I can’t help to think about all the Iraqi dinar cash speculators that are out there in the world. There must be thousands of people speculating on Iraq’s currency all expecting a return of thousands percent on a revalue that may in fact never occur.
They have bought into something that is perpetuated by an aggressive army of Iraqi dinar dealers and dinar forum owners working together to manipulate and deceive unsuspecting persons who otherwise really don’t know any better.
People who live paycheck to paycheck and who at the moment of weakness fall prey to a savvy and populated dinar forum and directed to a street smart dinar dealer. A dinar dealer that knows the talk however, really doesn’t know the law.
After spending 30 days on a dinar forum you too after awhile eventually become an expert. Expert at things like buying stocks through an illegal proxy company owned by a private bank in Iraq. Expert at sending hard currency using American delivery companies back to Iraq. Expert at convincing others that this investment is a sure thing and bash anyone else that doesn’t have your same point of view. Even if the proof is right there in front of them.
You have to defend your position on this investment because you just enabled your mother, fathers, aunts and uncles and maybe your friends and associates on this investment. They all spent hundreds and thousands of dollars on Iraqi dinars and at times maybe in the back of your mind there is some doubt that maybe this is not going to go as according to plan. They bought the dinar because of you. Because you heard it on the news or you read it on a dinar forum that you could become a millionaire and profit very handsomely.
Just as soon as it rv’s!!
You searched on the Internet and found hundreds of dinar dealers selling the Iraqi dinar and your thinking to yourself surely this can’t be illegal because they wouldn’t be selling it. You read on the dinar dealers web sites that they’re registered with the U.S. Treasury office. And your thinking to yourself again this surely is got to be legal. The U.S. Treasury knows about this particular dinar dealer as you read the certificate on the web site and you not knowing that the U.S. Treasury office has no oversight or investigators to ensure currency dealers are abiding by the host countries banking and currency laws.
The U.S. Treasury office is leaving the enforcement up to the individual states as you seen in last week with the Attorney General of Illinois filing lawsuits against several dinar dealers. This is just the start of it and I am sure more suits will follow as state regulators and Attorney Generals educate themselves on the Iraqi dinar currency laws.
There are several reasons to believe the Iraqi dinar is not supposed to leave the countries borders of Iraq. In Feb 2007, a Wardens Message was sent from the American Embassy to all U.S. Citizens. The Wardens message advised all Americans to not remove Iraqi dinar currency from the country of Iraq.
A Wardens message is designed to warn Americans of potential security risks who are living and working inside Iraq. Not for warning Americans about currency speculation. The Government of Iraq realizes they have a problem with currency speculation and advised the American Embassy to issue a Wardens message to all Americans. In doing this Iraqi government officials expected to slow or stop the speculation on their currency.
The Baghdad International Airport (BIAP) has several large billboards that warn about the removal of Iraqi dinar currency from Iraq and doing so will result in being placed on the black list and possible banned from the country.
Another example is the CPA Laws and the Central bank laws that specifically state no Iraqi dinar currency will leave Iraq and then later amended to only Iraqi citizens can remove 200,000ID for business incidentals.
If all these measures and notices are in place in Iraq, what makes you think the dinar you currently bought from a dinar dealer is legal to have in your possession outside the borders of Iraq?
They haven’t done anything yet with the currency because they have other more important things to worry about. Such as, staying alive. The passage of certain bills that is due in front of the Iraqi Cabinet and the Parliament. Militias that are roaming and creating havoc against the Iraqi people. And many other matters the GoI and the Central bank of Iraq are dealing with at this moment.
Later this summer the Baghdad Stock Exchange is scheduled to open market trading for the first time to foreigners. Many are expecting an RV so that they can cash in their Iraqi dinar they have bought and held on to for a little over three years or less. An rv is not expected to happen even with foreigners trading in the Baghdad Stock Exchange for the remainder of the year.
Again is the RV for real?
Your comments welcomed.