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News

Iraqi Dinar Buzz Updates

Q & A About The Iraqi Dinar
2011-03-25 23:44:04

I constantly receive questions about my investment in the Iraqi dinar. So I decided to add a Question and Answer list. These are the most asked questions concerning dinar. Anyone who purchases dinars should know that there are some risks involved. So with any investment I have two rules.

First, don’t invest more than you are willing to lose. There are no guarantees in life decisions, and there are none in investments. You could make more money that you ever dreamed of before, or you could lose everything. Know the risks involved before you invest and never invest more than you are willing to lose.

Second, make an informed investment. Separate the fact from fiction and look at the most likely outcome. Do research on your investment and make an informed decision. Don’t invest because of a good feeling, or for emotional reasons. Make sure you know what you are getting in to!!!!

Question,

This Sounds too good to be True, Is this a Scam? Is the dinar real money?

Answer

The Iraqi dinar is real currency. It is the money used in Iraq. Go to the Central bank of Iraq. (CBI) You will see pictures of the current dinar notes in use. Walk into any bank and ask to see the currency book. Walla, you will see it is real. That does not mean that there are not scams out there concerning the Iraqi dinar. As people try to acquire the dinar the con artist come out.

Question

What kind of scams are out there?

Answer

There are 4 main scams I found about the dinar

1. Do not buy the old Iraqi dinars that were printed while Saddam was in power. Those dinars have no value. When the new dinar came out people had 3 months to trade in the old dinars for new ones. The entire dinar that was traded in was destroyed. Anyone who waited beyond the 3 months watched their dinars become worthless paper. Today there are internet sites that sell the old dinar as though they have some kind of value. Don’t buy any dinar that has a picture of Saddam on its face.

2. There have been people who made counterfeit dinars. There have been websites that sell the counterfeits. Watch out for those sites

3. Some websites have taken people’s money and have not sent any dinars. The whole website itself is a scam to get people’s money. Currently there is a civil RICO action filed against for operators of Stonewood Consulting Inc. The suit alleges that 700 victims in several states and on military installations including an airbase in Tuscan Arizona have been swindled out of money. People purchased dinars but never received them.

prweb.com/releases/2007/02/prweb504257.htm

4. Don’t purchase dinars if it involves getting a certificate stating the amount of dinars you currently own or purchased. Get the real dinars in hand.

Question

How do I purchase dinars?

Answer

Right now the only place you can get dinars is in Iraq. They are not traded on the global market yet. There are some people who fly to Iraq and get the money. They bring it back to America and sell it on there website.

The site I use is dinartrade.com. I order COD. They send the real currency. I give them a money order. They buy and sell Dinar. So if you want to cash out anytime before the RV they can help. They are listed with the Department of Treasury as a currency dealer. They have a high rating with the Better Business Bureau. They receive about 1,000 orders a day. They have been doing this for over 6 to 7 years now. You can also purchase dinar from dinarbanker.com/.

I am not affiliated with Dinar Trade or Dinar Banker

Question

How do you know if your dinar notes are real?

Answer

The Iraqi dinar is made by De La Rue. They make currencies for 150 different nations. They have a machine that verifies the dinars are real. The De La Rue machine does check specific authentication for the Iraqi Dinar. Dinar Trade verifies each dinar using this machine.

The New Iraqi Dinar has been designed to be incredibly difficult to counterfeit. With security features including watermarks, color changing elements, metallic ink, a security thread and an imbedded ultraviolet image, theNew Iraq Dinar has more security features than the new 20 dollar bill.

Question

What does the term RV and RI mean?

Answer

RV means to revalue. RI means to reinstate

Question

While researching dinars I found that some websites said the 25,000 and the 10,000 dinar notes are discontinued. Does that mean that those notes are worthless?

Answer

Iraq has to honor the currency it has in circulation. After the RV, Iraq will issue new currency in smaller denominations. When this happens they will pull the larger notes out of circulation as they are turned in. They will not lose their value.

Back in the early nineteen hundreds our government issued 500 1,000 10,000 dollar notes when our currency began to take off they took those notes out of circulation. As they were traded in they were destroyed.

