Is Iraqi Dinar New Opportunity or Tool for Scam?

  November 02nd, 2010 at 21:20, Vladimir Vyun

Iraqi DinarThe new Iraqi dinar, introduced in 2003 after the fall of the Hussein’s rule, became popular among some investors, who hope it would become much more valuable soon and would bring a big profit. Are such hopes justified or buying the dinar is buying the worthless paper?

The example of the Kuwait dinar fuels hopes of the investors, who put faith in the Iraqi currency. The Iraqi dinar already jumped from 4000 per dollar to near 1000 per dollar.

But can the potential profit in the future justify the very real troubles which the trader may encounter today buying the dinar? First, there is a problem of the liquidity: it may be not very hard to buy the dinar, but to sell the currency may be real pain. Most banks wouldn’t accept this currency and even dealers, who sold you it, may not buy it back. Second, the dinar is popular tool for the scams: it may be not very hard to find the dealer selling the dinar, but finding the trustworthy is totally different matter.

USD/IDQ fell 0.0548% today, declining from 1,168.14 to 1,167.50 as of 18:01 GMT.

If you have any questions, comments or opinions regarding the Iraqi Dinar, feel free to post them using the commentary form below.

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Iraqi Dinar

23 Comments

  1. Dan Rix

    Where did you get the USD/IRQ price quote?

  2. f.quinones

    I WOULD LIKE TO KNOW WHEN I COULD GET GOOD NEWS.

  3. Anough

    do you get this from xe site http://www.xe.com

  4. Elizabeth

    This article is very misleading. . . There are plenty of dealers that already have set up offices to trade the IQD back to USD here in the United States the minute the value of the dinar closes the gap, and anybody that thinks the banks wont deal in it are out of their mind!

  5. Michael

    lets see, Iraq, 2nd largest oil holder in the world, and in a war, will need all new infrastructure to move that oil, that means, walla, a new MECCA………………. and what will the DINAR be backed with??? BLACK GOLD……….. dont think for a DU BAI second that this place wont have 3/4 of the world banging down the door to get those “”””””””” FEDERALLY FUNDED CONSTRUCTION FIASCO’S””””””””, remember bush, ha ha, so here comes OBAMA boys with the FED JUST A PRINTING MORE MONEY… and wasnt this currency 3/1 over the dollar back in the day of SADDAMMMMMMMSSS DICTATORSHIP???? wonder what it will be now, all the oil in the world, US-currency backed by WALMART(CHINA) er , ah,

    nothin…………..

  6. did not the dinar not actually rise against the dollar, it takes more dollars for less dinars

  7. it seems dinar rose,it takes more dollars to buy dinars

    • Yes, it the Iraqi dinar has risen against the dollar, as written.

  8. Iraqi Dinar

    There are plenty of dealers that already have set up offices to trade the IQD back to USD here in the United States the minute the value of the dinar closes the gap, and anybody that thinks the banks wont deal in it are out of their mind!

  9. Cehona

    IQD – RV is like a “holly Grail” :o)) you can talk about it, but nothing is happen.
    Not really good investment.

    • Moreover, those who hold physical IQD currency may be soon surprised unpleasantly with the denomination.

  10. Cost

    From beginning IQD is very risky speculation. If somebody take it as “sure deal” … he was naive individual, now he get what he is deserve.
    Other day – other opportunity.

    • Unfortunately, it’s often presented as a “sure deal” by many Iraqi dinar websites.

  11. Steve

    The IQD speculative scam has been infiltrated & promoted by nincompoop NESARA nitwits. On a positive note, at least the financially illiterate have a hobby.

  12. Angelo Franceschins

    Has the IQD revalued yet?
    I’m seeing this on a few of these Dinar sites.
    Can you confirm this?

    • What do you mean by revaluation? Its rate vs. USD is constantly changing/

  13. Russell Ham

    I am in invested in Iraq dinar. According to dinar recap. Iraq changed its currency yesturday at a rate of 14.28….is this true?

    • According to the Central Bank of Iraq, the current exchange rate of USD/IQD is 1164.

  14. R Gerrick

    I hear it’s any second now….rolmfao… That was a month ago by the way.

  15. Charlie Graft

    Elizabeth mentioned thta there are alot of US Banks that will convert Dinar currency to US dollar?
    Can you give a list of those Banks?
    CTG

  16. Lisa

    How do you buy the Iraqi Dinar and I am also interested in the above question concerning the US Banks that will convert the dinar to US dollars.. Thank you.

    • Contacting your bank about that would be the first logical step in this endeavor.

  17. Mike Kirby

    Purchasing any foreign currency has a risk. When that currency has a value potential of huge profits then it becomes a gamble. If one would spend a week in Vegas hoping to win or break even it is the same as someone purchasing Dinar. If everyone were smart enough to see the future then it would take the fun out of the gamble. It is a game of winners and losers. The final throw of the dice is near and it will be a lucky number or snake eyes. Worse case scenario is you will have wall paper for your bathroom.

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