Truck and Barter

Is that historical or implied volatility?

The CPA doesn't see fit to tell us anything useful about the source. I am 99% certain that this volatility--NOT implied volatility, simply because 1) the raw data are available to the CPA, 2) I can't see the CPA discussing options at this point.

Also, I gather that the settlement price volatility is derived from actual historical data, though I would have less confidence in the consistency of the street price data.

But can anybody profit off of this knowledge?

eurusd vols are around 10, currently. So I seriously doubt usdnid is less than 2.

No banks outside iraq trade nid currently, I think. Maybe a mideast bank, or even Citi in Bahrain might get you some.

Its a ccy backed by oil (loosely) with nil liquidity. If you can get some you can sit on it till liquidity returns. With the greater liquidity should come appreciation. Risks on down side are known, but you'd probably buying close to the bottom.

I purchased 1,000,000 of the new Dinar just prior to heading home from Kuwait. It cost $250 Kuwaiti Dinar - which was about $820 US Dollars. The purchase was made at the exchange bank inside the KCIA (Kuwait City International Airport).
A friend of mine who was in Baghdad and unable to make the transaction spent $1,200 later while in the US through a Jordanian connection. The currency was verified as authenticate by a US bank.
I know nine other people who purchased 1 - 3 million Iraqi Dinar, and we're all soldiers. We knew the risks in spending the money, but the opportunity outweighs the risk.

The CPA can say what they want, but it will be the Iraqis who decide how their economy performs, not the US, the UN or any provisional government.

I am in Kuwait and yes, a whole bunch of people are speculating on the Dinar, myself included.

Everyone here is speculating that it will open on the world market after the 30th of June.

But no one can explain just what "world market" means. some say it will open at $1/dinar. Lots of dreams here. One thing is for certain: if its worth 1o cents July 1, there will be a whole lot of jobs at Halliburton.

Any info would be welcome.

Dear
As the new government in iraq will taking over the charge on 30th june. When will the exchane value of new iraqi dinar will be fixed
Thanks
Arshad

Like "grant" says its all about arbitrage. As the market open up, there will be more liquidity and the international demand (which is still unmet) will push the IQD higher. I read about this in a forum:
http://www.portaliraq.com/forum/showthread.php?t=28

Arshad,

I believe that the exchange rate will NOT be fixed to the American dollar. Instead it will float on the international currency markets. The Iraqi Central Bank doesn't seem to be in a position to "defend" the currency, which would be necessary to keep the exchange rate fixed, however I'm no expert.

I am the proud owner of over a million Iraqi Dinar, as are many of the friends I am serving with here in Kuwait/Iraq. We have gotten our dinar from a variety of currency exchanges at varied prices (average around 1430:1). Most of us are refraining from a tendency to dream, because a big pay off seems too much to hope for. However, it's a small investment for what could possibly turn out to be a large pay off...over time. I keep encouraging our young friends NOT to cash in at the first sign of growth, but to hang on to it for awhile to see where it will go. From all the reading I have done, it seems unlikely that the dinar will be available at this rate for much longer, and possibly never again. With any luck! If you have a few hundred bucks to toss at a gamble, you probably won't lose anything. The chances of the dinar being worth less than it is now, once sanctions have been lifted and soverignty exchanged, is fairly unlikely. Their is a lot of interest in helping Iraq recover. And, with the cost in lives and money that have been paid for this recovery, I don't think the U.S., UN and Coalition countries will just back off and see it all fall apart. Iraq is obviously not in the same position as Kuwait or Saudi. So, to expect the IQD to reach the same exchange rate as in those countries is not realistic. However...it is possible to believe that it could reach at least a 1 for 1 exchange ratio. The fact is that at this point I don't think anyone really knows. So, if you can't afford to take the risk, don't. But if you can...there are few gambles that have as much potential as this one. Good luck!

1 to 1 seems extraordinarily unlikely to me.

In fact, that the current exchange rate has been stable for months around 1430 to 1 means that currency traders themselves don't think 1 to 1 is feasible or at all likely, or they would have long ago bought up all the dinar they could find, and would be sitting on a mountain of paper. Such purchases would have driven up the Dinar price (lowering the number of Dinars per Dollar) on the street.

Don't you find it strange that Iraqis who are currently paid the equivalent of $20 a month will suddenly be earning the equivalent of $28,000 a month?

What am I missing here?

i Just got 2 million iraqi dinars this week, the reson was that when iraqi transfere authority in june 30 the iraqi dinar may go skyrocket in the markit .. just i love that feeling of future woundering . luck for all

I am speculating the 1:1 based solely on what I have learned about Iraq's past economy,their potential wealth, the wealth of a nation that was horded by one evil regime for many years, the export of oil, natural gas, ag-products, and first hand observation of the good things happening in Iraq that you don't see on the news. There's absolutely nothing scientific about my speculation. Question: Why was the Iraqi Dinar worth 3.35 (IQD) to 1 USD prior to the gulf war? Though the folks in Iraq have been oppressed for many years, they are hungry for a better life, and are seeing the opportunities themselves. Like I said, it's worth the gamble. I may be really wrong. I still think it's worth a small investment...if one can afford it. I wouldn't sell the farm. Again...good luck to those who have invested.

Kevin, as I reread your question, I am curious how you calculate the $20.00 income to become $28,000 income per month at a 1:1 exchange. What am I missing? If the dinar reaches 1:1, then the dinar is equal to the value of a dollar, and no longer 1465:1. If someone is being paid $20.00/month now, at the current rate of exchange, they would have approximately 28,000 IQD/month. If the 1:1 ratio should occur, the same Iraqi, being paid in dinar, will still be making the equivalent of $20.00 USD per/month. At a 1:1, if the Iraqi took their $20.00 bill to an exchange, they would receive 20 dinar, right? However, if I am sitting on over a million dinar now, that I have paid a thousand dollars for, and it reaches a 1:1, obviously I have increased my wealth. I must be missing something, and may feel foolish once you explain it, but I'm into collecting the pros and cons on this subject. I value your input. I agree that a 1:1 may seem a bit optimistic, but it used to be 3.35 (IQD) to 1 USD, and that was under a government that served a few, not a whole nation. Thanks for your insight.

