There are some people and maybe a lot of people that have bought Iraqi Dinar while inside Iraq and there a lot of people that have bought their Iraqi Dinar outside Iraq through the Iraqi Dinar dealers that are located in several countries through out the world.
I am wondering when is this dream of making it rich by holding on to another countries currency going to end. The answer is that it doesn’t end it will keep going and going till the Dinar dealers make as much money as they can by hyping this cash speculation, it won’t end for them just like it won’t end for the Dinar buyer as he reads the forums and gets all the good knowledge or bad information from long time members of those Dinar forums enticing people to buy more Dinars, because as those veterans of those same forums are telling you the buyer you are running out of time, or the RV is this week because of some new news article that they all interpret for a pending revaluation of the Iraqi currency.
An rv is tomorrow or next week or next year and as you spend that several hundred or several thousand USD dollars and you convince your self that your going to make a lot of money by cash speculation and holding physical dinars of another war torn country you are sadly mistaken.
How many have bought Dinars just on reading a rumor on the message boards and spent there last savings hoping to make it rich because the message board says so. The famous line is “Only spend what you can afford to lose” and I am sure people have spent more then they can afford and been waiting one two and three years on this “investment” that’s what they call it, waiting to cash in at the local bank.
How long are you willing to wait and gamble for this RV that everyone is hoping that it happens? The RV is not going to happen anytime soon as the Iraqi government is still trying to govern a country that is in bad shape in all areas of industry, manufacturing and the private sector. Sure they do some things well and some things are lot better then it was back in 2003.
The reality is that Iraq as a whole needs lots of training in banking, manufacturing, and all the industries to be equal to the other gulf countries and the rest of the world. The most important thing the Iraqi people need is security. With out this they don’t learn at the schools for there trade or occupation. With out security the children don’t go to school for fear of being a victim of a terror act or involved in a kidnapping. If your in fear that the local bank is going to be robbed and there goes your life savings you immediately withdraw the money and place it in a neighboring country bank where it is safer and low risk of losing your savings. This is what fear does to an Iraqi living in Iraq today.
The Iraq Stock Exchange I believe will be the premier bourse in the region but what good is it when you live in fear. Would you expose yourself to risk by walking or driving to the ISX that is across town or would you just sit at home and trade electronically with one of the other Arab bourse such as Kuwait, Jordan, Dubai, because remember you removed your money out of the private Iraqi bank due to all the bank robberies that are still occurring.
The Iraqi’s need to take a leap of faith and invest back in the private banking in Iraq and to invest in the Iraqi Stock Exchange before they all lose out in the building of there country and missing out on all the profits that the ISX will generate as soon as the foreign investors get the green light to invest in the summer of 2007.
The cash Dinar holders outside of Iraq well I am sure you can see where you all fit in this equation. You contribute nothing to Iraq in the scheme of things, well, I am wrong you contributed your US Dollars to help raise the reserves inside the Central Bank of Iraq slowly. Just keep buying those Iraqi Dinars I am sure you will be able to cash in when you someday visit Iraq in the future.
No RV in 2006.