New project for you: Iraqi dinar FAQ

[danpeg]

There is a true consensus that we need a good FAQ for this forum. Let's start with the Iraqi dinar forum.

I suggest we all work on it together. First, I suggest we compile a list of all frequent and interesting questions that have been asked and discussed. After we have a list, we should all dig together to find the relevant threads. Once we have a list of questions and their relevant threads, we will be able to write small summaries of what we know (or guess).

What do you think?

Let me start then:

1. When will the dinar open to trade by the banks?
2. Where can I follow the exchange rate of the dinar?
3. What kind of security features does the dinar have?
4. Is there a list of articles about the dinar?
5. Is this investment risky?

Please continue this list so we cover everything.

[Psycho for Dinar]

What will it open at?
Where will I cash in?

[Psycho for Dinar]

Will there be a tax on my investment? OUCH!!!

[tazish]

Hello everyone!!! I am a new member of the family. I am keeping my fingers crossed like everyone else and I'm still buying with high hopes. I did come across the following site and found it interesting what a dinar seller says about a chance of a recall. Check out the section below on "Are you ready for the recall" and let me know what you think.

http://www.mebanknotes.com/iraqidinar/iraqidinar.html

[highrollr19]

What happens in the case of a currency change?

[highrollr19]

Hello everyone!!! I am a new member of the family. I am keeping my fingers crossed like everyone else and I'm still buying with high hopes. I did come across the following site and found it interesting what a dinar seller says about a chance of a recall. Check out the section below on "Are you ready for the recall" and let me know what you think.

http://www.mebanknotes.com/iraqidinar/iraqidinar.html


That is a tempting offer, but I also imagine that if he is correct... that many others will provide that service as well. I know Ghaith has offered it to me

[highrollr19]

more questions...

pegged or floated? (include a quick education on each)

Which denomination to have? (some think one may be better... )

[highrollr19]

delivery systems/ problems/ success?

[BRYAN]

*Up to date Iraq laws governing the New IQD .
( amount printed and in circulation vs amount still in Iraq )
* will we be able to cash it in ?and who say's so ? The most inportant one of all
* Statements should be as accurate as possible .

[highrollr19]

also give a Iraq resources page...

Include that Iraq has the 2nd largest reserve of oil...

11th largest supply of natural gas ( i think it was 11th)

and that they are the top agricultural country in the region ( i think as well... but check to make sure)

[BRYAN]

Have a thread designated for problems about what happened with their dinar shipment and what was the outcome and how they resolved it , if at all .
What to be aware of for frauds and scammers .
How to identfy fake bills and did anyone ever get one ?

[highrollr19]

Maybe also keep one page to discuss the failure and or success of the two sellers that are represented on this page. A lot of threads have been started about Ghaith and AMer ( I too have started one or so). If we could manage that into one thread it would be neat and clutter free.

Maybe limit those who are and who are not eligible to start new threads? Then members who have been here a while will be the only ones who can start them, while new members must just post on existing threads

[Psycho for Dinar]

Hello everyone!!! I am a new member of the family. I am keeping my fingers crossed like everyone else and I'm still buying with high hopes. I did come across the following site and found it interesting what a dinar seller says about a chance of a recall. Check out the section below on "Are you ready for the recall" and let me know what you think.

http://www.mebanknotes.com/iraqidinar/iraqidinar.html


The two paragraphs below are from his site:

The only reason I got into this market and started selling the Iraqi Dinar to Investors (while I continue my main business with the collectors) is that I have several reliable contacts in the Middle East with whom I have been doing business for over 10 years, I can import large quantities at competitive prices, and my present offered post paid price of $940.00 is way below $1250 and $1500 charged by other ?Dealers


Again; those of us who have been in the Paper Money business for years, remember how Iran allowed only one week for the ?Shah?s? banknotes to be exchanged with those of the Islamic Republic. During this one week all postal deliveries came to a halt thus billions of Rials, which had left the country, were never returned and became worthless. Even though 25 years have passed since the Revolution in Iran, you still CAN NOT take the Iranian Rial to your local bank or Western Union to exchange with US$.

This dude has a very nice scare tactic in order to receive orders. In the first paragraph from one of his threads, he states " I have several reliable contacts in the Middle East with whom I have been doing business for over 10 years".
This basically means he is not in the country and would have to receive and ship your dinar to Iraq. Now here is my point! Under the scary "recall" he states " During this one week all postal deliveries came to a halt thus billions of Rials, which had left the country, were never returned and became worthless."
Now if Iraq was to shut off all postal and only allow 1 week for changing in notes, how does he plan on getting MY notes to a buddy in Iraq....carrior pigion?
Just another sales tactic using a "scare"method!