U.S. banks will not immediatly recognize dinar on June 30th. When they do it will be when Iraq begins to build liquidity and should be in the 1640:1 range. Opening any higher that that would risk Iraq's new central bank into bankruptcy. This dinar is a long term appreciation thing. I bought 4 mil @ $4,690. Probably could have found a better deal if I searched a little more but the notes were pristine and genuine. I'm just happy I got in reasonably low. There must be five pages of dinars for auction on ebay right now. People are trying to recoup thier initial investment and have a few dinar to sit on for the future. July 1st will be the telltale of what we can expect on our investments. I predict the ID will drop marginally July 1st and that will be the time to buy a lot more. Real returns shouldn't be expected before 3 years. Just be patient, we will all be pleasantly rewarded.

Chris,

You're right--if people are paid in dollars. But in private transactions, Iraqis pay each other in Dinar. Suddenly, an Iraqi paid $20 a month in Dinar (~D28,000) now makes $28,000 a month, because he takes his D28,000 to the exchange and receives $28,000.

This is my disbelief about 1:1.

I don't think the dinar is going to take that long to reach its full potential based on research I did on Kuwait. After the invasion by Iraq the Kuwaiti dinar went WAY low. Then the retreating Iraqi army blew all the oil wells. After the US freed Kuwait the dinar made a STEEP climb back to the pre-invasion levels. I believe that once Iraq establishes security and starts pumping oil, the Iraqi dinar will climb as well.

I am responding to the many posts above in general.
I paid $690 US Dollars 2 nites ago fora million IQD. I bought from the moneychangers in Kuwait.
(email me if you want to know where).
The old Iraqi Dinar was worth $3.30 or so in around 1989 before sanctions, ect. Why under such a repressive regime? Well, for one, there was order, however brutal under Saddam.
Will it pay off soon? I dont think so. Its a long term bet. My outlook is 10-20 years. If the currency even holds. If the insurgency continus and succeds in keeping foerign banks out there isnt much hope.
On the other hand, Iraq has plenty of oil and another resource perhaps just as valuable here in this part of the world: WATER. They could very well become the breadbasket of the region If they develop their agricultural potental. They could learn a whole lot about making the desert bloom from their cousins in a tiny little strip of desert on the medittranian. Fat chance of that happening though. They are also a leader in exporting dates. Tourism is another big possibility. This is the land of the bible as well. They also have a very rich heratige and are a very proud people historically this tends to self perpetuate.
Lots of possibilities.
I know several people who have over $20,000 tied up in IQD. They bought it at about $300/million.

Some think it will spike upon opening for trading and drop again. Who really knows?

Sure is an exciting time to be here in the region.

This article is interesting:http://quote.bloomberg.com/apps/news?pid=10000039&sid=apYBqZtEXyyw&refer=columnist_derosa

Hey guys,

Think of it this way. If the dinar gets to a value of $.01, and you bought 2 million, sell half($10,000), and sit on the rest. You've made nearly 5 times your original investment (assuming $2500 for 2 million dinar), and will still have the ability to wait and see

Kevin, I see where you are coming from. I guess if the dinar would reach a point where it were equal to the USD, then perhaps 28K a year for an Iraqi citizen/employee might be a reasonable wage. It would certainly indicate a more stable, productive Iraq. I agree that it seems unlikely. Urrrgghhh. I am not one to fall for get-rich-quick thinking, but this opportunity (if it is that)has me thinking that if ever MY ship were to come in, that this might be it...over time. I also do not believe it will skyrocket...or that Iraq will be a bread basket...any time soon. I am patient. Thanks again for your input.

I'm new to this forum, and thank god i found it. I've been looking for some info on the Dinar that i bought over here in Iraq. I was told about all its possibilities by the people that are buying it the most, the KBR employees, civilain workers. Apparently if the value skyrockets, about 3/4 of all KBR employees are getting out. That may hurt a little for all the troops over here, but most of us have also purchased some, and are very skeptical about its possibilities. This stuff is all over Iraq, just about every Iraqi is trying to sell us some. In fact, I'll be suprised when i see Iraqi's using this currency for trade, they still value the US dollar very very much.
Lcpl Vinnie O. , USMC

Please someone answer me this, What is to stop the Iraqi government from bringing in a new currency? Is it possible to say OK for every million I will give you back 500? I don't know, i am just like everyone else who bought the Dinar, i like to gamble and thought the rewards would outway the risk but now a days with so many people buying it I am some what pesimistic. I mean can you imagine the company i work for has 6,000 employees and i guarantee 5,000 of them got at least a million or more, so if it hits the market at .10 to .30 on the dollar you going to have 5,000 people on the way home. that being said you lose that many people then your losing support for Iraq which could start a downfall on the market again. There is so many ways this thing can go, I hear humors daily and it become immusing to have a new one each day.

Jason,

Nothing in the Iraqi central bank law stops a new exchange. However, it's a huge risk for the Iraqi central bank to have another "exchange" of notes (an exchange that would be impossible for Western speculators no longer in the region, who'd have to deal with middlemen).

The Iraqi CB has developed a decent (though not exceptional) level of confidence that their currency won't be subject to abuse--like a hyperinflation.

Vinnie's comment about Iraqis trusting the dollar is important; most developing nations use the dollar of euro as a hedge against the stupidity or venality of those who run their domestic currencies.

