Iraqi Dinar

Discussion in 'Finance, Property, Law' started by bigjarofwasps, Jun 18, 2006.

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  1. Yes, we`re onto a winner!!!!

    0 vote(s)
  2. No, they`ll be worthless!!!!!

    0 vote(s)
  1. I`ve heard a lot of stuff about, whether there going to be a good investment or not. What do you guys think. Also do the locals use them, or are they still using the US Dollar?
  2. Probably best to have got rid before we leave and the whole place de-federalises in nano-seconds, I'd have thought. Buy a house instead - just not in Iraq.
  3. Definitely a gamble.

    IF the Iraqis achieve effective self-governance and IF the coalition forces move out and IF the Iraqi government remains stable (i.e. doesn't change the currency due to having the wrong faces on) and IF Iraq can produce and sell lots of oil, then the Dinar stands a good chance of appreciating considerably in value.

    I wouldn't rush to gather Dinars at the moment because I don't expect their value to rise significantly over the next few years. If you've got the cash handy, it could be worth keeping an eye on the stability of the country.

    On the other hand, if you've got a pile of mint condition Saddam Dinars, they may reach rarity value at some stage.
  4. Cheers guys, you`ve both made very good points!!!!!!!

    There seems to be an aweful lot of dealers, selling these things, it just goes to show. If they were that much of a good investment, then why are they selling them!!!!!!
  5. I knew lads on Telic that ploughed all their savings into the Dinar expecting a fast profit, they are now trying too sell them on Ebay at a loss. Just like the above advice there is alot of what ifs effecting the Dinar, does anyone know a good website were you can keep an eye on the exchange rate?
  6. ...and the caveat here is remember the value of your investment can plummet as well as fall!

    I think some of the confusion is because of the value (in 2003) of the old style IRZ notes, which do have a value on the collectors market. The new notes (first issued 2002) had effectively devalued before the 2003 invasion - and sank even lower after. Plenty of rumours of big profits, but anyone who is expecting to pick up $6m IRZ for a fiver and flog them on ebay for a house in Bermuda is sadly mistaken.

    Oil asside, gold is still probably the best "investment" to make whilst in Iraq, but threes years on, is probably harder to invest in now.
  7. currency converter

    scroll down the drop down to Iraqi Dinar and perform currency conversion. Have a read of the *warning* regarding the Dinar

    I'd say the gamble is akin to investing in water on the sun at this stage.

    Quick buck? I doubt it. Steer clear and invest in a safer space bats.
  8. Cheers Guys, I don`t think the exchange rate could get any worse could it? We`ll have to wait and see. I suppose you could argue that to have some of these Dinars is to own a bit of Iraq, and lets face it it owes a lot of people a great deal!!!

    I also agree with the invest in gold opinion. You`ll never have to sell gold at a lose, unless I suppose you buy 9ct thinking its 22ct??
  9. cpunk

    cpunk LE Moderator

    Actually folks, it's an improvement over the 2000 ID to 1 USD that prevailed in 2003, so could be worse. It actually means my little stash of souvenir Iraqi dinars is worth about £12 rather than £10. :D
  10. I am an ex-mil officer - now working as a financial advisor with (specialists in Iraq and other high risk areas) - As with all currencies in the Middle East the Iraqi Dinar is pegged to the value of the dollar - as this goes up and down so does the value of the dinar. Most underdeveloped countries use this system as they are not financially strong enough to have a stand alone currency. As such the sellers of Dinar are making money on the commission they charge for selling you these (normally a % of the entire amount). You are actually being sold something that can never make any money - becasue you should have stayed in USD and not paid the commission - hence its best to speak to speak to a reputable and regulated advisor before throwing your savings at something like this...
  11. I think the money is to be made in the future when the new Iraqi Dinar is floated.It has nothing to do with the old currency.US and UK have bought Billions of them before the floatation.Currently in Kuwait you can buy 1 Million new iraqi dinar for £400,lots of lads i know have taken the plunge and purchased one or two mil.The risk on £800 is a reasonable one and one that might land you a tidy sum,or not,same as a good horse. Its UK firm that has printed the new notes at considerable cost to themselve's,their name escapes me at the mo.