years to rebuild a government, and then have the currency hit the world market, and from there who knows how their economy is going to go. If you find someone who is dealing legitimate currency, and you wanna take a chance, GREAT!!.. But then kiss that money good bye. So if you come out on top .. then great, and if not, then it wasnt an investment you were banking on anyway.
Iraq is a third world country. Always will be.
Violent and corrupt.
The Iraqi dinar is not a lottery ticket. You have a better chance winning the MegaMillion $$ lottery than the Iraqi dinar making you a millionare.
Just remember crow is easier to swallow head first than feet first
it might and it mught not. it really is up to the individual what they want to take their chances with. probably no riskier than the stock market.
I just returned from my third duty in Iraq its a total scam. The dinar won't revalue and a new currency will be issues soon. The rate will stay the same for years. Its the last place you should invest in.
This year Iraq Council of Ministers voted to approve the Law of the Deletion of the Zeros. Then turned it over to Parliament, who approved the 1st and 2nd reading of the printing/zero removal. All that's left is the vote. That will probably take place in November 2011. If you follow the Iraq news daily, like some of us do, you will realize there is more to this then you think. ;o)
truthshall,
That is the most absurd statement yet. "The Law of the Deletion of the Zeros".... ??
So a country is going to, overnite, enact a law that is going to drastically increase the value of their currency, and people like you, and anyone who "follows Iraqi news" is poised to make a windfall on it?? really??
Well, November 2011 has come and gone "truthshall" ( great scammer name by the way-truthshall---not very original though)and now that November has gone, what's the latest news? tell us all. we are dying to know.
You are so negative. How come a country currency speculation become scam? Unless you get fake notes or the person sell to you run away after receive your money. Now IQD in bottom level, sure one day will bounce back. Since World War II, 52 countries had done this step already. Its not extraordinary anymore.
Though I believe that the IQD may appreciate in time to come, only a nincompoop will believe that the IQD will be revalue by 1000x "anytime now". I must admit that they give many interesting reasons. Do you know most of the people who are promoting this scam are illiterate when come to financial matters, try testing them with some arithmetics. They are mostly networkers who jump from one MLM scheme to another parroting worthless products & schemes in order to make money for themselves? They even sell the IQD at much higher rates to unsuspecting buyers.
The Iraqi Dinar investment scheme is a total scam and anyone who buys this worthless devalued currency is an utter fool.
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