Question

While researching the dinar some websites have said that the 25,000 and 10,000 dinar notes will lose their zeros when it goes through the RV. They said that a 25,000 dinar note will be worth 25 dinars, and a 10,000 dinar note will be worth 10 dinars

Answer

In my Opinion, this is a complete myth. Nothing could be further from the truth. This rumor has been circulating since 2008. It comes from an article that interviewed the head of the CBI (Central Bank of Iraq) In early 2010 they said there would be no decrease in the value of the dinar. in as late as August of this year they said there would be no lop. A lop is a decrease in the value of the currency. They are planing to redenominate the currency. This means all the bills with three zeros will be taken out of circulation. This will happen when they revalue (RV)

Countries only do this if their currency has been losing value and inflation is out of control. When the Dinars were first introduced in 2003 you could get 4,000 dinars for one dollar. Today the value is 1168 for one dollar. Their inflation rate is only around 3%. This action would not help the country recover. It would hurt it greatly.

If there is too much money in the currency supply than inflation kicks in. If there is not enough money in the supply then deflation begins to take effect. There is a real danger that a lop will cause deflation and hurt an economy that is trying to recover from war.

The undersecretary of the ministry of finance told Kurdistan news that it will not delete or remove the zeros from the current dinars in circulation. He said “the process of deleting the zeroes of the Iraqi currency has no economic gain, and any positive impact on the purchasing power of the process of Iraq, but will also create other problems, to issue coins of small denominations such as” 10 money “and “50″ penny quarter of a dinar and a half dinars.” He said “the deletion of zeros does not help to increase the value of local currency, because the high value of the currency is linked to the security situation of the country, as well as the ability of local production and commercial activity and reduction of inflation rates in the country.”

If the Currency RVs they will issue lower denominations. Then they will take the high denomination bills (10,000 and 25,000) out of circulation as they are traded in.

Question

Why did you invest in the dinar? What kind of notes did you Purchase?

Answer

Out of all the currency out there the dinar could possibly give one of the greatest returns for the least amount of investment. Unlike the dollar the dinar is not a fiat currency. (faith-based) The Iraqi dinar is not backed by Iraqi oil, but oil will contribute to the value of the dinar. Out of the top 5 oil reserves in the world, Iraq sits on two of them. One of those 5 oil reserves is the second largest in the world. There are 80 Known oil fields in Iraq. Only 12 of those are being drilled. Iraq signed contracts with international companies to drill their oil. Iraq does not know how much oil it has. It’s known oil is in the billions. Oil exploration was canceled under Saddam. The money for oil exploration was diverted to military projects. I suspect that they will find much more oil. In the coming years Iraq will be drilling 10 million barrels of oil a day. I think at this point the country stands a great chance to recover, and soon I think it will be able to stand on its own provided they revalue.

Question

What is the real risk involved with an Iraqi dinar investment

Answer

There are risks involved. If the government collapses the currency would become worthless. The government could collapse. If the American troops pull out to soon civil war could break out. Religious wars could break out. Iraq could be invaded. Suicide bombers on holy missions could destroy or slow progress. I believe that these events are unlikely, but that does not remove the risk. You need to know about the risk before you invest.

If the government falls apart or becomes divided or insurgents invade Iraq’s borders. Iraq is still a war-torn nation. The ability to rebuild infrastructure quickly will also play a role in the risk.

Question

When do you think the dinar will RV or RI

Answer

That is a real million dollar question. I think it is extremely close for a few reasons. Everything is in place for a RV, and just about everything that needs to be done is done. I think it is highly likely to happen before the end of this year.

In january of 2010 Iraq signed oil contracts with Exxon Mobil, BP, and Shell. The agreement is these companies will receive $1.16 a barrel for each barrel they pump. This is a critical step in the RV of the dinar. Infrastructure needs to be rebuilt. An RV would allow a better purchase price for imported goods. While this is no guarantee of an RV soon, there are other things that have been completed in 2010. Like the removal from the OFAC list and The removal of Sanctions. I wish I knew when this currency is going to start gaining real value. I wish I knew exactly when it will be a world currency traded on a global basis. All this is speculation on my part.

In conclusion I believe that the currency will revalue sometime this year. The truth is no one really knows for sure when it will RV.

Question

What will be the value when it finally RVs

Answer

WOW another million dollar question! I honestly don’t know what the value will be. No one does. It could be anywhere from 10 cents to 4 Dollars. I believe it will be at least 1.20. This is to meet the demands of the Iraqi budget that was passed this year. The general belief is anywhere from $3.00 to $3.85. remember….NO ONE KNOWS FOR SURE WHAT THE VALUE WILL BE. Some say it will be as high as 10 cents to one dollar. No one really knows for sure!