Should I invest in Iraqi Dinar and is Iraq Dinar is a scam? That is the question most of you will asked yourself when someone approach you to invest in Iraq Dinar. I will advice you "don't invest in Iraq Dinar!". Why? Its sound lucrative and they tell you that it will bring big profit if all the speculation is real and this is for a long term investment. Don't worry if you don't gain any profit for the short terms. I am an investor of Iraq Dinar when they overthrown Saddam Hussein in 2003. Lucky for me, I realize this is a scam and sell all my "investment" to collector and investor who want the New Iraq Dinar.
Please stop waisting your time and money!
I have been waisting almost 2 years waiting that Iraq will gain its independence from 2004 until 2005 and wishing that I can gain profit from Iraq Dinar. I am lucky since I can sell them for a collector items and sell them a little bit cheap then other Iraq Dinar seller. I am a little bit ashamed about it and sell them under my friends name.
Iraq Dinar will gain profit anytime now!
I had heard many nice and lucrative speculation that "Iraq Dinar investor will gain its profit soon" during that time. After over a year, I found out all the good news are coming from all the Iraq Dinar seller. I never read any "good news about Dinar" from any reputable news agency like CNN, BBC, Associated Press or even from my local news agency. Where are they got all the good news about Iraq Dinar? If a Dinar seller told you that Central Bank of Iraq has announced their plans to redenominate the Iraqi Dinar, asked them the source of the news.
In the end of last year, they told us that 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. You can read more about it in Iraq Dinar scam is back post, I wrote this article few months before I published it because I fear that all the Iraq seller will be coming in here and do something to my blog.
Promises of high returns.
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.
They will not tell you the bad news.
have any of you read the statement by Iraqi Ministry of Finance
“ Iraqi Customs does not permit the entry of IQD currency and will confiscate funds, and that FedEx is not permitted to handle and deliver IQD currency in or out of Iraq”.
That's mean Iraq currency is a national currency only to be used and handled within the Republic of Iraq and not to be used, circulated, or handled internationally in any way.
Why do I am telling you not to invest in Iraqi Dinar?
I am telling you this because I had been investing in Iraq Dinar (paper currency) before. This discussion is about the paper currency and not related to any other kind of Dinar investment. I had seen many people still selling old Dinar currency in Malaysia and say that you can gain profit from it. I also can see many fake Iraq Dinar sellers in Malaysia. Whatever is your decision about Iraq Dinar investment, its your choice. But to anyone who have not invested your money yet in this scam, please don't! You should buy Gold, it will not help you to be an instant millionaire but at least you don't lost your investment money.