Buying Iraqi Currency

[dave111223]

I was reading this article which kind of seemed like a good idea. That buying Iraqi Dinar could potentially make a ton of money by appreciating in the future (it seemed to make a lot sense what with all the money being pumped into the country from the US).

I'm not talking about buying a lot, just maybe a few thousand USD worth. Where in Bangkok would one go about obtain such a currency? I'm sure the local SCB would not have any on hand...?

Then just hold onto the cash and how it appreciates.

Would it be a good idea or a bad idea in your opinion?

[anthonyu]

I was reading this article which kind of seemed like a good idea. That buying Iraqi Dinar could potentially make a ton of money by appreciating in the future (it seemed to make a lot sense what with all the money being pumped into the country from the US).

I'm not talking about buying a lot, just maybe a few thousand USD worth. Where in Bangkok would one go about obtain such a currency? I'm sure the local SCB would not have any on hand...?

Then just hold onto the cash and how it appreciates.

Would it be a good idea or a bad idea in your opinion?

The major banks here would definitely not have any Iraqi Dinars for sale over the counter. For them to have any would mean that they have to buy Dinars in the first place and I don't know of any banks or exchange booths here that would. The 1 remote possibility (and i stress remote here) could be the Islamic Bank on Sathorn Rd and even then I would guess the margin they would charge on their exchange rates to make the transaction worthwhile for them would wipe out any possible profit you'd gain.

[Edonista]

http://www.investorsiraq.com/ but they are a bunch of loonies....for sure if you just buy the notes and keep them inside a drawer you are going to lose money, you should investigate if it is possible to get a high yield fixed deposit in an Iraqi bank.

[MattFS218]

I remember reading a forum post on another board, i think gold something, about buying Iraqi Currency. There are a few banks in Iraq that allow foreigners to open up deposit accounts. This is the way most professional traders would go about doing this (if you can find one willing to buy a currency of a war-torn country).

I bet the yield/interest rate is high too.

--matt

[RAZZELL]

One of my friends is over there at the moment doing some "security" work

I'll ask him to bring a large bagful back...

RAZZ

P.S. don't even think about it

Edited June 24, 2008 by RAZZELL

[Cuban]

Would it be a good idea or a bad idea in your opinion?

Bad idea.

Invest the money in unit trusts that focus on that region if you think Iraq will see such growth in the next 7 years. Such investments should be for at least 7-10 years duration. So if you need your investment capital within that period don't invest.

[glyph]

"I was reading this article which kind of seemed like a good idea. That buying Iraqi Dinar could potentially make a ton of money by appreciating in the future (it seemed to make a lot sense what with all the money being pumped into the country from the US).

Would it be a good idea or a bad idea in your opinion? "

I think it would be a GREAT idea for you, and a very bad idea for me. At some point in time, everyone needs to learn that the "get rich quick", and the "making a ton of money" schemes are hoaxes. I learned my lesson a couple of decades ago, and now it's your turn.

[ray23]

I was owrking in Kuwait so I bought Million six Dinar, three years ago. I paid 1150 for it, and it's current value is $1350.

So it's not a quick thing and I never expected it to be.

Ten years down line might look good, What I oput in was about he same I would spend on a weekend in Las Vegas and the investment is probably pretty close to the same thing

So if they stop killing one another and pump ouil especially at todays prices.

The other thing to keep in mind they have been pumping some oil but no where near thier potential. In the intrem until recently the US was footing the bills there. So they should have substantial stash of cash.

So we will see if it was good bet in about seven years.

Buying it or selling it here I have no idea.

[Cuban]

I was owrking in Kuwait so I bought Million six Dinar, three years ago. I paid 1150 for it, and it's current value is $1350.

17.5% increase over 3 years, and what if the loss due to inflation?

[ray23]

Cuban it wasn't an investment it was a bet, so if anything comes out of it, thats good.

So if anyone looks at this other then gambling they are probably going to be very disappointed.

[Cuban]

I agree, treated as a bit of fun is fine - I have a similar situation with a small amount of USD sitting loosing me money currently, I don't need the money so it can sit there on the off chance that.....

[Pappiklon]

Back in 2005 I was given 100,000 Iraqi Dinar as a jokey type Birthday Present - kind of like giving someone a lottery ticket - I checked it's value in Jan 2007 it was 'worth' £38.84 today its 'worth' £42.70 that means it's appreciated by about 10% - of course my paltry 100k would be pretty difficult to exchange, if you treat it as a fun purchase and forget about it in the long term you might have a nice surprise in 10 years time - however another thing to bear in mind if you were simply going to buy the physical currency is that this is the currency that was printed after the US invasion to replace the 'Sadam' notes and any future government might decide to dump it because of it's associations and change to another and if you have actually forgotten about it the notes could become worthless

[ray23]

It really was a fun time in Kuwait watching this. The new currency was printed and the old Iraqi dinar was purchased. Some of the people worjing in this field had done so for years. Many Baht the Kuwait currency when Sadam occupied he country and was essentailly toilet paper. It trades at roughly 3 dinar to the dollar these days. Some became wealthy on that one.

Some actually believed the same would happen to the new Iraqi Dinar. That just couldn't happen overnight it would have ruined the world economy. Some put thousand and rhousand of dollars into this. Nice thought but not probable.

Yes it fo does pay to watch the news it is very possible that will be another currency change and if you don't sell what yuo have. About as good as monoply money.

But one thing for sure I'm a millionare somewhere in this world

[zaza]

some people's agony ;other people's jokes and profit

Edited June 28, 2008 by zaza

[Cuban]

.....simply going to buy the physical currency is that this is the currency that was printed after the US invasion to replace the 'Sadam' notes and any future government might decide to dump it because of it's associations and change to another and if you have actually forgotten about it the notes could become worthless

An interesting link to a lesson for us all - check your 'investments' !

'Shattered'

"I'm shattered. I do not know what to do as I had kept the money for my old age," Mr Prasad said.

'Not liable'

Bank authorities say they put up a notice....

Edited June 28, 2008 by Cuban

[SeabagsFull]

Dave, I have some Iraqi Dinars, all in 500-Dinar notes with Saddham Hussein's mug shot. I obtained these while attached to UNIKOM HQ in Umm Qasr in 1995; my secretary lived in Basra & got them from her bank. If you know how to contact me directly (I don't), please do & we can chat.

[bieles]

... in the same way you can by Iran money for the future... just ask Obama for timing