New Iraqi money. The Dinar.

[koonsdawg]

Have you guys heard of the new Iraqi money? Some people say to buy it up because it is going to be worth some money some day. Right now you can buy 1 million dinars for $850. Some say the dinar will go back to $0.30. If you bought just a million Dinars and they went to $0.30 you would have $300,000. Do you guys think this is le-git? Has anyone heard of this?
-Brandon

 

[Cody]

Lots of people invest in foreign currencies. Think of how much money you could have had if you invested in Yen just after WWII and cashed out in the 80's.......lots

Thats not a bad investment, if the US and EU are going to at least partially back the iraqi economy then I wouldn't expect it to get much worse. hmm...

Cody

 

[Tacoma]

Hmmm indeed!

 

[Lazarus401]

My BIL was in Iraq, he bought 1 Million Dinar for $600. Just in case.

 

[SnwMnkys]

Supposedly the Kuwaiti Dinar was worth .30 some odd US cents when Iraq invaided them before the first Gulf War. Now look at the exchange rate, its like $1 = 4 Kuwaiti Dinar

I think theres only a handful of banks that will even exchange Iraq money right now, but who knows in the future. You can buy the Iraqi money all over on Ebay.

 

[Badcop]

When my unit was in Iraq, we almost all baught 1mil for 300$. Any international bank will exchange it for you. Most of us when we landed back in Germany opened international accounts and had the money wired to it.

 

[Coreshot]

My parents have 2mil dinar stashed away. I think they spent about $1200, but it was 2-3 months ago. It'll be interesting to see what happens.

 

[Tacoma]

1 USD = 1,463.85 IQD

heheheh btw, that's from here: http://www.xe.com/ucc/convert.cgi

 

[cruiseroutfit]

So, based on the conversion rate... a mil of Dinar is worth $683.13... yet they want you to buy it for $850?

Sounds like a scheme to me...

 

[Cody]

I found it for cheaper than 850. I'm going to go talk to some investment folk this week about this. I think I'm going to get in on it.

Cody

 

[ALF]

might want to read this before investing

http://www.xe.com/iqd.htm

 

[koonsdawg]

I would have to agree that it is risky. However for the return that you can get I think it is worth the risk. I have lost way more than that in the stock market. So I think if you have $850 to loose then why not give it a shot. If you don't then, I wouldn't invest.

 

[koonsdawg]

Right now it is all supply and demand. Because you can not "technically" buy it from the Foreign Xchange. That is why it cost more, the only place to get it is in Iraq. If you lived in Iraq then you could buy it for $683.13. Since we don't live there we have to pay a little higher price.

So, based on the conversion rate... a mil of Dinar is worth $683.13... yet they want you to buy it for $850?

Sounds like a scheme to me...

 

[Cody]

I'm going to buy up a couple hundy worth. I'm not expecting to turn around and sell it next year and be rich, but in 5-10 years my 300 bucks is worth 3000 or more, I think that was a pretty good investment. If not, I've lost more money than my original investment in casinos and broken 44 parts.

 

[cruiseroutfit]

I'm going to buy up a couple hundy worth. I'm not expecting to turn around and sell it next year and be rich, but in 5-10 years my 300 bucks is worth 3000 or more, I think that was a pretty good investment. If not, I've lost more money than my original investment in casinos and broken 44 parts.

How do they present the money to you? Actual Iraqi money?

I may be down for a couple bills worth...

 

[Cody]

I've found places that seem totally legit that will send you the actual bills. I'm going to buy 250k dinars--maybe some more when I get my tax return. ****, it can't devalue that much more....especially with the amount of economic assistance that country is going to get from the US and EU over the next decade.

Cody

 

[Tacoma]

right on. I had a nice argument with our MONY broker today... I made him send me a check so I can do it myself.. damnit!

 

[koonsdawg]

I just bought 1.5 million. They come straight from Iraq. I got the 25,000 and 10,000 denominations. The guy I bought them from was easy to work with and shipped them fast. Here is a pic of mine.

 

[Cody]

who'd you go through?

 

[MattL]

yeah who did you go through?
How can you tell if it is real money and not conterfeit?
Is this an organization you bought from.
I am going to purchase some as well.