Posted on 06/04/2007 4:22:45 AM PDT by davidosborne
A lot of folks are talking about investing in Iraqi Dinar, well for anyone who cares here is my 2 CENTS worth.
Yes, I have bought some Iraqi Dinar as a personal investment (at or BELOW the current exchange rate), and yes there is some risk. However, I find it interesting that many folks have spent large sums of money "investing" in Iraqi currency, and at times have spent MORE than what the currency is exchanged for here in Baghdad.
I do not understand this, so I guess I am asking if any freepers out there have bought Iraqi Dinar, and if so how much did you spend for it and why.
I am "giving away" TEN (1,000) dinar notes on ebay.. I tried to make the listing for a penny, but E-bay sets the min bid at 99 cents. Since I am really not in the Dinar business I really did not want to make a "profit" but rather make a point about this "dinar craze"
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=330129921432
to make my point, I have no idea what the auction will actually close at, but if my theory is correct someone will snatch up ALL TEN, since I offered FREE SHIPPING, LOL
Anyway, look forward to your comments.
David
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=330131297137
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=330131294535
I have added these two listings to help facilitate the discussion further
There has been a very slow strengthening of the Iraqi dinar. Its around 3% stronger than at the start of the year. This is not much and its not really worth trading in Iraqi dinars right now. The dinar is being propped up by the state central bank by the high rate of 20%. This is aimed at encouraging businesses to keep their dinars in their banks rather than trade them for dollars or take them abroad. This policy is successful right now because of the oil revenue which is in dollars. But one can never be sure of the future. If the security situation deteriorates further or spreads well beyond Baghdad, then the dinar could drop like a rock (ie people exchanging their money for dollars and going elsewhere). This would be bad news for people wanting to profit for their saved dinars.
By the way, the Iraqi central bank has a website, with currency statistics here:
http://www.cbiraq.org/cbs6.htm
Mr_Tiki,
Thank you very much for your input into this thread.. this is exactly the type of input I was looking for. I think there is still a huge market for the rather new 25 dinar / 100 dinar coins which are equal to 2 cents / 8 cents. I am having a hard time finding them in Baghdad, maybe thats because the Americans are paying 5 bucks each for them LOL... what are your thoughts on how long this will last, I am trying to get my hands on as many as I can for this reason..
David
David,
Not so sure why the coins are in short supply. In fact I’ve never seen any coins either. Its just possible that it is because they are worth so little. Will have to find out with my contacts in Iraq.
By the way, there is an Iraqi dinar discussion forum here:
http://www.investorsiraq.com/forumdisplay.php?f=282
I thought it might be useful.
You are correct.. most Iraqis DO NOT carry them because it would be the equivilent of us going to walmart with our pockets full of pennies.. however I can’t help but think that some out there know that Ameicans will pay a LOT for them..
David
I was able to get my hands on a few of the new 100 dinar coins.... they are very hard to get here. Let me know if you want one.
http://search.ebay.com/_W0QQsassZsgtosbornempQQhtZ-1
David
If I already promised you a free dinar note via FReepmail, and you have not yet received it, please FReepmail me again, I promised notes to several folks before I had to go home on Emergency Leave and I don’t remember who I sent to and who I didn’t thanks..
David
BTTT
I sold several Iraqi Dinar on ebay and realizaed that it was costing me money due to the listing/PayPal fees. So I decided to make an offer directly to my fellow FReepers... The Dinar is much easier to get now, and if you want any Dinar notes or coins, and denomination/combination etc. just freepmail, and I will send them to you at cost, with a personal note from me.
FReegards,
David
I bought 1.2 million ID for $640 in early '04. It hasn't gone up significantly since then, but it has gone up.
BTTT
as you know your 1.2 mil is worth about 1000 bucks now.. good job ! If you want to trade any of your big notes for little ones let me know
http://www.IQD.DavidOsborne.net
NEW Website launched for my family/FRiends to request Iraqi Dinar from Baghdad AT COST !!
Enjoy !
David
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.