IRAQI FAIRS

There have been many developments in the Iraqi economy since the 2003. Efforts of the nation’s government and foreign aid have focused on the following goal: increasing security and stability in Iraq via legitimate political representation, infrastructure building, and economic growth.

Possible domestic capital markets were created with the objective of cutting down their massive pre-war debt. The Paris club was generous enough to forgive 80% of Iraq’s debt. Their policies towards growth and their near future economic stability attract investors worldwide.

Foreign bank licenses were also issued after many decades to banks such as HSBC, National Bank of Kuwait, Commercial Housing Bank, Iranian National Bank, Bahraini Arab Banking Institute and Standard Chartered bank. Interest rates were further liberalized in the aim to form a vibrant free market economy. The rejuvenated banking system was expected to have a positive effect on the value of Dinar. Besides, the Central Bank of Iraq became an independent agency, without influences from political parties of Iraq.

The Iraqi Dinar was being traded at 3.35 per US dollar before the sanction of United Nations and at 0.33 per US dollar before the Iraq war. The Iraqi Dinar was affected mostly by the major combat operations of the nation and had declined to an all time low value.

After the combat operations, however, the government succeeded in bringing up the currency value by 25% and currently the value of Dinar is 1400 against the USD, an enormous increase from 3500 against the USD during the US invasion. Even Germany and Kuwait underwent a similar devaluation postwar but both recovered.

The recovery of Iraqi Dinar is astonishing and the Iraqi government’s efforts towards global market integration will still spur the value of the currency. Iraq after recovery is also expected to benefit from its abundant natural resources.

At first glance, buying Iraqi dinars online looks easy. Almost too easy. There are a lot of dealers trying to sell them nowadays. So all you have to do is pick one. Right?

Wrong! As with any “hot” merchandise, scams are common and you should know how to spot them, well before you hand out your hard earned money.

Here are 5 critical signs that you should know before buying Iraqi dinars online.

Does the dealers’ website look credible enough?

A couple pages thrown together, with nothing else than a bit or two of text often copied from other web sites are often not a good sign. Take your time. Look at a couple other sellers. Compare them. If something looks fishy, it probably is. Don’t rush and buy Iraqi dinars from the first online dealer you happen to come across.

Are any testimonials, preferably not on the seller’s own web site, from satisfied users that bought Iraqi Dinars from them?

Satisfied customers sometimes leave testimonials to show their appreciation. But beware! It is quite easy to fake pretty much anything on the Internet. And testimonials make no exception. Again, take your time; contact the ones who wrote them if you can. An extra hour you put into this research, before you decide where to buy Iraqi dinars, may make the difference between a successful purchase and a failed investment.

Does the seller show his physical location somewhere on the site?

It’ll be quite hard to track an individual or company when all you have is an email address or web site URL. A physical address can help you quickly locate them in time of need.

Is there a phone number you can call and talk to a real person?

Verify the phone number on their contacts page. Call them. Ask them a couple questions to see if they really know their business. For instance you could ask them to tell you the Iraqi dinar security features. Or what denominations do they sell. Ask them anything you can think of that can help you make a decision.

Are they registered with an organization such as the Better Business Bureau?

Odds of getting scammed are pretty thin if the company you’re considering doing business with is a member of BBB or another organization that tracks customer satisfaction and records complaints. But beware! Simply displaying the BBB logo isn’t enough to earn your trust. Take your time and verify they’re actually who they say they are.

Buying Iraqi dinars is considered by some to be a great investment. The safety tips shown here should help you when selecting your dealer.

After the newspaper ads featured in USA Today and other major US newspapers, the popular Iraqi Dinar scam has moved to another country. Just when you thought it was safe for the US based investors, with all the warnings recently published by major media sources, the scammers have found yet another country ripe for profit.

10,000 Iraqi Dinars selling at B$ 110 was the title of a recent ad than ran in a Brunei newspaper. And people are jumping on it like crazy. Rumors are the sellers have run out of stock in less than one week.

How could this be possible? Because they don’t know better. Ordinary people, people just like you and I read about this new investment in a newspaper they trust. The ad is claiming they’re sitting on a pot of gold, and the Iraqi Dinar is about to jump in value big time. They start dreaming about fast riches. They swipe out their wallet faster than the blink of an eye and hand their hard earned money to the scammers.

The truth? The current exchange rate as of today is approximately 1 USD for 1.63 BND (Brunei Dollars).

This means at the exchange rate set by the Central Bank of Iraq people could, in theory, get close to 100,000 Iraqi Dinars for the same BND 110. This is almost TEN times more the amount the scammers are selling it for. And people are jumping on it like crazy! Why? Because they don’t know better.

When they wake up later on and try to sell the dinars back they’re in for a big surprise. They can’t. Nobody is buying Iraqi Dinars. There’s currently no way for them to recover at most 1/10 from their investment except if they are willing to travel to Iraq to cash it in.

But first they have to wait and pray for the dinars to jump in value at least 10 times for them to merely recover their money back. By the way it looks now this sudden jump in value is not going to happen. Not today, not tomorrow, and neither in a month from now. It could happen in 3 years. Or 5 years. Or never.

Sad truth is people who were sold in at these rates were scammed. They were profited for their lack of knowledge. And the sellers knew exactly what the exchange rate was. They knew exactly what’s the potential for this type of investment. And the only potential it has right now is for them, the scammers, to get rich from selling Iraqi Dinars.

So, why did the people buy in? Because they didn’t knew better. But you do!

Don’t fall prey for these scams! You deserve to be informed.