Personally, I don't think another exchange or even mismanagement is likely, given what I know about the head of the Iraqi central bank Sinan Shabibi. He's Western educated and has sound ideas on how to develop trust in a currency.

http://www.fatwallet.com/forums/messageview.php?catid=52&threadid=270766&lastpage=1

If you folks haven't found this chat (thread) room about the dinar, it is worth checking out. If you can weed through the personal attacks to extract the morsels of intelligent knowledge bites, you might be able to further explore your own questions. Honestly, these people are taking things too seriously. It's a gamble. That's it. Either something good will happen, or we end up with some really fun stocking stuffers. Continued good luck. I have my eye on a new Corvette when I get back to the states. LOL --Chris

In case anyone asks, if you want to take currency back to the states, and it is equal to or less than $10,000.00 US dollars, you don't have to declare it through customs. Any currency valuing 10K or more will have to be declared. I don't advocate hiding it to avoid customs.

What about taxes on the increased value? What if my 1000 dollars turns into 100,000 dollars. What about the other 99,000 dollars?

If it costs an Iraqi 45,000 dinar to buy a pair of shoes, all he has is a pair of shoes. Just because you have millions and millions of dinar does not make you rich when it isn't worth the paper it is printed on

Why I think the Dinar must return to prewar value of $.33.

This is an example of a man in Iraq that had one million Dinar before the second war.

Compared to the American dollar he would have $330,000.00 which would make him a very wealthy man in Iraq. When the war started the currency was rendered worthless because the country was under control by an outside power. ( The hand over of power back to Iraq is due to happen June 30th ) This man exchanged his one million old dinar for one million new dinar with the assumption that this currency would be at the value it was when the war started. This man still has one million Dinar but now it is worth $830.00 American Dollars right now. You have now taken every wealthy, successful business man, and destroyed everything he has worked for his whole life. How can the world expect this country to make it at all if the Iraqi Dinar does not open at prewar values? It will defiantly fluctuate up and down depending on the countries progress. And finally if you take all of the wealthy people in the country and tell them there money is worthless, and take the poor people with very little if anything at all and tell them they have nothing. What is going on in Iraq now, will look like a walk in the park. This people will really hate Americans.

Is there any ideas out there as to how to get large amounts of Dinar into the U.S. to avoid paying large amounts of tax. If and when there is a large return?

Dan, if you're in the mideast with lots of dinar, and it becomes worth more than what you can take back without declaring it, you might have to open an international account here. Some of our KBR friends have already taken that step, optimistically assuming their dinar will be worth a lot. Here, the money won't be taxed. It has been explained to me that you don't have to pay taxes on currency when you exchange it, but it will be taxed if you put it into an American account, because you have to claim it as income when you file your taxes. There are experts out there on this...but I am not one of them. I know that if my dinar makes me rich, I will be opening an account here. I hope it's a problem I have to deal with! I would like to hear from an expert on this, too. Good luck!

OK..its almost crunch time for this dinar thing. I am currently deployed with the USAF in Iraq, and alot of people are talking (particulary KBR) how well this dinar is going to do. "Doing well" to me is just hitting .50 cents. However, while I am hear in Iraq, I have been speaking to the Iraqis and they tell me that they dont think it will even open at .30 cents. They actually believe that the dinar won't move at all. As, I dont want to believe these people, their credentials speak for themselves...Bankers from the Iraqi Bank!!! I know that I am going to hold out at a million of this dinar, but I am just interested as to what people int he states have to say about this whole thing.

i have bought 13 million dinar at $850 per million $11,050 u.s dollars worth, they way i see it i will sit on it for a min of 2 years, and hope hope hope. either i will regret buying them, or i will regret not buying more...i sure hope it's the latter

hi,
would you tell me that in how many days the iraqi dinar rate will up. if you don't mind please infrom me by mail. thanx

A few things. On taxes, to the best of my understanding, If you are a US citizen you must report all income from overseas weather its a business, capital gain, ect. or risk losing your citizenship. Ill look for an IRS link on this.
Me, Ill pay taxes.
Second, the latest rumor is that the Dinar must open at prewar levels. This is reported to come from a World Bank webpage but I cant confirm.

Some people are saying that it will open at that level for 48 hours each side of the turnover date. Again, I cant confirm.

Cris, I hope that you just have to deal with it. I hope the same for myself. Not really sure just where to cash in over here if it does come out running. I'm setting about 2 days from anywhere. Which makes me frown when I read Davids post on 48 hours + -. Guess I would point towards Europe. Any thoughts

I was told by a very reliable source in Kuwait, that a KBR employee, went through the airport at kuwait and had 10 mil iraqi dinar that he did not claim. Kuwaiti customs took his dinar, and gave him $38,000 worth of kuwaiti money in exchange. Why would they do that if the dinar was not going to be worth anything in the near future? He made out for now, but long term he got screwed.

Hey, I bought 250,000 iraqi dinar while overseas in kuwait for $200 dollars. If and when this hit the "world market" where can I cash this into US dollars?

Even if the ID goes up to .10c p/d (hell even .01), it will still make me happy. Thats still a pretty good return on your initial investment.

I have couple question i need some help with them. 1) Is iraqi dinar already Opened in Marke yet. 2) on July 1 how can i see the change in the Rate . can you guied me in a good site .

another Qustion how come Iraqi dinar was fixed at this rate 1 (US) = 1455 (IQD). I hope not move up and down you son of bitch.

Iraq took over it's government today! Two days early. Let's see what happens soon.

i need to know a site that tells me the exchange rate for iraqi dinar in real time if possible this is very very very important

It's super important to me too!! I'm trying to get my husband home from Iraq. I've got my fingers crossed that this pans out. We plan on exhanging half and sitting on the rest.

type "iraqi dinar exchange rate" into a search engine like google or yahoo.

it will take time for things to get set up ... that's just reality.

The World Bank has not yet moved into Iraq. The currency will not be on the market until the World Bank is in place. WB is expected to be there by the end of July. At that time, the Iraqi Central Bank (ICB) will have to show the WB that they are ready to meet demand. The International Monetary Fund (IMF) is also scheduled to enter Iraq to start work on the Iraqi Stock Exchange.

This is going to be a long process people. I would think by September, the ICB and WB should have all the bugs worked out. Budgets must also be finalized before the release.