[tazish]

I think you are right. But what concerns me is his statement that recalls are customary. Sure hope the NID is the exception rather than the rule.

[Psycho for Dinar]

There is a reason why Uncle Sam is letting us invest....TAX $. If
we're screwed, so is Uncle Sam. Don't think it will go down like that!

[BRYAN]

Have general comments expire and/or be archived to a common subject or deleted as junk .

[highrollr19]

agreed on the uncle sam thing!!! I thought about that the other day! Since we will be taxed as capitol gain... we will pay 15%. So lets make a guess of how mcuh dinar is currently in investors hands here in the US. I believe I remember Ghaith telling me that he had sold 1 billion already... and that seems pretty reasonable. So lets say he and Amer have each sold that much. And then lets say that there are (compiling all the other sellers together) at least another 20 BIllion. Then lets add 10 billion for all the military people who I know are purchasing as often as possible. That is probably a very low ball guess, but will work for calculations purposes.

Now lets say it appreciates to the wonderful .31 that we all want. At 32 billion dinar out there... the US government stands to make $1,488,000,000. Fot those who can't read, that is about 1.5 billion dollars the US stands to make on us! Now, considering that... we will be able to cash in our dinar! Trust me! IF it comes out that we can't... just call your local congressman or government official and tell them this... it will get done! That money would go a long way to financing this war we have been conducting

[tazish]

I think if we contribute a few dinars to our congressman/woman then we can get them on board the dinar train and keep our best interests at heart.

[FAST1]

The other side of cashing in is that many will be eager to buy the dinar at the rate(maybe low but high for us) that allows them to turn a profit on future appreciation. This will generate more money.

[Psycho for Dinar]

:lmao: Got away from the initial subject....
Will they change currencies and if so, will my investment be lost?

[highrollr19]

haha... I already mentioned the currency change!!! I win! j/k

[kelleyB]

I got one I got one :happy64:



Helpful Links... i.e. Websites related to what we find to be helpful. Like

http://www.cbiraq.org/

http://www.iraqdaily.com/

http://www.isx-iq.net/

http://www.dhl.com/publish/g0/en/eshipping/track.high.html

http://www.edinarfinancial.com/prefer.html

http://www.oanda.com/converter/classic

just for starters ;)

[BRYAN]

I think if we contribute a few dinars to our congressman/woman then we can get them on board the dinar train and keep our best interests at heart.
After it is exchanged on the world markets , maybe but only for taxes and a donation dinner ,

[BRYAN]

I got one I got one :happy64:



Helpful Links... i.e. Websites related to what we find to be helpful. Like

http://www.cbiraq.org/

http://www.iraqdaily.com/

http://www.isx-iq.net/

http://www.dhl.com/publish/g0/en/eshipping/track.high.html

http://www.edinarfinancial.com/prefer.html

http://www.oanda.com/converter/classic

just for starters ;)
Great just like that This will help narrow and streamline the searches to a common thread , Your on top of things KellyB ..Thanks !!

[danpeg]

The party has partly moved to: http://www.investorsiraq.com/showthread.php?p=11129&posted=1#post11129

We ask the questions here and answer them on the other thread

[danpeg]

Bryan please post the answers in the other thread :)

Dan

[kelleyB]

Great just like that This will help narrow and streamline the searches to a common thread , Your on top of things KellyB ..Thanks !!
No problemo... Muchas Grassy A$$...lol

[kelleyB]

Bryan, that Aussie news isn't showing up. :(

[kelleyB]

OH I got another one.. This is fun.


OK, What U.S Banks will handle the change over? I.E. Wells Fargo? Any more. Maybe Add some links to main branches for further questions. Then you can post what they say. Like someone said Wells Fargo will exchange an unlimited amount for a flat fee of $8. Too good to be true, but I haven't called yet. And what they say on when they will be willing to exchange...like 30-45 after it hits the world market.

I can call major world banks like Wells Fargo, BofA, Citi Bank, and any other you can suggest tomorrow and ask them the above questions and give them to you around 1230 my time.

OK this is off topic but so on it as well. Laugh if you will, but when I just switched to the answer site that Bryan is doing, I had total DeJaVu. HELLO! Now if I can only remember if I panned out on this. lol

[kelleyB]

Ok and another.


HOW about a forum that is just for Purchasing Dinar Chat. There is always someone knew that is asking who to buy from or how is Amer. This way they can go there and find there questions answered already, or ask again. That would cut down traffic in the IRAQ DINAR lounge.

BETTER YET How bout just changing the name of the IRAQI TREASURY BILLS... doesn't seem to be too popular. How about changing it to.

