By Mohammed Waseem
Investment in Iraqi Dinar has been in the discussion for the past few years due to various reasons including claims from the dinar promoters, of its revaluation. The Central Bank of Iraq has kept the currency under control and has kept the volume of IQD traded, about 35-40 trillion dinars. This was done with an objective to keep the value of the currency stable and not trade it freely.
For a few years, investors have been keen on buying dinar bills with an expectation that it will regain its old value. At this point, 1 USD can buy 1163 IQD, which was ridiculously low in 1982, during the time of Saddam Hussein; it was valued approximately 3.22 USD
. The promoters of IQD are giving hopes to the investors that the revaluation will surely happen in the near future, which will result in IQD gaining its old value. This is merely speculation according to experts.
The promoters of dinar work actively to spread this speculation and what some people refer to as “the Iraqi dinar scam”. They promote the currency on message boards and through church and social groups. Many US residents have purchased IQD bills, expecting to be rich when the revaluation happens, but if what experts suggest is true, they are just speculating.
Those who have bought the currency were worried after the recent insurgency by ISIS, questioning the future of the currency. Iraq-BusinessNews.com reports that it is not difficult for the promoters to sell the currency due to the rise in violence and that it will not happen any time soon. They also report that few others have argued, that revaluating IQD will help Iraq by providing it the strength it needs to fight insurgents.
Several state governments and authorities in the US have warned against this speculation, calling it a scam. In addition, the BBB (Better Business Bureau) listed IQD investment as one of the top 10 scams of 2013. This is even truer due to the current situation in Iraq.