FAQ

Frequently Asked Questions

1. I don’t understand why the cost of one million Dinars is equivalent to 25,000 notes is priced differently that 1 million Dinars in other denominations. Is it now or will it be more difficult to exchange certain denominations of Dinar?

The price differences are caused by some factors. To start with, it is because of the differences in the amount of notes to make up one million Dinars. The most efficient method is 1 Million Dinar in the 25,000 Notes, which just takes 40 notes. The 5,000 Dinar note takes 200 notes to equal to a million ~ 5 times  as many notes that contribute to transportation and shipping costs to import, which you get to bear. Besides, the verification and inspection cost is also added. They require 5 times as long to inspect and ascertain the authenticity. Finally, availability is the last factor. It is becoming more difficult to obtain the lower denominations, particularly the 1,000 notes. We are referring to the uncirculated new notes. I can obtain circulated notes without any difficulty but, they are not needed for this kind of investment.

As regards exchangeability, this will not affect it. The only thing figured out on exchange is the quantity exchangeable at once. With only 25,000 Dinar notes, you can only exchange in multiples of 25,000 dinar notes and so can’t change in 30,000 ~ you can only change for 50,000 (2 of 25,000 notes). However, with smaller denominations of 1,000 or 5,000, there is the added flexibility of smaller increments.

2. How fast will the value of the Dinar go up? Why won’t it just stay at the price it is right now?  How long will I need to hold unto my New Iraqi Dinar?

Before Iraqi freedom began, the last international official exchange rate was $0.31 PER DINAR. During the introduction of the new currency, the exchange rate was 1 for 1 of the old Saddam Dinar, 150 for one of the Swiss Dinars. So after the New Iraqi Dinar introduction, Iraqi citizens had equivalent amount of Dinar than they used to prior to the arrival of the New Dinar. Today, the New Dinar is about $.001 DINAR. This means that the Dinar of an average Iraqi went from a good value to a poor one. For instance, if you traded 50,000 in the old Dinar when the worth was $0.31 Per DINAR, you still have the same amount of money in the New Dinar. But the problem is that your 50,000 Dinar which was worth $15,500 US dollars is now worth $50 due to low value. This explains why we wish the Dinar return to its previous value very soon, so that the Iraqis will enjoy the buying powers of the entire Dinar once more. But how soon can this be attained? That is what we are looking, for what the official for what the official international exchange rate will be. All current economic reports reflect the year 2006. Although, it is not difficult for most of us here to buy millions of Dinar, the reverse is the case with the Iraqis. How long will you have to keep your Dinar? It depends. If the exchange rate goes back to $0.31, you can exchange all at once. A lot of people prefer to sell only a portion hold the rest and watch the progress of Iraq’s economy and oil production before acting again. If you intend to exchange the Dinar for $1, then you will have to hold it for as long as 10 years before you can achieve your aim. This is how long it takes for Iraq to substantially improve its oil production facilities given that oil prices remain as they are. Indeed, the higher gas prices are, the more the value of Iraq’s oil and gas holdings, consequently the higher the value of the New Iraq Dinar.

3. Where Will I be to Exchange My Dinar?

With the international exchange rate set, you can visit any major international bank or money exchanger to exchange your Dinars for Dollars as before. Only 4% is usually the fee charged by banks and money exchangers for the conversion.

4. What if Iraq decides to change its currency again?

Although nothing is impossible, this is most unlikely to happen as there are no indications by anyone in Iraq that they are dissatisfied with their New Dinar. Besides, this new currency has brought stability and increased value for them (as seen in the news stories on the links page). Even hoarders of dollars have had to trade dollars for the Dinar and are holding the currency now instead. This single currency has brought unity to the whole of Iraq. Many people are proud of the new currency, as confirmed in the news and links. It shows much history and strength in Iraq and does not portray any political or religious images. The new currency brings peace of mind and stability that was lacking in the old currency. It also deleted the big reminder of Saddam out of their memories! The in-thing is that the new currency is welcome by the Iraqis. For instance, in the year 2004, they started producing smaller coins and denominations to give enough room for the increasing value of the Dinar! Changing the currency is no cheap task for any country to undertake. The best treasury advisors and economists in the world suggested the currency after a three-month study. They studied the prevailing situation in Iraq and worked together with the Central Bank of Iraq to come up with the currency, as the best long term solution for the country. Since its introduction, the New Iraqi Dinar has exceedingly doubled in value. Now, what was the reaction of their currency board to that? Did they suggest changing the structure of, adding or subtracting zero from the denominations? No, rather they began to print lower currency and denominations to control the rising value. This shows that they are committed to keep what they have and work with it.

5. How can I follow the changing value of the Dinar?

Week to week institutional exchange rate changes are available at the Central Bank of Iraq.

6. Why can’t I just buy the Dinar at the current rate listed at the Central Bank of Iraq?

This rate is only available to Iraqi institutions or bank account holders in the country. Basically, you are paying us, or any other Dinar dealer, a convenience fee to make the currency available within your reach. Right now, 1,000 Dinars go for 1 US dollar on the streets of Iraq. As we move close to a period when the international exchange rate will be set, we will not be having the Dinar because many people will not want to sell their Dinar to others. Our pride lies in that we charge some of the lowest prices on the Internet, and provide better services than any other Dinar dealer. In addition, paying peanuts only give you monkey business! We are certain that the desire to save some dollars and work with another client has brought multitude back to us. Why not? When they undergo the horrible feeling of not getting any response after sending their money. We do our best to be very responsive and available as at when needed. It is surprising thing that there are many dealers out there who do not reply to questions for days, if not for weeks! We just do not allow this to happen.

7. Is this Legal?

It is perfectly allowed by law to buy the Iraqi currency from a broker that is registered federally. The investment is legal if you go via the links on this site. Credible, authoritative sources even confirm this.

8.How Can We Verify Your Federal Registration?

We are currently a registered MSB, Money Service Business having registeration with the IRS (a Department of the Treasury division). You will find a listing ( the list has not been updated since April 2005) of MSB services on the MSB website. We just registered after the list was updated. Therefore you can place a call to them to confirm our registration. Please call   the contact number on the MSB website to confirm our registration. It is Detroit Computing Center Hot line #:1-800-800-2877. You can press 3 for the MSB department and speak with an IRS agent to verify our registration claims. Please note that you may be required to leave a message and it may take up to a week or longer to receive a response. We value the importance of registration and it is free and no licensing is involved. The Patriot Act backs the registration requirement. And any agency dealing with money movement is expected to report money laundering or any activity that is suspicious. Please Note: Not all states require MSB registration.