Do you think the Dinar is going to be worth more in the near future?
A friend from work was in the Army and exchanged about $30 American for 34890.3 dinar when he was there and now he says that the Dinar is going to be worth a lot more. Anyone hear about this? Scam maybe???
Assuming you mean the Iraqi Dinar, the exchange rate sounds right. $30 _US is worth 34,889.81 Iraqi Dinar today:
http://www.xe.com/ucc/convert/?Amount=3 … #converter
The Iraqi government has been considering a revaluation of the Dinar for some time now, and investors around the world have been buying up Dinars in anticipation. The GOI's current plan is to raise the value of the Dinar by about 15%, which would give your friend a $3.50 return on his investment.
It's not a scam - currency trading is a legitimate form of investment. Banks and hedge funds do it all the time. But a quick Google search shows that there are a lot of sites offering Dinar exchanges - probably for a hety fee. I'd be wary of these, as there likely are a lot of scammers trying to capitalize on Dinar exchanges.
No it will not be worth more in the near or late future. The BBB has received many complaints for investment scams involving the Iraqi Dinar. The Dinar can only be redeem in Iraq because exchange houses and banks can't and won't convert it into U.S. dollars. It's not even on the exchange. Your friend may have the actual Dinar if someone in Iraq sold it to him, because most exchange website only give you a paper or certificate of your purchase, while they keep your dinars in a vault or don't even have them.
Also, the Iraq government has to borrow $100 million per year to provide basic services. There will be no revaluation anytime soon. The Dinar was suppose to revaluate last September, which it didn't.
No, this is pure currency speculation. You might as well invest (and most people lose) directly in Forex.
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