Iraqi Dinar as Investment

http://news.xinhuanet.com/english/2004-12/16/content_2340115.htm ^ | Dec. 15, 2004

[MedNole]

BAGHDAD, Dec. 15 (Xinhuanet) -- The Iraqi Central Bank has succeeded in maintaining the exchange rates of the Iraqi dinar against the US dollar and other foreign currencies, despite a huge demand for the dollar by the market, the Al Mashriq newspaper reported Wednesday.

"The bank sold yesterday 25.6 million dollars with 1,460 dinars against one dollar," said sources of the bank, adding that the money was sold through public auction and 14 banks participated in the transaction.

Sinan Al Shibibi, governor of the Central Bank, was quoted as saying that lowering debts, according to an agreement of the Paris Club, would help Iraq's reconstruction, which would increase demandfor foreign currencies to meet the needs of development.

The exchange rate of the Iraqi dinar against the dollar fluctuated between 1,450 and 1,460 dinars for one dollar, and the bank's move to sell a large amount of US dollars in the public auction would seek a balance between supply and demand in the market

[MedNole]

Have any FREEPers bought (or considered buying) the Iraqi Dinar? There are a lot of web sites that will sell it to you (at a HUGE mark up), and you can also get it off of ebay. Prior to the first Gulf War, the dinar was equal to $3.20. Now it is less than a tenth of a cent! It's obviously more of a gamble than an investment, but if stability is restored and the oil gets pumping, then it has enormous potential. I heard about it from a buddy of mine who made quite a bit of money when he was a soldier in the first Gulf War. The Kuwaiti Dinar dropped from $3.00 to $0.10 after Saddam invaded, and it is currently back over $3.00. My buddy and his friends made a killing by exchanging their US dollars into Kuwaiti Dinars when they were over there. I'd love to hear from anyone who has bought dinars or any economics experts who can tell me why I'm an idiot for even considering this!

[BellStar]

I bought 2,000,000 Dinar as an investment for a song and hope to be singing in the near futcher. I paid to much for the money but not way to much.

[twin2]

We bought some,it was recommended by my hubby's cousin that also was in gulf war I. Here's hoping our $1000 investment goes through the roof.

[BellStar]

I said that wrong I bought the Iraqi Dinar to bet on them and Bush! It was an act of faith in and hope for the people of Iraq than any plan to get rich.

[BellStar]

I said that wrong I bought the Iraqi Dinar to bet on them and Bush! It was an act of faith in and hope for the people of Iraq than any plan to get rich.

[No Blue States]

With such a great return potential and small risk money wise..sure I got a quarter million dinar. If I could afford to lose $1000 to join the million dinar club I would.

I can afford to lose $250. And I believe in what we are trying to do there and in the Iraqi potential. Of course,If the Iraqi dinar goes to a dime on the dollar I will be thrilled.$250 would equal $2,500 provided I could get it exchanged minus whatever fees and taxes. It could probably be resold on ebay.

It certainly beats the odds of playing the lotto, which I do not do. Though I would really prefer to buy into the Iraqi stock exchange.