Risky Speculations in Iraqi Dinars

“The formation of a government in Iraqi last week has re-energised speculators in the Iraqi Dinar” said David Pratt of U.S. Dinar Bank who cautions people that while these recent events are encouraging, people should heed the statements made by the Iraqi Ministry of Finance –“ Iraqi Customs does not permit the entry of IQD currency and will confiscate funds, and that FedEx is not permitted to handle and deliver IQD currency in or out of Iraq.”

“While thousands of US Servicemen, and contractors in Iraq purchased paper dinars in anticipation of what appears to be an impending revaluation, they may have overlooked the fact that [the] Iraqi currency is a national currency only to be used and handled within the Republic of Iraq and not to be used, circulated, or handled internationally in any way,” a press statement from the bank said.

According to Pratt, “The statements … illustrate a major risk to investors owning the paper currency of Iraq and it may affect their capability to redeem it at any given time in the future”. He added that Americans are free to have a bank account and purchase dinars without taking those dinars out of Iraq and be compliant with the regulations of the Iraqi government.

The press statement said that Pratt and U.S. Dinar Bank facilitate commercial banking relationships for Iraq’s Al Warka Bank. “The U.S. Dinar Bank does not handle Iraq’s paper currency in any way,” it said.