Is it time to sell your Iraqi Dinar? by Baghdad Invest

Is it time to sell your Iraqi Dinar?

Author: Baghdad Invest |
Feb 20 2014
 
 
 
Is it time to sell Iraqi Dinar?
 
 
Have you reached that stage of when you start to consider if you should be selling your your Iraqi Dinars rather than buying?
The reason I ask this question is because something very serious is about to happen regarding your investment in the Iraqi Dinar that will potentially see every single dinar that you currently own end up being worthless. We have warned of this before but we are now just a few weeks away from potentially seeing this scenario taking place.
 
SELL your Iraqi Dinar
Yes, you will have to take a hit on the trading in fees since that is how the dinar brokers rip you off.. Typically charging a 20% spread on the way in and 20% on the way out which for those who do not understand means instead of paying $859.07 for 1 million Iraqi Dinars you would end up paying $1,050 via a company like XX (named it xx so as to not become a referrer) which results in $190.93 spread for the broker minus any costs for shipping to the USA / other fees incurred. Total spread approximately 18.18%.
And to sell your Iraqi Dinar, using XX’s pricing they will buy back from you today at $820 per Million Iraqi Dinar.
 
 
Redenomination
Zahlid, an advisor to the Central Bank of Iraq has given us ample notice to at least recoup some of what we have put in, leaving the onus on you to take the final desicion to get up and get off the dinar revaluation ride.
 
20/02/2014 Zahlid said: i spoke today with my seniors in iraq and i can assure you the stalling is about over by maliki ,the cbi is now ready with there plans and laws in place to proceed with the RD i was told today they are looking at 15th march for events to be made international,yes thedate could be brought forward or moved but at this time i am being told to be in iraq for the beginning of march for 1 month as this will be a momentous occasion for my country to once again be accepted internationally.
 
17/02/2014 Zahlid said: As said also watch our inflation creep higher which it is now happening then around 2nd week march ,our in country redonimination will happen,Believe or not it is happening very soon.
 
12/01/2014 Zahlid said: very well explained my friend,our inflation is gradually rising and this is intended if truth be known,tariffs have helped gradually rising our in country cost of living.As I stated before there is a target we have to aim at that being 8% when that is achieved yu will see the currency rd of our country,tat should be very SOON.People myadvice if can would be gain any returns on any monies before the shock becomes reality ,IT WILL BE AN IN COUNTRY EXCHANGE AS THIS IS OUR PRESIDENTS WISHES THERE WAS TALK WITH USA OF OUTSIDE EXCHANGING BUT THAT WAS LOST,so they have that cross to bear for there citizens ideas of riches being lost.THAT IS FACT AND TIME WILL SHOW WHO SPEAKS TRUTH ON THIS. IT WAS ALWAYS OUR PLAN TO EXCHANGE IN COUNTRY WEVE DONE THIS WAY BEFORE AND SHALL DO SO AGAIN,OUTSIDE GREED WAS NEVER OUR CONCERN ONLY MANUFACTURED LIES FROM OTHERS, I WILL HAVE MORE NEWS TUESDAY AS HAVE MEETING IN LONDON ATTEND WITH FELLOW CBI DIRECTORS AND STANDARD CHARTER DIRECTORS.
 
If that is not enough for you then I would encourage you to consider the following points.
 
1. When they invalidated the last currency this question was provided on the fact sheet here (last question)
 
Question: Will it be possible to exchange currency outside of Iraq?
Answer: No. The only official currency exchange locations will be located within Iraq.
 
2. When they did the last exchange, who was in power? the CPA - Coalition Provisional Authority which is the Americans et al. Now consider today, Iraq is free and independent to chose how it is to do this. Iraq completing the redenomination followed by the exchange IN country ONLY, will save themselves a lot of money…legally too!
 
3. Iraq is under no obligation whatsoever to have to exchange dinars held in America or indeed other countries like Malaysia, Canada or even Australia.
 
4. Redenomination means a 25,000 Dinar note is taken off the market and invalidated and in exchange you receive for example a 20 dinar note and a 5 dinar coin… on the basis they relinquish three zeroes.
 
5. Nobody profits and nobody loses (Iraqi’s that is)- meaning Iraq does not go bankrupt., as would be the case in a revaluation type scenario……. remember this is Iraq run by Iraqi’s who are to serve Iraqi people and Iraqi interests. As such Iraq will not voluntarily lead itself down the path of destroying its economy.
 
Imagine if America was in this situation, would you blame them for having the audacity to LEGALLY allow only an in-country currency exchange?!
 
