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Iraqi Dinar Buzz Updates

3 Dinar MYTHS
2010-12-30 03:37:57
Iraq and the world are doing their part – Government of Iraq is set, UN sanctions lifted on all but the Kuwaiti files, oil trade infrastructure in place – but are YOU prepared for the RV?

First of all, NO ONE can predict exactly when and at what rate the dinar will RV, but EVERY ONE can be prepared and it is absolutely essential to have a solid foundation on how an RV can happen so you aren’t misled by pumpers.

Without further ado, here are the 3 Dinar MYTHS:

Myth #1. The RV rate has already been set.

You probably hear numbers thrown out every day. $3.45, $1, $5.60! However, no one can predict what rate the dinar will revalue at and no one can time it. It is important to keep your ear to the ground to get a feel for the dinar, but stick to official statements when it comes to exact rates. Has the CBI announced it? Has the Government of Iraq announced it? These are the official sources who have the power to make those decisions, if the CBI and GOI hasn’t explicitly announced it, chances are, those rates you hear are guesses, at best.

Myth #2. The CBI will stop selling dinar after an RV

Why would the CBI cut off the money supply of the entire country after an RV? Traders and financial institutions will still be dealing with the dinar as it becomes globally traded, this is the whole point. It MAY be harder for private individuals to obtain dinar and obviously a lot more expensive, but the CBI will not stop selling the dinar unless it wants to stall its entire financial engine. The RV is not the end all be all to the country of Iraq. The RV is just another step for Iraq to position itself as a major player in the global economy.

Myth #3. Certain denominations will be treated differently

No. A dinar is a dinar. Just like how five, $20 bills equal one, $100 bill, five 5K notes equal one 25K note. Higher denominations will not be treated any differently, it simply doesn’t matter what denominations you hold with respect to the value of your dinars. The reason why most dinar dealers usually only carry 25K notes is because of logistics. If you think of the volume certain dealers do, 5K notes would take up five times as much space – more shipping and storing costs – than 25K notes.