The NID will more than likely start at where it was stopped, at about $0.33/usd. There will be a large volume of selling and buying, so expect the price to rise briskly and then settle back down, about 30 days after it opens.

As sanctions are lifted and more oil is pumped, the funds will start coming in and their economy will grow. This will be a long process, 2-3 years is a good number to look at for this investment.

You cannot compare this to Kuwait, as Kuwait still had it's original structure to go back to so recovery was rather easy. Iraq however, is getting all new leaders, ministers, councils. Their whole infrastructure is being rebuilt. This will not be an overnight success.

The Iraqi people will start seeing improvements within a year and then will start having faith in the new system. The Iraqi people are solid, and they will get through this and will be delighted once they have put this behind them. They will flourish like never before.

I'm excited to see what the new Iraq is capable of!!

My husband is in Iraq and has sent me some dinar. I live in Canada and I have no idea what to do with it when it is possible to exchange it. Do you have any ideas where I can find out?

I also purchased dinar in Iraq while working for KBR. A little over 7 million. I found a Coalition Provisional Authority site that was linked to a Central Bank of Iraq site that had an exchange table on it that showed every days rate since the 1st of the year. The address was www.iraqcoalition.org-fx_tables.xls I hope this is a useful site for everyone. It may not be the best site, but it's somewhere to start. And since it's from Iraq's bank, it should be the proverbial horses mouth...I hope.

Is there anyway to get Dinar to the u.s for around the exchange rate? 1,300 per million is rape.

i am a marine in iraq and i was wondering if you have any up to date sites that have the currency of the dinar and if you could send them to me thanks

In my opinion New Iraqi Dinar will be fixed not more than US$1000 = 1 Million Dinar.

The main reason is that, many people invested in NID which goes in trillions. So, if 1 NID = US$0.5 then this will quite a huge amount which cannot be accumulated.

In fact, there is a huge chance that New Iraqi Government will again change new dinar and re-fix its rate at 1 NID = 1 US$. And a big chance that currently new iraqi dinar will again replace with 1000 dinar to 100 or 50 New Iraqi Dinar.

ASIAN RESEARCH DEPARTMENT.

Irum, how can this be? Do you say everyone in Iraq who had to equalivant of 10,000 dollars will now only has the equalivant of 500 dollars since the coalition forces liberated them? This does not sound like a good plan to me.

Where oh where can I cash in my dinars? Where oh where can I get my money after it opens on the market of course? Also, how are we going to know when it opens on the market anyway?

I have purchased almost 3 million NID, some from Iraqis and some from online. I was very worried that I would not be able to exchange them back to dollars. This morning I visited HSBC and they will exchange them however you need an account with them. I sill have not figured out about taxes and other things like that. Anyone have some info about that?

The best Place to keep track in Iraqi Dinare Rate either In life channels , example arabian CNBC financial news (MiddelEast) , 24 hr or Yahoo financhial try this URl http://finance.yahoo.com/currency?u (website)

Greetings. I have been tracking the dinar on oanda.com and this company reports an average of 100k dinar is equal to 335k USD. I contacted their customer service department and it they report that it is a correct quote, but it seems unlikely to me. Does anyone know whether they are perhaps assuming this on the Kuwait currency. It has actually fluctuated down 5K and back over the last 2 weeks. Give me some insight to this, does anyone know if this is a credible comp? Thanx.

this is an investment ... it will take time ... this is an investment ... much better than wasting money on a michael moore crocumentary ... this is an investment ... this is an investment ... infrastructure takes time to build ... infrastracture takes time to build ... will you be a us$ multi-millionaire overnight ... maybe not, but you have to look at this as an investment compared to other investments like a large cap mutual fund or bonds or real estate. maybe we don't become multi millionaires because of our purchases in dinars ... but maybe it will be better than if we took that same money and bought a vanguard or fidelity mutual fund. well, at the very least, my landlord is painting my apartment next week and at worst i'll have some interesting wall paper :-)

I have also been looking at the oanda.com web site and can't fiqure it out. I would love to know what's up with that. Also, when I go to the yahoo site. The most current date it gives me is June 14th. Anybody else?

i wish we could have that web site that was designed only for latest news of IQD , cause most of those sites that say alot of good stuff about IQD make you buy more and more at the end those people trying to sell IQD inorder to make alote of dollars for small investors like us in addition to that what we have seen the IQD is tabbel for the last 3 monthes. bdb i think you are right its long term investment it won't produce a good results in the short run. some people where talking about Kwiti dinar but what about the lebanies liyra after the war stopped over there we haven't seen any improvment in the currency and know people there are using dollar instade .. umm i hope it won't be the same cause the Oil that Iraq has and that is the different.

I called an International bank in Oklahoma and was told that they will not exchange Iraqi dinars and wasn't sure when or if they would. I have not been able to find a bank in the US that would but that also could be because I don't really know where to look. I also am confused about taxes. Do you only have to pay taxes on it once it has been exchanged to US dollars? I AM SO CONFUSED!!!!!! Anyone with answers (FACTS) please, please,please respond!!

You Guys gonna cry after your ¨"investments" in NIQD. IMF will never accept to clean the debts of Iraq, the religeous tribes gonna make civil war and only the iraqi market will work in Dollars, so.... sleep good tender babies...

Alan IMF you might be right but today the second day and we haven't seen any thing happened yet its smooth down there , Ir01 am supprised in Oklahoma they don't exchange Iraqi dinar !! I am from Qatar and i can buy Iraqi dinar and sell them acording to the world markit Rate at any exchange store and listen to this free of taxes . But i think what you have to do if you got a big profit come to Iraq and cash them.

you are having trouble finding banks to exchange the NID because it isnt on the open exchange market yet. it will be in a few months, i would surmise

Alan, the debts to the IMF are being analized and will be lowered after a meeting of the G-8. 67% to 95% of the debt could be wiped out.

