Iraqi Dinar
Lots of people are talking about the Iraqi Dinar, the national currency of Iraq as a tool for investment, but is it something you should consider as an investment for yourself, or is it something that's just being sold as a pipe dream for unwary investors?
Some Facts About The Iraqi Dinar
The Dinar has been in circulation in Iraq since its creation in 1923 when it replaced the Indian Rupee since Britain occupied the nation in World War 1. The currency was based on the British Pound up through 1959 when it was switched to be based on the United States dollar and equal to 1 dinar = 2.8 US dollars. In 1973 the dinar rose in value and was equal to 3.38 American dollars.
Then came the first Gulf War and the economic blockade and due to the technology no longer being available to print quality currency, an inferior note was printed and the government had to print excessive dinars causing the currency to be quickly devalued. The dinar was then equal to 3,000 per US dollar. Between October 2003 and January 2004 the new Iraqi Dinar was issued by the Coalition Provisional Authority and the exchange rate specified by the International Monetary Fund was set at 1170 dinars for every American dollar.
Unfortunately there is not an agreed upon International exchange rate and international banks do not exchange the dinar as of yet, but as of April 2006 the exchange rate on the streets has been 1,500 dinar for every US dollar. But at the writing of this post the exchange rate is 1,156.50 Iraqi Dinar per US dollar.
Many people are speculating on the value of the Dinar and investing in it because of the possibility that should it return some day to the value of 3 to 4 US dollars for every dinar, those holding hundreds of thousands of dinar would become very, very rich. Lots of places can be found to be selling the Iraq currency such as eBay, dealers, hobbyists, private investors and many other people hoping to make a buck or to try on cash in on slight variations in the exchange rate.
Should you invest in the dinar? Should you buy gold coins? That's not a question we can answer, all we can do is give you the information we find and you will have to make that decision on your own. If however, peace someday returns to Iraq, the value of the Dinar will surley increase, and those holding a large cache of these notes, will be wealthy. Maybe one of those people will be you.
@kuakerrin hmm… Penny for your thoughts? Well, with the current exchange rate, it’s aost wohless but still…
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Exchange rate biggest concern for Chinese expoers – Live Trading News http://ff.im/-ja9bi
Second Life Linden Dollar exchange rate: EUR:369.7/374.7 USD:270.5/277.9 GBP:428.0/442.0 CHF:265.0/273.0 https://www.virwox.com
I’m really enjoying the Canadian/American currency exchange rate.
The Linden$ exchange rate just changed! Best rate to buy L$ for EUR is now 368.2 L$/EUR. https://www.virwox.com
The Linden$ exchange rate just changed! Best rate to buy L$ for EUR is now 368 L$/EUR. https://www.virwox.com
Today’s Exchange Rate is brought to you Couesy of Foreign Currency Exchange:The euro slipped 0.3 percent to 87.67… http://bit.ly/cjAAYR
Clearly 1/12 of a chicken b/c, you know, maintain currency rate w/ Mexico What’s exchange rate on chicken fajitas these days?