My friend asked me to buy some Iraqi currency as its value is very low suffering the impact of the war on its economy... He said that when two years later when the value appreciate, i would get back 10 times the amount i invested... Is this true? I want to know your opinions...
2007-01-18 23:03:01 · 5 answers · asked by Anonymous in Business & Finance ➔ Investing
I donno... It sounds like a scam to me...
2007-01-18 23:11:42 · update #1
There are quite a few "resources" out there for you to research. You will probably get a lot of info just by going to one of those forums about the dinar. I think the one listed in the resources is the biggest one:
2007-01-19 05:26:24 · answer #1 · answered by dense_very_dense 1 · 0⤊ 0⤋
scam if there have been any money to be made, each funding monetary organization and hedge fund might want to were making an investment in it. the very incontrovertible reality that the likes of Goldman Sachs and George Soros gained't bypass everywhere close to dinars is all you want to appeal to close that there is no possibility of making a penny forex revaluation does by no ability make money. because the poster above factors out if the forex is 2500 dinar = $a million and they revalue so $a million = 250 New Dinar, you nonetheless have $a million. Your previous dinar are only exchanged for brand new dinar.there is no money to be made - it truly is a scam in case you understand no longer some thing about forex procuring and promoting
2016-11-25 20:04:05 · answer #2 · answered by cheng 4 · 0⤊ 0⤋
You are quite correct that it is a scam, in large part.
Here is some very interesting reading on the subject:
http://www.xe.com/iqd.htm
Also, before you buy: Call around to the banks and currency exchanges in your area and find out if anyone buys Iraqi Dinars - at any price. They are extremely hard to sell at anywhere near the exchange rate listed on any of the commonly used currency converters.
2007-01-19 06:16:38 · answer #3 · answered by F. Frederick Skitty 7 · 0⤊ 0⤋
Iraqi dinars are very unstable, and I suspect they will drop in value. However, there is a small chance they might go up. I extremely doubt they will go up 10 times. If you like to buy lottery tickets, you may like the dinar. Below are some references:
2007-01-19 02:32:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It is pretty true, before the gulf war the Iraqi Dinar was the highest currency in the Arabian gulf, as there is a huge amount of oil there.
But would you make profit in two years? this question cannot be answered yet, it might take two or more years, you see Iraq is still not stable, the killing continues, you will only make your profit when Iraq is peaceful again....
2007-01-18 23:17:02 · answer #5 · answered by MBC 2 · 0⤊ 1⤋