The IMF is not the "say all" of the financial world. It's a political structure that uses creditors world wide to fund it's projects. If the G-8 picks a number, IMF will apply it, and then the IMF will work with Iraq on a micoeconomic plan. Stability will come in time and then it will be you crying for not having invested in the future of Iraq.

I've seen oanda.com also...I only wish that it was true. Anybody know why it's like that?

I had just purchased a very small amount of dinar almost 100,000, which ran me about $80. The reason I didn't spend $500 or any more is becuase im worried about the current dinar just being script money. Just like previous comments people are saying that this is an investment, and it takes time. But if the dinar changes and the current dinar is just as worthless as saddams dinar the investment is shot. What guarantee do I have that the dinar will not change. The reason I am asking is becuase the dinar CASH is made in the UK and the States, 3-5-10 years from now if Iraq is stable they might be actuually making their own money. If thats the case who is to say they wont change the dinar cash to something completely different. Rendering ours worthless

For those of you who are asking about the OANDA Dinar pricing...It's showing pre-Desert Storm values which is why it's so high. Now, read carefully. If you want to know the "current" exchange rate on the Dinar, here's what to do. First, go to the "horses mouth" so to speak. That would be the Central Bank of Iraq. How do you get there you ask? www.iraqcoalition.org then scroll down the links on the RIGHT side to dinar exchange rate. Click on it. then the banks site comes up and click on exchange rate again. this will take you to a table showing you every days exchange rate this year to date. So far, the only place/person I have found stateside that will be a contact for the exchange back to dollars is one of the brokers that's selling them. I'm going to be contacting banks down in the Cayman Islands and Bahamas since they routinely deal in International currencies and see what I can find out. I wuold suggest that any of you who are truly serious about thier Dinar do the same. Don't wait for answers to come to you. Get out there on the web and research,research,research!!

Just so all of you know on the world market all oil is traded in dollars only. That right no yen euro or dinars. So if you expect to make any money or break even just remember that Iraq will have to sell billions of barrels of oil to even get a halfway decent exchage rate anytime soon. That is only if the currency is based on oil. Which we all know US is the biggest comsumer. right now the money is like ours backed by the full faith of the govt. Until the new govt has a handle on things don't expect millions to come you way.

currently has of today the iraq dinar is worth 1460 to 1 u.s dollar so if you have a 25,000 dinar note just divide 25,000 dinars by 1460 you get $17.12 i know this cause i have tons of family in iraq and i currently own 10 million dinars i bought them very cheap back when for 1 u.s dollar you would get 4000 dinars..now for 1 u.s dollar you get 1460 dinars.if anything big happens in the price i will post.

John- I followed your instructions about going to the iraq coalition web site but could only find up to date exchange rates as of the 27th of June and not for the last 2 days- am I missing something! Thanks

i would just like to say that this site has been a big help to, i most of us for learning about where we spent our money at. I only spent $250 but my whole family spent bout $4,000. my belief is when we return hussein the nid will go up in conversion price, just my gut feeling, i guess will find out soon if it'll spike or be long term, lets all hope for the best.

from what i've been able to research, the alan greenspan like guy in iraq (don't recall his name) is in europe meeting with other central bankers ... bringing a currency, or to be more clear, an entire economy, back into the world economy is not something you do with the flick of a switch. it's international agreements (e.g. legal contracts), it's infrastructure (e.g., people and information systems).

it's like if you find oil in the ground you can't use it in a car right away ... it has to be refined / processed ... that's something that takes a while, especially if you don't have the pumps or the infrastructure to handle it.

microsoft didn't make it's early investors multi-millionaires (or billionaires in some cases) in a day. neither did ibm or wal-mart.

HSBC, Standard Chartered, and another bank have permission to set up operations to trade the dinar. Having permission and being able to implement the trade are separate things. Getting a piece of paper signed that says "You can do X, Y, and Z" doesn't take very long. Being able to do X, Y, and Z on the other hand, take some time.

well, now i'm off to bed (in eastern part of u.s.).

oh yeah, and about taxes ... i don't know as i'm not an accountant but my guess is that it's like any other investment (long or short) and that it will be taxed. and then of course if shillary has her way "We're going to take things away from you on behalf of the common good."

http://www.sfgate.com/cgi-bin/article.cgi?file=/news/archive/2004/06/28/politics2039EDT0165.DTL&type=printable

i have been reading the postings on this site and alot of ppl want to know what the deal about taking IQD back to the states in large amounts. well the thing is u can only take back $10,000 USD or an equavalent of that in IQD.

whom to trust The coalition site or The world Market I know Its littel difference but contradetion in coalition web site it says NID = 1460 to 1 UD while in mostPlaces it says NID = 1455 to 1 UD !! that is weard .

How much IQD can you take from the US to Iraq to cash in? I should be over there in a few months and hopefully that will be the best place to make a return. The only problem will be walking around with a lot of USD. Is there a way to send cash back to the US to deposit?

I called the phone# for listed at oanda.com this morning 6/29/04 and asked if the FXconverter on their site was correct for Iraqi donar to US$. He said it was not. I then asked him if he knew what the exchange rate was...he said it was 1600 to 1 US$. I'm not sure if that's true but he said that came from the Bank of Iraq. I hope that's not true because that means I paid twice as much for my Dinar then it worth today.
Anyone know what the rate really is? Every converter I check on the web gives different rates.

SJW 1600 is too much for iraqi the exchange down here where do i live its 1455. They are to make mony out of it

abdullah I'm new at all of this. If I have 1,000,000 IQD how much is that worth in USD? Do I divide 1,000,000 by 1455 to get the exchange rate?

SJW no problem bro
to begin with , the Official exchange rate is 1 USD = 1455 Iraqi dinar . so if we divided 1000,000/1455 = 687.29 after rounding that means each $687.29 = 1000,000 Iraqi dinar and that should be the Official figure . beside that it's rep off.