"HOW TO PURCHASE DINARS"
Questions and Answers

[Dinar007]

Will there be a tax on my investment? OUCH!!!
You know there will be. If not those "F%#@!*$" will make one up.
The big boys in the U.N. want to do it. Put a tax on foreign currency exchange.
The Tobian Tax.
And of course, uncle sam will take his cut off ya. Isn't life GRAND??
Everytime someone makes it rich, there is ALWAYS someone there waiting
for their handout. Then if you fail they don't want NOTHING to do with ya.
Makes me want to live on a deserted island and NOT be bothered with
anyone. Sorry, just feeling "introverted" right now. :crying:

[JeffEdmo]

Hello everyone!!! I am a new member of the family. I am keeping my fingers crossed like everyone else and I'm still buying with high hopes. I did come across the following site and found it interesting what a dinar seller says about a chance of a recall. Check out the section below on "Are you ready for the recall" and let me know what you think.

http://www.mebanknotes.com/iraqidinar/iraqidinar.html
That's a little concerning. So what happens if they do have a recall? What will a person have to do in order to convert to the new money?

[Dinars2Dollars]

That guy is a jag off. He is just trying to scare people into needing him whether coming or going.

[early buyer]

I was turned on to this site by a friend and thought I would check it out.
I have bought 10 million denar back in oct/nov time frame. it was on a hunch that it would pay off! Well I was able to get it to the states and place it in a safety deposit box for safe keeping. however I've heard some sour rumors that the denar can only be traded within Iraq with an Iraq bank.
I find this hard to swallow so I have stayed the coarse and searching for the correct way to turn denar to us dollar when it opens in the world market!
does anyone on this site have any facts as to how this may work?
As I continue my search I will try and keep others informed of my findings!

[BRYAN]

That's a little concerning. So what happens if they do have a recall? What will a person have to do in order to convert to the new money?
I feeel that bank accounts won't be affected ... that is why I opened an account with Warka to balance my investment ....
Just in case of such a recall ...
But does that make sense if Iraq would recall the notes and just reprint new ones by the same company but with more security marks ????
Many that have the dinars in hand are confident that it will be able to be traded at any bank once the IQD is internationally reconized .. This is true , but when ???
and this dIQX dealler referenced above is offering to TRY to buy them back at the current rate ... maybe he has an account and you would send them back to him ...
what garentee does he give to send the funds back to you ... how would you find the guy .. Just for instance he sells the money to you now ... then( not fact ..just a senerio ) the recall occures ... Does he but them back when he recieves them or before ??? Then you send them back to him and he has your money from when you purchased the IQD and he now has the notes once again . Then he said he would buy them back at the current rate if the recall occurs ...IF HE CAN ..
It is an interesting sales pitch ... It is the first Ive seen some type of recall buy back from a currency dealer. :confused:

[JeffEdmo]

I feeel that bank accounts won't be affected ... that is why I opened an account with Warka to balance my investment ....
Just in case of such a recall ...
But does that make sense if Iraq would recall the notes and just reprint new ones by the same company but with more security marks ????
Many that have the dinars in hand are confident that it will be able to be traded at any bank once the IQD is internationally reconized .. This is true , but when ???
and this dIQX dealler referenced above is offering to TRY to buy them back at the current rate ... maybe he has an account and you would send them back to him ...
what garentee does he give to send the funds back to you ... how would you find the guy .. Just for instance he sells the money to you now ... then( not fact ..just a senerio ) the recall occures ... Does he but them back when he recieves them or before ??? Then you send them back to him and he has your money from when you purchased the IQD and he now has the notes once again . Then he said he would buy them back at the current rate if the recall occurs ...IF HE CAN ..
It is an interesting sales pitch ... It is the first Ive seen some type of recall buy back from a currency dealer. :confused:
I sent the guy an email asking him about a recall and this was his reply (THIS IS LONG - Admin, if this is too long just delete the post...)
My intention from putting up that website was to let the investors know all
the facts before investing. I see some dealers, most of whom have just
started in banknote business, are telling people that their $1000 investment
will be worth 3 million in a short time. My intentions were to show the
truth, and the other side of the coin.

You should not be scared of Recall. Yes, definitely there will be new
banknotes, maybe 2006 or 2007, there is no questions that once the political
problems are resolved and US starts withdrawing, Iraq will issue new
banknotes. This happened in Iran, Afghanistan, Kuwait, all ex Soviet
countries and so on, it is natural and it is expected. But you do not have
to worry about that, first, it will be in far future, 2nd there are ways to
handle this exchange.