Alternatively, if you have a way of smuggling your dinars into Iraq to complete an exchange for the new legal tender then you make consider that option.
 
You have been warned of the following steps…….. Redenomination >>> In country exchange (ONLY) >>> Finished.
 
http://www.baghdadinvest.com/sell-your-iraqi-dinar/

I'll believe it when I see it.  They've been talking about RDing (lopping) for years and, like practically everything else in Iraq, nothing ever seems to get done.
 
But I will say:
 
1. It is very likely that right now will be the best time to divest yourself of dinar (doing it in 2011 would have been even better, but that ship has obviously sailed).

2. I do agree that an in country only exchange is quite possible, for the reasons BI cited.

3. Though I don't really have any reason to believe anything Zahlid says, at the moment he's still far more credible than any of the gurus, since he hasn't been wrong a thousand times already.

Someone claiming to be a CBI employee that started communicating with Baghdad Invest a month ago or so.  As far as I know there's been zero evidence or confirmation that he actually is, but there hasn't been any proof that he isn't, either.

He does a fairly decent job at imitating broken English and is at least somewhat knowledgeable about the CBI and the dinar, but a lot of people could fake that.

One thing that he's said that doesn't ring true for me is:

"As I stated before there is a target we have to aim at that being 8% when that is achieved yu will see the currency rd of our country"

Which I just don't know if I buy the logic in that.  8% is higher than it is now, so he's basically stating "once our inflation gets worse, we'll RD".  An RD of a previously hyperinflated currency makes sense whether your current inflation is 0% or 9%, picking some target and then RDing when you hit it just doesn't really make sense to me.

But it could be I'm just not understanding something.  Or it could be he really is a CBI employee, but a low level one, and HE'S just not understanding something.

Royboy,

I like your time line .. March 15th and I am in all the way

Nadita; I hope you don't think I'm saying March 15th is when we will see action from the CBI, IMO there are things that Iraq needs done such as laws passed and in country security needs dealt with. I do not see a rv -rd-ri ???? What ever there going to do being done in 3 weeks, I may be wrong and hope so. This year I hope and pray we see this country start a reform and start seeing improvement on our investment :-) Later

Royboy,

No.. I didn't perceive it that way.. no worries

According to my source, everything is done and ready to go.  IMF is itchy to finish it now or by the first quarter    as usual take it with salt, lime and tequila

Nadita; Plz add some crushed ice with that . ;-)

royboy wrote:Nadita; Plz add some crushed ice with that . ;-)

I take it straight lol

I never question whether I should sell my Dinar.I made an investment.You don't quit because you might lose it. I lost it the day I bought it.I don't consider it as an asset.I don't consider it to have any value.I bought it knowing I could lose it all.

Forget about your Dinar. GO OUT AND MAKE MONEY NOW!


      

But you need to sell your dinar so the can "help" you invest in the ISX where you should be... just ask them...

I'd sell mine but my hubby won't let me and we don't really have the much to make a difference anyway, I'm happy to keep it for the grandkids!

I wish I had grand kids!

I have 4 so far!! Probs another 4 to go!

OK , my 2 kids have 8 total, my daughter is invested a little , my son told me I could share mine with him, I told him I would,,, I would take care of his kids college fund but not to count on that money just in case . He really thought I was kidding, I told him if he wants my money he would have to wait till I'm done buying things. lol 1st we have to win at this game were in lol

HezekiaH wrote:I never question whether I should sell my Dinar.I made an investment.You don't quit because you might lose it. I lost it the day I bought it.I don't consider it as an asset.I don't consider it to have any value.I bought it knowing I could lose it all.

Forget about your Dinar. GO OUT AND MAKE MONEY NOW!


      

Yes H , but lots in Dinarland just sit on their ass waiting for miracles to fall from the sky, bunch of greedy, lazy bastards !

Time will Tell about what CBI will do. My biggest concern is the number of notes outside Iraq which most say are 25 TRILLION PLUS so if you don't believe in oil credits (which I don't) than it's unlikely Iraq can pay off that amount at anything over 1000 or 500 per. Getting 10 cents, 25 cents per IMHO is unlikely an getting $3-4-5 is impossible.

Amen , let just start seeing it float , even at a penny. I'll wait ;-)

Well,  I guess the only thing I can thank the guroos for is me seeing through their BS right after I purchased dinar,  so I don't have much.

HezekiaH wrote:I wish I had grand kids!

We are up to 11 --- all under the age of 8.

OMG 11 wow look out Santa LOL