Iraqi Dinar?

[10can]

I have a friend that says is family all bought a bunch of Iraqi Denar a couple of years ago and that they plan to exchange it at a certain price and make thousands of dollars.

Is this a real investment or a scam?

Thanks

[gackle]

This link has some good information about investment scams for the Iraqi Dinar. Currently, according to XE.com - Universal Currency Converter, the exchange rate for the U.S. Dollar and the Iraqi Dinar is 1:1,245.50. Hopefully you can educate your friend and his family on their forthcoming financial follies (you gotta love the alliteration! )

[neatdesign]

A scam? Probably not. An investment? That depends on how many dinar they actually have.

At the current exchange rate, they can get about 80¢ (yes, 80 CENTS) for every 100 Iraqi dinar they have -- minus any conversion fees, of course.

~ Jenney

[Broken Arrow]

Forex isn't a scam, but especially in this case, I think it's a terrible way to speculate and "invest". If I'm going to do something risky, I think I'm much better off going for some international funds. Some have gained around 30% last year... but that's just me.

Then there's the question of diversification....

[mekish]

has some good information about investment scams for the Iraqi Dinar. Currently, according to the exchange rate for the U.S. Dollar and the Iraqi Dinar is 1:1,245.50. Hopefully you can educate your friend and his family on their forthcoming financial follies (you gotta love the alliteration! )

maybe they're hoping that when the troubles are over, they'd exchange it at better rates and make a profit..

[saving_is_creepy]

Here's a snip from XE dot com: they have a nice write up on dinar. I couldn't post the link because I don't have enough posts on the forum:

* Over a decade of international economic sanctions and a devastating war has left the infrastructure in tatters
* $125 billion of external debt
* Millions of dollars in post-war debt
* No stable government
* Insurgency steadily on the rise
* Oil facilities and pipelines are sabotaged regularly
* Many predict out-and-out civil war, such as the former Prime Minister of Iraq and the outgoing UK abmassador in Baghdad

These aren't the kind of conditions typically conducive to the creation of booming economies. More to the point -- a 450,000% increase in the value of the IQD (as predicted by some of its promoters) seems ridiculous in the face of these challenges.