Investing in the Iraqi Dinar
The Iraqi Dinar is the national currency of Iraq. The currency was created after the defeat of the former Iraqi government by American-lead Coalition forces in 2003. The new dinar, while sharing the same name as the pre-war currency, is completely different and not connected in value to the old one.
The new Iraqi Dinar is not traded freely on international markets, but there are online dealers. Counterfeits are common, as are sellers trying to pass off old dinars as new ones.
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Instructions
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Learn the difference between the old Dinar and the new one. It's very easy - all old Dinar bills have a picture of Saddam Hussein on them. The new ones do not.
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Determine your risk tolerance. It is difficult to find objective exchange rates for the Dinar because it is not traded on the international market. The current price is approximately 1,100 Dinars to the dollar, which is significantly down from prices from 2003, when it traded at about 1,500 to the dollar.
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Protect yourself against fraud. The lack of properly functioning banks in Iraq makes it so that one of the only ways to invest in Dinars is to purchase the actual paper. Unless you have trustworthy contacts within Iraq, proceed with caution. It is far too easy to be defrauded by unscrupulous dealers.
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Cultivate contacts within Iraq if you are still interested in investing in the Dinar. One of the best ways to do this is either to make friends with someone working in the service industry as a contract worker for the US government, or someone working in the government already. They may be able to point you in the right direction for a Dinar seller that is legitimate.
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Tips & Warnings
The Iraqi Dinar is not a stable currency. Events in Iraq are highly unpredictable and could have significant effects on the value of the currency. Many online Dinar trading sites are fraudulent. Investing in the Dinar is a highly speculative investment with no guarantees of bringing positive returns. In addition, the fees involved in importing Dinars from Iraq can quite easily wipe out any increases in value that might come from currency fluctuations. Also, it is challenging to find buyers for Dinars, making it hard to profit from any trades .
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Comments
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ive been investing in this little by little for bout 4 years and got large amount of iraqi money now now I get news that the pay out might be around the corner if I hit I'm goin haaaaaaaaammmmmmmmmmm.....uh oh....look at u hopng it dnt happen..fu.....im eating anyways...buahahaahahha.
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I have invested in this and hope one day to cash in.......lets get it.