I agree that they would have to release lower denominations as the price of the Dinar rises. I just hope that they don't eleminate the 25,000 Dinar note. But I think they will have to. What good is a bill that is valued between $7,500 (at $.30 per dinar) and $75,000 (at $3.00 per Dinar)?

I hope if they eleminate the 25,000 ID note they will do it by gradual replacement much like the US replaces worn out bills.

Where can i obtain todays exchange rate?

you guys are making me start to sweat having the 25,000 dinar notes. i should have purchased some 5,000 dinar notes (i had a chance to), but didnt.

i guess we just have to keep up on the currency situation and get rid of them if need be when the time comes.

Jose, this is one of the better exchange rate sites I have found on the web. Yahoo also has one. There has been no movement on the dinar. In fact, it doesn't appear that any calculations have been made since around 14 June. You can also go to the U.S. Treasury web site and access current exchange rates there. Today, they still listed the dinar at 1421...lower than most of the other sites. If you follow the link I attached, you will be able to stay up on the rates. Good luck my friend.

http://fxtop.com/en/cnvhisto.php3?A=1%2C124%2C500&C1=IQD&C2=USD&DD=18&MM=06&YYYY=2004&B=1&P=&I=1&btnOK=Go%21

OANADA FINALLY UPDATED THERE EXCHANGE RATES HAS OF THIS MORNING SO NO MORE CRY'S HAS TO WHAT ITS WORTH AND WHERE TO LOOK GO TO THERE WEBSITE!!

If the 25K note is to be removed, they will probably start by not minting any more of them and let them gradually disappear. They are the most expensive of the notes to make, but are very secure.

As far as minting bills, they are currently made outside of Iraq at 6 different locations. Once the Central Bank has a handle on things, the plates will all be sent to Iraq and they will be the only minters of their dinar, unless of course they want to out-source the minting for a few years.

I don't see the dinar as being a "script", even though they call them Bremmer Dinars, it was the council that picked the designs (which are pretty much the same as the old ones). Iraq needs to build credibility and replacing the dinars again woudl be a big mistake. The logistics are enormous and costly. I think they will stay with these as they are a much better quality and have security. I just don't think that they will keep the 25K notes. I think they will stop minting them and then banks will keep them as they pass through to take them out of circulation.

shelley...yes I too noticed that the Central Bank of Iraq site hasn't updated since the 27th. Might have something to do with the gov. handover. I' just keep an eye on it a couple times a day and see what happens. But at least it's still probably the most comprehensive site for tracking what it does so far. Like most, I expect this to be a slow process but in the long run, worth the wait.

if what oanda.com says about the worth of my NID is correct, i'm just gonna use it for monopoly money

To All--The Economist Economic Unit is predicting the NID:$ rate to strengthen, barring any unforseen circumstances, to around 900:1 in '04-'05. Personally, any money made over and above my initial investment is gravy; to think otherwise could be dangerous and perhaps delusional. We all need to be realistic about this. Hopeful is one thing; realistic another. But then again, its fun to dream a little! Oh yeah, the inter-change of ideas and/or comments and info on this site is excellent. Thanks to all for your insight!

My hopeful friends, I saw an uplifting mention in an MSNBC news article on the new Iraqi government. They mentioned, almost as an aside, that the new Iraqi Dinar moved slightly up against the dollar yesterday. Hang in there folks, although there may be some short term gains this year (Sept.'04), the real return will be long term (2-5 yrs).
The real hope for us is that the Iraqi's wealth will be restored to them by the CBI at the pre-war level of .31USD to 1NID, once the currency is released to local banks worldwide.

MAX what they have said about The dinar , i tried oanda.com but nothing regarding iraqi dinar, can mention the link to that artical i will be thank full.

Question for All -

So, has anyone read anything official or found any reliable information on when the ban on exchanging Iraqi dinar for US dollars at commercial banks within the US and Canada (and many other countries in Europe) will be lifted? I believe this is the same milestone mentioned above when the "dinar will be released to local banks worldwide". I'd imagine the interim Iraqi government and official government, which will be established following the elections scheduled for Jan. 05, will certainly want to work to remove these bans, etc. as quickly as possible to encourage integration of the Iraqi economy with the larger international economy.

Thanks, and please keep the insightful info. flowing!

Andrew

Does anybody know roughly how much Dinar was in the Iriq economy before the new dinar was printed? because if they print the same amount and redistribute it on a one to one basis I don't see any reason why it shouldn't reach at least pre war value eventually.

I wonder how much Counterfit dinar was printed. And how picky the banks are about accepting it and exchanging it for the new dinar? This certainly could affect the future value.

The Iraqi dinar yesterday(29/06/2004) was 1 USD = 1455 tody(30/06/2004) 1 USD = 1460 that i hope it won't stay like that for long period like it did with 1455 but. so it's going down agnist the dollar.

I don't know what exchange rate you are looking at or through what company, but yesterday I found the exchange to be 32 US cents to 1 Iraqi dinar. Give it more time. Once the US has established domestic relations with Iraq then you will be able to change your dianrs in the us. it may take a few months though. Or just fly to france.

Jamie the site that i pick up that latest exchange rate is http://www.portaliraq.com/iraq-dinar-report.php?PHPSESSID=be4d02ceba40003c92cdc4fedd80d653
1 USD = 1460 IQD, i know i am too hyper for iraqi dinar because this my first investment in my life beside that i bought $25,000,000 can you imagin all cash scatered in my bed room too much mony. and thats why i am too hyper so any slite change in the exchange rate will put me in bank rupcy and that's is alone not extra mony..

i ment 25,000,00 ID sorry . correctio to my prev comments

When Iraq gets stable and the world begins to except the new dinar then the exchange rate can only go up...it can't go down (i guess it could, but i don't think it will)...so the way i look at it is be patient and we will get some kind of pay off, big or small, we'll get something. just be patient my friends!!!

