The idea that the Iraqi dinar may undergo a revaluation is at the heart of a number of financial scams. While the currency could undergo a revaluation in the future, as of 2015, those who attempt to invest in the currency from abroad stand little chance of profiting.Continue Reading
Typically, the scam begins with "insider" information claiming that the dinar is likely to be revalued in the coming months or years. This information is accompanied by an offer to buy dinars at their current value with an eye toward making a substantial profit when the value changes. In some cases, the scammers make their profit by charging for investment advice, not through actual sales of the currency.
The primary hurdle for potential dinar investors is the fact that the only way to trade dinars for dollars legally is to do so within the borders of Iraq. No American financial institutions trade in dinars, so even if a buyer were to acquire some from a scammer and a revaluation were to occur, the investor would have to travel to Iraq in order to realize his gains. In addition, the turmoil in Iraq surrounding the actions of the Islamic State of Iraq and Syria, or ISIS, has made it even less likely that a revaluation could suddenly increase the value of the currency.Learn more about Currency & Conversions