Iraqi Dinar

tips

Hi, Has anyone out there got any info on wheather it is worth investing in The Iraqi Dinar... at present its value is Low very very low!! however it expected that once Iraq starts tradining in oil again, and trading on the stock exchange starts up, the currency to will go up, up and away!.. im not very good at using this site! could one of you more experienced, users please try and bring this to Martins Attention, for me please and run it as a feature. If not could i be Emailed back on email address removed by Board Guide :rolleyes:

deemy2004

There are a gazzilion .... okay probably 200 online sites trading in the Iraqi dinar.

The gold rush is well underway and has been some time.

Personally, I am risk very averse so would not touch the Iraqi dinar with a barge pole....

But notions of risk do not deter the thousands of green investors jumping head first into buying the Iraqi Dinar.

I do not have a clue what the Iraqi dinar will do in the futue, for if I did have a clue both on whether it was going to rise OR fall a lot then I would maybe invest 0.1% of total liquid assets in it... But its pretty much a gamble...

There are technical factors you should consider such as whether the Iraqi's even with their oil go on a spending and borrowing binge, i.e printing money to buy all the latest western techy stuff and thus ineffect devalue their currency.... offcourse all that would come AFTER political stability...

Ive done a search and found the comments below about the iraqi dinar.

Who Wants to Be a Millionaire?

CD: How is the situation with the US troops? How’s morale these days?

ST: I talked with several soldiers at the Mosul air base. One of them, a Sergeant Gore, asked whether I was “investing” in Iraqi dinars. I thought he was joking, but he continued with disbelief, “…don't you want to be a millionaire? We're all buying up every dinar we can find and shipping them home.”

CD: Why? What can you possibly do with an Iraqi dinar in America?

ST: Exchange it, that’s what. Right before the war last spring, the currency, which used to be 3:1 against the dollar, hit rock bottom- 3,000 dinars to a single U.S. dollar. However, since then the Iraqi currency has been steadily gaining strength. It’s now at 1,450 dinars against the dollar- a value increase over 100 percent in just twelve months.

Therefore it was easy to follow the logic of Sergeat Gore. “If the dinar climbs back to even one tenth [30 cents to the dinar] of its old worth," he said, "we will all be millionaires in say, five to ten years.” Since they can’t exchange their money downtown, the soldiers eagerly barter with the Iraqi civilians who work on the base as they pass through the front gate.

mystic_trev

Yes - There was even some bloke from the UK selling them on ebay! I reported him to the FSA.

deemy2004

It is crazy !

The Iraqi government could make a lot of money out of this ! All they need to do is print money, usually when a government prints a lot of money it needs to attach a high interest rate to it, otherwise no one would buy it.. Apparently the Iraqi's could do it without attaching any interest rate to it because of mad speculative interest.

EdInvestor

How's the Nigerian naira getting on these days? :D

monstermobile

mystic_trev wrote:

Yes - There was even some bloke from the UK selling them on ebay! I reported him to the FSA.

Hi, i was thinking about taking a gamble on this, maybe just a £60 or so after stubling across http://www.investindinar.co.uk sounds quite interesting.

But why have you reported him to the FSA? is it illigal to buy/sell? I dont want to buy it if it is illigal!!!

hammodt

Hi,

I was just coming to post about the iraqi dinar, and being a good mse member I searched first and found this!! I spotted a load of auctions on ebay claiming you could make millions from the dinar. Sounded like a bit of a scam to me, and was going to ask your views. Ebay Item No is 3975396457 if anyone wants to find out more - don't worry, its not my auction (no interest to declare!).

MysticTrev, do you believe it is illegal to sell the currency on ebay? The seller states:

"To ease any thoughts... The sale of these Dinar is perfectly legal with the initial money from the purchases of my dinar , helping the Iraqi Infrastructure as part of foreign Investment"

But then again, the seller is hardly going to admit it is illegal IF it is illegal!

As an afterthought, surely the seller would have to be registered as a Money Service Business with Customs and Excise if they were dealing in currency? I used to be a registered Money Service Business for dealing with E-Gold, and I know they can be very strict about people registering. If there's anyone from customs on this board, maybe they could clarify this?

Also, I still don't really see why the ebayer is selling the currency IF they believe it is going to increase a lot in value. Surely it would be more sensible for them to keep hold of it and earn an easy "£250,000" as they put it? It smells more and more like a scam...

All in all, in its present state, it seems that the ebayer is really selling you PAPER, as that is all it is worth. You CANNOT exchange these notes at a bureau de change, as they are not recognised as legal tender. Unless you plan to go to Iraq (unlikely unless you are a soldier) there is no real point buying it, unless your speculating on its future growth. And even then, its a risky strategy as there are 101 possible things that could happen!

In conclusion, if you don't mind loosing £200+, and you want a piece of iraq, go for it. If you don't want to lose your money, Natwest is the place for you!!!

Any thoughts?

David

hammodt

Here's one financial journalists take on it:

http://money.cnn.com/2004/08/10/pf/expert/ask_expert/

For those who prefer not to read the thing, it basically says that its highly speculative, and points out that currencies can ALWAYS get lower, and there's no such thing as it "only being able to rise". Movements of 1000%+ are very rare, and there is NO way of trading the currency at the moment - it is completely illiquid.

David

Fatboy_NSS

monstermobile wrote:

But why have you reported him to the FSA? is it illigal to buy/sell? I dont want to buy it if it is illigal!!!

Isn't it illegal to deal in forex without a permit from the FSA. Obviously overlooked if you're buying a few Euros off your mate but if someone's selling an unusual currency (ie one you wouldn't take on holiday) then surely it would make sense for the FSA to check the sale out first.

monstermobile

from the research i have done and a few people i have emailed, they all argue that becuase the dinar is not traded on the forex you dont need a permit - it has no value outside of iraq - ie you cannot do anything with it

spurs1234

Hi ive benn reading alot ablout investing in the Iraqi Dinar and am becoming increasing keen on the idea has anyone got any views on this ?

Any feedback would be good as i know its a gamble but if it does pull off it would make you an instant millionare apart from the uk tax 40% :eek:

Regards