Iraqi Dinar
12-25-2011, 02:42 AM
#1
Iraqi Dinar Some people I know have been talking about investing in this. When they told me, I had to look it up and see what it was about. Basically, I have concluded it is a scam. Anybody know anything about this topic, or has anyone here invested in this? I'd like to get some personal opinions vs what I can find in news reports online.
12-25-2011, 03:36 AM
#2
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ive only done a bit of research on it. def comes off as a scam though. just look in the past on failed monetary systems in countries like that. the value of that $ has gone up. but barely any at all. want to say people were comparing it to peru, argentina, some country that basically had the same scenerio as iraq and their $$$ is still basically worthless.
12-25-2011, 05:45 AM
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I got 1 million dinar while over there, it cost me I think $500. I figured it is a long shot but no different than playing the lotto over here. It would only be worth something if they could ever get their heads out of their asses with all the oil that is underneath them.
I also got one denomination each of old Saddam money for ***** and grins hoping it is worth something some day.
I also got one denomination each of old Saddam money for ***** and grins hoping it is worth something some day.
12-25-2011, 11:12 AM
#7
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I look at is like this. Back when I use to party every weekend, I could spend $500 a night and not have anything to show for it besides a big headache in the morning. Why not give it a shot. Even if it takes 30 years to be worth anything it's still a decent retirement plan. If it dosent ever amount to **** oh well, it's just like a wasted weekend at the club..
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12-25-2011, 11:14 AM
#8
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Yeah it was talked about last year when I left Iraq. You can actually see banks popping up as I left. Keep an eye out though. When I was in turkey they coverted from the Turkish lira and you had to exchange it for the new bills If not it was worth zero
I am assuming there is only one way but up considering the economy
I am assuming there is only one way but up considering the economy
12-25-2011, 11:36 AM
#9
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Consider what the Debra was at when the war broke out and what it dropped to. I think it's possible that it may make a surprising come back like the Kuwaiti denar did
12-25-2011, 12:24 PM
#11
I don't think it's a scam, it's a gamble, but not a scam. The stability of the government is questionable but it's a reflection of three different ethnic groups grouped together in one country that was created artificially by the British and French. Your going to see issues for years to come, on the forefront is Sunni's and Shiite Muslims fighting for power in the government. Even if the Sunni's and Shia's some how decide to get along agreeing it's in the best interest for their nation to play nice and rebuild it self as a regional economic player you still have the Kurds to deal with. They have been very friendly to the U.S for getting rid Saddam Insane, but at the same time, they want their own nation. So fine break them off Iraq and give it to them right? No, because where it gets complicated is, the nation they want includes parts of Iraq but also Turkey and Iran, so like any thing geopolitical in the region, Iraq has a lot of really tough problems. Iran can go to hell and be damned, but Turkey is a strong U.S ally and an enemy of the Kurds, I don't think love is lost on the Turkish side either as they view the Kurdish freedom groups as terrorist, some are even Marxist. The Kurds may like us now, but keep in mind we also once had a semi-cozy relationship with the Mujaheddin in Afghanistan when the Soviets occupied that country because we supplies weapons. Many of those fighters later became the Taliban and characters such as Osama Bin shot in the face. Semi-cozy in that region just means your doing some thing for them in the present, doesn't mean they like you really, your just giving them some thing they want. There isn't a whole lot of gratitude to last a life time. So I think that has the potential to be a thorn in our side.
But back to currency, say you get some stability, even if it goes from 1180 to say just 1000 to one U.S, if you had a 1 Million, it's still going to make money. Like LS69TA has said, it's well known the country is mineral rich. But you can't use Kuwait as an example, each of these countries are very different, and the different ethnic majorities and minorities make it a lot tougher for a road to transitional peace. You can see the same things in Libya and Syria, Libya isn't as fractured so it's easier to get them to work together, the reason why no one wants any thing to do with Syria, is because like Iraq being fragmented. Your gambling on a lot of factors, but at the same time it's cool because you can see directly what you have in your hands and the happenings of a country abroad, think of it kinda like buying stock in a company.
But back to currency, say you get some stability, even if it goes from 1180 to say just 1000 to one U.S, if you had a 1 Million, it's still going to make money. Like LS69TA has said, it's well known the country is mineral rich. But you can't use Kuwait as an example, each of these countries are very different, and the different ethnic majorities and minorities make it a lot tougher for a road to transitional peace. You can see the same things in Libya and Syria, Libya isn't as fractured so it's easier to get them to work together, the reason why no one wants any thing to do with Syria, is because like Iraq being fragmented. Your gambling on a lot of factors, but at the same time it's cool because you can see directly what you have in your hands and the happenings of a country abroad, think of it kinda like buying stock in a company.
Last edited by BizZzatch350; 12-25-2011 at 12:32 PM.
12-25-2011, 03:06 PM
#14
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thats the thing, im not sure that its a traded currency. i work with a guy who was in iraq and said that it was illegal to take it out of the country, but that might have changed since then
12-25-2011, 05:16 PM
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Every time I've came back from overseas you had to declare if you had 10K or more in currency on you. That was going through Navy customs too. So 1 million dinar is worth less than 1K, so in theory you could bring back around 10 million dinar, which would have a face value of less than the 10k limit.
12-25-2011, 06:14 PM
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I know of guys that have spent over 20K on the Iraqi Dinar. Back in '04 when I was there the haji's were almost giving it away. Right now if it would even out to Kuwaits which is ~3.45:1 US dollar, I'd probably have a stroke.
