realfxtrader

Good night folks. I'm confident that when I pull up IQD on my Bloomberg terminal tomorrow that it will show the exact same exchange rate it showed today. I may or may not visit this chat room again. I do feel better after posting here...kind of therapeutic in a way. I'm sorry if this depressed anyone, but if I keep even one person from investing more of their hard earned savings in this so-called investment then I've done a good thing. I feel especially bad for the men and women of our armed forces that have fallen victim to this. They deserve better...

It's certainly possible that the dinar will strengthen relative to the dollar, but it's not going to make anyone rich. Let's say that it gained 40% relative to the dollar. That would be a massive move for any currency... and it still wouldn't make up for the horrible spread you paid to buy the dinar. I talked to a guy a few weeks ago that had bought about $25k worth of dinar and thought it was going to worth $50 million or so. After a few years of holding the dinar, he'll probably sell it back to some dinar website for $15k and they'll turn around sell it to some new investor. The folks buying and selling dinar are making an absolute killing.

For those of you wondering why I posted...let me answer. The reason is that I'm partly curious...and very annoyed by the number of dinar calls that my team takes each day. We're trying to do legitimate business and I get these idiots on the phone telling me that my bank is one of the major Iraqi dinar dealers and accuse me of lying to them when I say we don't deal in dinar. What am I supposed to say to someone like that? I recently learned that a relative of mine bought a grand or so worth of dinar. I suppose that's what really made me mad. I've seen hundreds of scams over the last 15 years working at the bank, but this one really takes the prize. The sad thing is that selling paper currency for absolutely crazy exchange rates is perfectly legal...which is why this scam has been around so long. Best of luck folks. I think you stand a better chance investing in an aggressive portfolio of lottery tickets.

I'm a Director on the fx desk of a major bank. We get dozens of calls about IQD each day. Unfortunately, we don't deal in dinar (although most of the callers think I'm lying) and have no plans to ever deal in dinar. I'm really jealous of whoever is running this scam though. My bank makes hundreds of millions of dollars each year on spread revenue... i.e. the difference between the interbank rate and the rate we offer to customers for wires, trades, etc. The MOST we ever spread a trade is 4% relative to the interbank rate...and most transactions are priced much tighter than that. In fact, for really large corporate clients we're lucky if we make any money at all on some transactions where they're pricing us against several other banks. Anyway, the websites selling Iraqi dinar are charging a FIFTY PERCENT (50%) spread. For example, the dinar is currently pegged to the dollar at 1169 to 1. That means that 1MM dinar should cost $855 (1MM divided by exchange rate). However, I often see prices in the range of $1200 for one million dinar. That's crazy... Anyway, I firmly believe that it's all a scam when it comes to the revaluation stuff. Sorry to be the bearer of bad news... not that anyone here will listen to me though.

IQD is currently pegged to the USD at 1169 per dollar.

When do you think the RV will happen?