Abdullah

I just checked the exchange rate by putting in my total amount of dinars i have and seeing how much it would be in USD. i think the link should say something like FXCONVERTER or something like that.

http://www.oanda.com/convert/classic

here's the link abdullah

when you guys think we will be able to exchange the money for good'ol american dollars

Where can I purchase the dinar online? Are you sure the money will be authentic from these sites?

Thanks!

YOU SEEM TO BE RIGHT ON WITH THE VALUE BUT IF YOU LOOK AT OTHER WEB SITES, LIKE DAY STAR TRADING, HE HAS THE VALUE WAY LOW.
STILL PEOPLE ARE BUY DINARS IN BUNCHES.
I THINK WHAT THE REAL QUESTION WOULD BE IS WHEN WILL IT START BEING TRADED ON THE OPEN MARKET AND FOR WHAT PRICE?

purschase from ebay look for 2 main sellers on called dima89 and one called j.b trader those are the 2 biggest dinar sellers online one even has his phone number if you have any questions

ok MAX that what http://www.oanda.com/convert/classic says
1 US Dollar = 1,460.00 Iraqi Dinar
1 Iraqi Dinar (IQD) = 0.0006849 US Dollar

so lets do more calculation if we ultiply both sides with 1000,0000 we will end up with -->
1000000 * 1 Iraqi Dinar = 1000000 * 0.0006849 what we get is

1000,000 Iraqi Dinar = 684.9 USD

if i did understand you Max.

keep in mind before this war some 460 days ago that 1,000,000 dinars would have been worth $330,000 lol

by the way you guys wana know whats going on day to day in iraq wheather is reconstruction of something finanacial wise? go here

http://www.rebuild-iraq-expo.com/news.asp

To answer the question about taxes on IQDs: Your IQDs represent wealth, not income. The US has an INCOME tax--there's no such thing as a wealth tax. So, if you hold on to your IQDs and let them appreciate in value for an interim period, you won't have to pay any taxes on them until you exchange them for US dollars (just like selling shares of stock). Note: I double-checked on this with an IRS agent before I wrote this.

by the way dont forget once the dinar is welcomed on the market you can also exchange them at your local currency exchange doesnt have to be a bank

i have done homework like will and he is right. my bank also has a in house currency exchange that will exchange them (as long as they dont come back counterfeit) in house to us dollars. you are responsible for reporting the amount you make. the bank only reprts the exchange of currency. there are also many overseas accounts that will except the currency and are paying good interest (tax free) for your money. there are many on the internet but as with evertything else do your research first. there are many scammers out there. also a sidebar swiss bank accounts are not as good as they was were since 9-11. the better choices i have found are in austria or lichenstein. good luck

wow the NID has went up since i bought it. I paid $150 for a mil two days after it came out and already its worth over $600.

Getting over on taxes can be easy. Open an account at a bank inthe middle east (www.nbk.com) and when the ID hits the market and your ready to exchange let the bank exchange it and you will have a ATM card full of money.

I really dont care if its nextweek ortomorrow when the money is worth alot. it is a small investment that i have the opertunity to capitolize on if it works out in my favor it does.. if not then not... anyone play the lottery??? over a period of time have you spent at least $150. ??? get my point. if its not for my future then it wll be for my childrens!!!

have a great day boys... Go Iraq its your country!!!

Doesn't the Bank of Kuwait have a bank location in New York City?

Thanks tony for that great site. http://www.rebuild-iraq-expo.com/news.asp

no problem

Does this have anything to do with capital gains???

Here is a calculation..... once old dinar that is saddam dinar exchanged (15th Jan 04) it was 1 old dinar equals 1 new iqd and 1 swiss iqd which was quoted as 33 cents at oanda was exchanged for 1 swiss iqd equals 150 NIQD.....now replace the one swiss iqd with 33 cents..... it will be 33 cents = 150 NIQD therefore NIQD 0.22 cents.... i think this will be the opening value of NIQD.......any comments

Rizwan the problem not the calculation you might be right or wrong but the big 'O question is when is the Opening day !!!!!

Hi gals/guys,

The New Iraqi Government is in consideration to introducing again NEW DINAR.

The Dinars print by DeLaura would becomes CANCELLED.

However, there is no such information we have that the Government will exchange upcoming currency with DeLaura's money or not.

If NOT, then all people may be in trouble.

IRUM ALI KHAN
ASIAN RESEARCH DEPARTMENT

Well, someone better tell the Central Bank of Iraq because I have been in constant contact with them and several other banks in Iraq and all of them said the Bremer dinar is here to stay!

I'm not a currency expert, but what are the chance's of changing the dinar's face value. Kuwait's largest bill is like 500 dinar. Seem's insane to have a 25000 dinar note that when the exchange rate hits at let's say 1USD which would be equal to $25,000 USD. That's unheard of isn't it?
I suspect either new denominations will be printed or the .31USD exchange rate is very optimistic and realistically it may only hit at at .03USD.

Just a little nervous before I begin investing more money. The more we know about the history of currency the better we'll have an idea as to where it's headed.

Any thoughts?

I doubt the new leadership will change the dinar again. It costs a lot of money to do that. If they do in the future, they will probably do it like we did with the new $20's, gradually phase out the other ones. Iraq needs to show the world that they are stable. Changing the dinar again would hinder that.

The outside contractors printing the Dinars have to give the plates to the ICB as soon as they are ready to take over printing, this was part of their contract. The new bills are tougher than the old ones, the old dinar ripped very easy and was lucky to hold up for 1 year. The Iraqi governing body picked the designs, not Bremmer and the Central Bank is very happy with the durability of the new bills. I doubt they will move from them any time soon.

As the NID increases in value, I think you will see a phased removal of the 25K and maybe the 10K notes. I think they should have made a 500 and a 2000 instead of those two. I'm not sure what they are doing for coinage, but they will need something to cover the 5 and 1 increments.

