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Thread: Help / Confused

  1. #1
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    Default Help / Confused

    I apologize if I am posting in the wrong forum. I would like to first say that I have been searching the entire internet about the Iraq dinar and out of all the sites I have come across this is one of the best. I have read through a lot of posts and have found some very interesting ones.
    Here is my situation / question. I am a veteran of the Iraq war and upon my return have invested in the new (2004) Iraq Dinar. Since then I have stored my dinar and just forgot about it. I new it would take years for any / if any return on my investment and I am in no hurry to get rich over night. It has recently come to my attention that the government of Iraq is thinking of dropping some 0ís from the notes. This has me a little concerned but not panicking. I only made a small investment but still an investment. Here is my question.
    Will the notes I currently have still be worth anything if they do drop the 0ís ? Should I exchange the 2004 dinar for new dinars when and if this happens? Now that I am back in the states if I need to exchange the 2004 notes for new ones where should I do it? I read somewhere in this forum that no American bank is exchanging Iraq Dinars.
    Any help is greatly appreciated.

    Many Thanks,
    pizzaman

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  4. #2
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    Default

    Hi pizzaman,

    I answered a similar question to this not long ago, so I am going to put down more or less the same response.
    If a lop occurs, your dinar may not be worthless, however you may have difficulties cashing it in for dollars, for example. Dealers may charge a premium to exchange. These are uncertain times. There will be a new currency issued at some time. This has been alluded to in numerous articles.

    A 'lop' and dinar rise maybe a possible scenario. However, a new currency would be issued and again exchanging the current dinar may be difficult depending on where you are in world. For example, I live in the UK and there is not a problem exchanging at a bank here at the moment. However, in the US for example, banks do not exchange dinar any longer, as far as I am aware. Please bear this in mind.

    If a new currency is issued, you may have difficulties exchanging it through a dealer for the NEW, 'new iraqi dinar' currency. Despite the assurances that 'dinar dealers' are bandying around the internet. I believe Iraq will keep a much tighter reign on a new currency, if issued, and I don't suppose the 'central bank daily auctions' will continue in there present form.

    I hope that helps and welcome to the forum.

  5. #3
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    Many Thanks for the reply. I do remember reading that post some where but I am new to some of these terms (LOP) but I'm a fast learner and I think I get it. Thank You.
    I have family in London. If I have to I'll trade it through my family but I guess I will now have to keep a close eye on when this lop will take place. I thought I could just pake it away and forget it till the right time came.

    Thanks again for the info and the welcome to the forum.
    Pizzaman

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