Iraqi Dinars

eeeeen

Been reading about investing in Iraqi dinars, was intrested to get any more info, advise or comments on this subject.

I realise there will be risk but wanted to know more i.e. if it was a scam or genuine
I also realise that if things are to good to be true they usually are.

I apologise in advance if this subject has been on here before but i did a search nothing came up
Thanks

primalsuspence

Don't do it is the simple answer. The dinar is getting slightly more valuable (like a few pence over some years), but it is not being traded worldwide on a normal scale. The valuation of the dinar is to protect the fragile iraqi economy, and is only based upon a nominal value. The dinar might go up in value, but even if it did you wouldn't be able to cash in (unless you went to neighbouring middle eastern countries) because it isn't traded internationally. There is all probability that the value of the dinar would increase if real stability and prosperity came to iraq but quick stability is not at all guaranteed (take the troubles of ireland for example). You'd be better off buying some premium bonds and hoping for a win!

jimbo26

A huge gamble http://money.cnn.com/2004/08/10/pf/expert/ask_expert/

uhafmail

primalsuspence wrote: »

The dinar might go up in value, but even if it did you wouldn't be able to cash in (unless you went to neighbouring middle eastern countries) because it isn't traded internationally.

Do not listen to primalsuspence he obviously has not got a clue what he is talking about. Although i am biased towards the Dinar as i used to be a trader of it, it has given me great knowlege in the field.

When primalsuspence says you will not be able to cash in without going to the middle east this is WRONG. Many banks in America already will buy your iraqi dinars off you and i believe there are banks in the UK who do the same.

The dinar will only to increase to 1 dinar = £0.01 for you to make significant gains. Remember iraq has the second largest oil reserves in the world with much of the country unexpolored. Look at all the major oil countries what are their currencies like? Saudi Arabia?

Obviously while there is trouble in Iraq the amount of economic growth that can take place is limited and as long as you don't expect to make millions over night then there shouldn't be a problem.

Personally if you buy your dinar off an internet trader, i would suggest you purchase lower denomination notes. I would say 50s, 250s, 500s and 1000s. This could just make it a lot easier if the dinar does have a major revalue for tax purposes.

One other think to mention is the currency and how much the value has increased since it was introduced in 2003. I havent got up to date info but from 2003 to 2006 the value has more than doubled...And every year since it was introduced it has increased - the worst in iraq is over and through this time their currency has increased.

Thanks

Biggles

uhafmail wrote: »

The dinar will only to increase to 1 dinar = £0.01 for you to make significant gains.

Obviously. That's an increase of 25 times its current value! Anything increasing by 25 times would make you significant gains.

There were a lot of scammers about who were trying to sell you Iraqi currency, and the above post looks rather like the text of those scams.

Beware.

Edit: Er, what's this doing under 'Credit cards' anyway?

NickX

I am not an expert of the foreign currency exchange markets, but I would have thought that the Iraqi Dinar would be one of the most volatile currencies in the world - who knows what could happen in Iraq from one day to the next

I would suggest that there is going to be a lot of luck involved in this particular investment, you could do very well out of it or you could get your fingers burnt.

But hey, its got to be no more risky than a visit to your local casino or bookies.

Just to re-iterate, this is not a Credit Card question so perhaps should be on another forum.

dhassen

Never heard of that credit card before

uhafmail

Biggles wrote: »

There were a lot of scammers about who were trying to sell you Iraqi currency, and the above post looks rather like the text of those scams.

Are you accusing me of being a scammer? How would i benefit from posting the fact you can exchange dinars at UK banks?

When you say anything that increase in value by 25 times will bring significant returns (wow what an intelligent comment) , can you name another currency that has the potential to do the same?

"The Department of Energy (DOE) and The Energy Information Administration (EIA) figures claim that the territory of Iraq contains over 112 billion barrels (bbl) of proven reserves—oil that has been definitively discovered and is expected to be economically producible." Now lets do the maths.

112 billion barrels of oil. Price of a barrel of oil = $127 (as of last week, but with oil prices predicted to keep on rising this figure will never be accurate). This gives the value of just their PROVEN reserves at $14,224,000,000,000 i do not even know how to pronounce that figure but you must see that as being a huge amount.

Then we have the value of their natural gas which they have the LARGEST amount of in the world this could be worth equally as much with there being a shortage of natural gas in the EU and with poor relationship with Russia.

At the end of the day do you actually know what you are talking about?

To the original poster i think if you want to listen to critics who do not know what hey are talking about go ahead, but if you have a spare few hundred pounds it has to be worth it. Value of the dinar has been constantly increasing - wheni was selling them 3 years ago a million dinar would have sold on ebay for £435, now they sell for £550 - obviously not a great increase but iraq has not sorted out all it's problems and i do not think oil extraction has started yet either.

Thanks

Biggles

eeeeen, have a look at this guy's site. A bit of unbiased advice about 'investing' in the dinar:-
http://www.iraqidinar.org/iraqi-dinar-ebook.asp

uhafmail

First sensible thing Biggles has said. That ebook will give you lots of valuable information, that should include information in investing with an iraqi bank account. The bank is caled Warka bank or something similar and last time i checked was paying a massive 10% interest. You can set it up online with just a few emails - a photocopy or scanned image of your passport is needed if i remember correctly. Investing in a bank account instead of cash has some benefits and costs but it's up to you to what you choose to do. One thing i will mention is i have today found out that you can purchase dinar from - Halifax, Barclays and RBS are the 3 i know of - you have to "order" them but you get bak set prices which cuts dealers mark up.

Thanks

jimbo26

http://www.bizcovering.com/Investing/The-Iraqi-Dinar-Scam.27144

http://www.iraqidinarscam.info/

http://reviews.ebay.com/Iraqui-Dinar-Scam_W0QQugidZ10000000001915031