The main reason I had that Recall Page was that some of my clients had told
me that they are going to put the Dinars in a Safe and forget about it for
the next 10 years. One of my clients in Kansas told me this is for his
son's college and he is buying one million every month for the next 12
months and he was going to forget about them for 12 years. That was the
main reason for adding that Recall page, so those clients will keep an eye
on market and will not forget about their investment totally.

Lombard Banking System of Great Britain is already negotiating with Iraq and
they will be probably the first banking system opening branches in Baghdad
and Basrah, shortly after that US banks will follow. I will not be
surprised that by early 2006 Bank of America and other major US banks will
have branches in Baghdad and major cities. If that works out, then in
matter of 6 months you can take your Iraqi Dinars to any bank branch and
exchange them, even Credit Unions and local banks which do not have branches
will take your Dinars because they can sell them to Bank of America or other
major banks.

However, if all fail, when the time comes for the Recall, I will inform my
clients and will offer to buy back from them at the going rate. I have
contacts in Iraq and Jordan and follow the exchange rate almost daily.
Right now I buy Iraqi Dinars from them, but in 2-3 years time, I will start
selling them the Iraqi Dinars. I have already over 550 clients to whom I
have sold Dinars and I have their e-mails, and I will not be surprised that
sometime in future, say March 2006 I send an e-mail similar to the following
to my clients.

Note:
For the month of March 2006, we buy the Iraqi Dinars at the rate of "Every
1000 Dinar = $8.23", For quantities larger than ten million please contact
me first.

I already have plans and I assure you selling the Iraqi Dinars to me or
other dealers will not be a problem.

Finally:
If UK and US banks open branches in Iraq, then the Central Bank of Iraq will
give ample time, maybe one year, for the "Old Dinars" to be exchanges with
the "New Dinars". Again you do not have to worry at this time, the only
thing I suggest is that you follow the market, if not this year and 2005, at
least starting from 2006. No matter who you buy the Dinars from, just don't
put them in a Safe Deposit box and forget about it for many many years,
that is the only thing you have to do, the rest I can handle, and will keep
you informed regularly.

[Amerasianstunner]

Don't know if any of you know this but the civilian contractors over in Iraq (K.B.R.) Kellog Brown Route has invested in gross amounts of the Iraqi Dinar... " seeing is believing " they must know something that we don't know wouldn't you say.... :wave:

[Amerasianstunner]

the rate of exchange I got was $680 US for 1 million Iraqi Dinar and I just got back on Dec. :huge:

[Dinaress]

Don't know if any of you know this but the civilian contractors over in Iraq (K.B.R.) Kellog Brown Route has invested in gross amounts of the Iraqi Dinar... " seeing is believing " they must know something that we don't know wouldn't you say.... :wave:
Yep :wave: :shhh:

ok Dan here is the first thing i think matters--Iraq Dinar and information from the Library of Congress---great read--- http://reference.allrefer.com/country-guide-study/iraq/iraq115.html

[Shea]

Based on the comment "maybe 2005 or 2006", knowing that there has been absolutely NO position by Iraq to change currency, devalues his argument. Could it change? Yes.

What I've taken us to say is "we will let the Iraqi government decide if they want to continue using the currency." Or if you prefer "Hey, we don't rule this country, they get to choose if they want to make a law that makes everyone wear plaid socks."

A few notes that might sway them to keep the notes in circulation a little longer (all notes go out of circulation, find me an old U.S. $20...):

The De La Rue banknotes are the most sophisticated in the world, surpassing the counterfeiting measures in even US currency.

Monetary stability, not only internationally, but intranationally is going to be required to build confidence in free market economies. These poor people haven't had that, and their enthusiasm for freedom should not be met with disappointment or there may be bigger problems. Even a new Iraqi government should be capable of realizing this.

Can they? yes.
Will they? yes.
When? I don't think it will happen for quite some time. Maybe they do want to change the art on the bills... but who has stated such a thing? The current art all has historical significance to Iraq and Iraqis. We didn't print Krusty the Clown on those bills. They will pass for currency for as long as it is desired by the new government, and they haven't even been elected. It will almost certainly be internationally traded before any such currency exchange, and I'll be suprised if they change notes in the next five years. Besides, nobody said this investment was without risk!

Take it with a grain, or maybe a whole bag... of salt.

[TRIZZZ]

I've heard there was a very positive article on last Thursdays WSJ regarding Iraq. Does anyone have a link or know how I can get a copy of it?

Thanks.

[Part-timer]

Found this article dated 1/13/2005, could be the one you're referring to.

http://www.opinionjournal.com/editorial/feature.html?id=110006152