Iraqi Dinar Scam-Beware!!
The new Iraqi Dinar is now being claimed to be the hottest investment opportunity. So called ‘dealers’ are all over the internet selling the new Iraqi Dinar. For most of the ‘dealers’ or scammers the fact assisting them in their illegal trade is the exchange rate of the USD and the new Iraqi Dinar. The present exchange rate is $1.00 USD will buy anyone approximately 1475 new Iraqi Dinars.
This exchange rate was quite the opposite during the Saddam regime, when $1.00 USD would be able to buy just 0.33 Iraqi Dinar.
Comparing both the scenarios would imply that in the present situation buying the Iraqi Dinar would be a great investment opportunity. But scrutinizing the facts would reveal the true picture behind the Iraqi Dinar scam.
Fact 1: Once you have bought the Iraqi Dinar, it will almost impossible to trade the Iraqi Dinar back into any other form of currency. The fact is that the Iraqi Dinar cannot and is not freely traded on the world market.
Fact 2: It is also worth mentioning here that it is the new Iraqi Dinar which is now the official currency of Iraq. Earlier the old Iraqi Dinar was in circulation. There have been cases wherein scammers have actually sold the old Iraqi Dinar to their victims. Since even the new Iraqi Dinar cannot be traded freely on the world market, the old Iraqi Dinar will only find its buyer in the form of a collector of old currency.
Fact 3: Although Iraq is the second richest nations in terms of oil reserves, this natural resource will not help in supporting the ‘investment opportunity’ provided in the form of buying the new Iraqi Dinar. Whenever anyone is buying the currency of a country, one is investing in the entire economy of that particular country. Hence, this implies that if one buys the Iraqi Dinar, one is essentially investing in the economy of Iraq. And any economy totally dependent on its oil reserves is a unstable economy in itself.
Based on the above mentioned facts, if one still desires to invest their money in the Iraqi Dinar scam, please note that this would mean locking up that amount of money until the exchange rate of USD in comparison to the new Iraqi Dinar changes, and there is no hope this will happen in the next 4-5 years.
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