Tuesday, November 29, 2011

BNM don't buy Dinar Iraq

I am a fan of BNM (Bank Negara Malaysia/Malaysia Central Bank) official Facebook page since I found them. I check their page at least once a day to check any information that is related to numismatic. Almost every week, people came to their pages and asked if BNM would buy Iraq Dinar or when the Dinar will RV. The same questions keep on coming even though BNM Pages Admin has been replying to the same questions. Some of the FB pages readers also misinterpret what BNM actually were saying in that pages. Here, I compile some of BNM reply about IQD in their official Facebook page.

Iraq Dinar BNM

Question:
If the Iraq Dinar RV, can I change Dinar Currency at the Central Bank (BNM)? How about fees that will be charge by BNM?
BNM Answer:
Question 1 - Answer: not possible. Bank did not conduct activities/services of foreign money-changing. Question 2 - Answer: See answer question 1.

Question:
I want to ask BNM about the phenomenon of Iraq dinar trading in Malaysia, can you clarify some thing regarding this matter. Is it legal to keep foreign currency at a high rate and is there any law regarding foreign currency control?
BNM Answer:
We'd like to share information with you that under the Exchange Control Act 1953, is an offense for a person in Malaysia to buy or sell foreign currency (forex) or do any act which involves, in relation to, or preparation for, purchase or sell foreign currency with any person, other than a registered dealer. Under this Act, is an offense for a person to aid or abet another person to purchase or sell foreign currency with any person, unless the person is an authorized dealer.
For your information, Bank Negara Malaysia is not listed as one of the Iraq dinar currency exchange rates. More information can be obtained through the site: http://www.bnm.gov.my/index.php?ch=12&pg=629
The public is advised to deal directly with local banks (under the supervision of Bank Negara Malaysia) to obtain information related to these currencies to avoid fraud by the unscrupulous.

Question:
Will Dinar Iraq RV?
BNM Answer:
BNM is not producing iraq dinar and BNM does not listed Iraq Dinar in the foreign exchange. Whether it floated or not, are not under our jurisdiction. Maybe you can ask this question to the Central Bank of Iraq.


Iraq Dinar Malaysia
Question:
Will Malaysia Bank accept Iraq Dinar in the near future?
BNM Answer:
BNM is not producing Iraq Dinar-this kind of question is not related to BNM. We normally don't reply to this kind of question. Its up to Commercial Bank to decide if they want to trade Iraq Dinar.

Will update this post in the future if any new Questions related to Dinar Iraq in BNM Facebook pages. If you were wondering why I am talking about Dinar Iraq in my blog, you can read my old post; Should I invest in Iraq Dinar. Although many Iraq Dinar Investor/Sellers who keep on insulting and mocking me for my Iraq Dinar Scam post, I will not budge to enlighten the public about buying IQD is just a waste of time and money. I know many of you don't like it, Good luck.