What Are Some Dinar Recaps and Updates?


Quick Answer

Some dinar recaps and updates include that business scams involving the dinar have been going on for more than four years as of November 2015, that the currency has not been revalued and that it is not likely to be revalued in the near future. Dinar sellers have spread misinformation on the Internet about the dinar to encourage people to buy it, notes Forbes.com.

Continue Reading
Related Videos

Full Answer

The dinar is the paper currency of Iraq. As of 2015, Iraq is split into multiple areas, controlled by ISIS, Kurds and Shiites. Given these circumstances, it seems unlikely that the dinar will be revalued anytime soon as of November 2015, if at all, notes Forbes.com.

Scammers have spent years making millions of dollars off people by telling them the dinar will be revalued soon and selling the currency at a steep markup. In January 2015, a company called BH Group made $24 million off investors by practically guaranteeing profits for those who bought the "nearly worthless" currency and exchanged them for dollars when the exchange rate improved, reports CNBC.com. The scammers charged a 20 percent markup.

Dinar sellers go so far as to create websites with fake dinar news or make posts on existing sites to say that the revaluation is imminent. However, they have made these posts for years and there has been no credible report to date of a revaluation taking place.

Learn more about Currency & Conversions

Related Questions