Many have emailed me reguarding my post several days ago about Dinars for about $690.00. Heres the address of one of the exchanges I use in Kuwait:

Al-Ekasad United Echange Company
Makka Street Branch No.3
Salman Al-Dabous Bldg. Shop #5
P.O. Box: 437 Souk Dakheli
Code# 15255
Fahaheel, Kuwait

Telephone# 39281 45/3921 390
I took this information directly from the reciept. So I would call for the exact mailing address.

Let us know what prices are current.

I have a contact in Jordan who is very flexible and competitive with his rates. Go to iraqpapermoney.com and leave an email that Nick sent you. Go to the "contact us" icon at the bottom right of the screen. Thanks a million.

To those people wanting to find the current exchange rate for the Iraqi Dinar. You can go to CBI's website or go to www.xe.com, select full currency converter and plug away. I have been watching it and so far in the past three days the dollar has weakened (minutely) against the NID or IQD, that could be due to the Fed's recent decision (I don't know). Yahoo's latest market rate was dated 14 June when I checked yesterday. I care not to speculate on the in's/out's of the IQD, so I won't. Just remember, the people selling the New Dinar are doing just that, selling. Therefore they will throw there "sale's pitch" at you. You never hear a car salesman say, "Wow, this is a wonderful car, it suits you great. I just want you to know that it'll probably need major service in five years when you don't expect it. And it probably won't be covered by the warranty." Use your head when you buy the Dinar. Like many other people have said, if you have the money to invest, then do it. If you don't have the money, don't try to invest and put yourself in financial trouble. Take care all. Good luck.

Guys, a request: If anyone hears of any news about the new IQD, e.g., special announcements in the media about it coming on the market and/or sees any official significant fluctuation in the value of the new IQD, e.g., rising or falling a few points, please blast it out onto this forum for everyone's benefit (probably goes without saying-hope I'm not showing my ignorance). May want to include the website from where you got the info, to include any news websites. Thanks.

Ryan-your question about capital gains: The appreciation in value of the IQD represents the capital gains. Again, the tax, i.e., the capital gains tax, you would pay on the IQD is only after you convert them to USD. Not sure what the capital gains tax is nowadays. Does anyone know ?

Jay-the National Bank of Kuwait does have a branch in NYC. Shows it on their website: www.nbk.com

I suppose then if they change the currency, then it's dependant on if it's traded in the markets at that time if we can exchange the currency local or only in Iraq.
Seems to me the only risk we're taking is whether or not this will become internationally traded currency. That's my main worry.
I think the political and social issue's will work themselves out.

David how would you call that 39281 45/3921 390
number here in the us?

TO ASIAN RESEARCH DEPARTMENT...stop spreading lies.

With that being said, I do not believe the exchange rate will be set to pre-war levels. I think a range of .01 to .05 cents is more reasonable. And even at those levels, one would stand to gain an enormous profit. I am not greedy, so I'll take a penny.

Buyer Beware - Do NOT buy from First Dinar Financial Group. Over three weeks and still no delivery!! Had to cancel and file a DISPUTE to try to get my money back.

I BELIEVE THE CAPital gain is at 28%. not sure but i've heard most of the people mentioning that.

As far as buying on ebay, DO NOT !!! i repeat again DO NOT!!! buy from this ebay seller,
omanfrankincense,,, this is his ebay name.
his email, pearlgroup@yahoo.com. he's a rip off, a scam artist.

heres something very interesting on this site it says the dinar is at 0.311181 on june 30th. heres the website:

http://www.exchangerate.com/world_rates.html?letter=I

Buyer Beware - Do NOT buy from First Dinar Financial Group. Over three weeks and still no delivery!! Had to cancel and file a DISPUTE to try to get my money back.

Why would you pay 1250 per million of dinar.. We sale them for 1140/mil an you can even find cheaper if you look around.

The Best Ebay Dinar seller is DIMA89, fast delivery and good service all around!

as far im concerned i will not buy anymore via-internet why you ask? because if you buy currency and the money increases in value, they will definetly not send you the money. So my advice is find someone locally that sells it where you can personally pickup the money yourself.

Just my opinion.

I have checked on the exchange rate for the Dinar, and Yahoo has not updated or changed the exchange rate since June 14th. It doesn't seem very up to date to me being today is the 1st of July.

dont bother with that web site exchange rate they still have the old rate where the dinar was worth $3.12 per 1 u.s dollar go to oanada its been up dated today it is still worth 1460 dinars to 1 u.s dollar.

Hi Montana -- It was less when I ordered them three weeks ago. I found a much better price from a reputable dealer and got what I needed, but still had to fight with this guy. Just a real inconvenience... Thanks!

Last month on 14/06/2004 the Iraqi dinar make very strong improvment that the exchange rate was as follows :-
1 IQD (Iraq)=0.0012 USD (United States) 1 IQD=0.00125 USD
1 USD (United States)=800.0631 IQD (Iraq)

the prev day which was the 13/06/2004 the exchange rate was as follows : -
1 IQD (Iraq)=0.0007 USD (United States) 1 IQD=0.000673 USD
1 USD (United States)=1 485.7338 IQD (Iraq)

and the day after the 14 of june which is the 15/06/2004 "da" the exchange rate was as follows :-
1 IQD (Iraq)=0.0007 USD (United States) 1 IQD=0.000675 USD
1 USD (United States)=1 481.0726 IQD (Iraq)

the summery ..
if you exchange your mony on the 14/06/2004 you could made big cash . to prove my self url http://fxtop.com/en/cnvhisto.php3?A=1%2C124%2C500&C1=IQD&C2=USD&DD=15&MM=06&YYYY=2004&B=1&P=&I=1&btnOK=Go%21

people buy Iraqi dinar Its Excellent Investment.

does anyone have a guess at when the opening day will be for the dinar to hit the world market?? will we have to wait for the world bank to get set up in iraq first?

The "Horses Mouth" for Dinar exchange rates:

http://www.iraqcoalition.org/exchange.html

Hi Mallory -- Read this the other day on an earlier blog. Makes a lot of sense compared with everything I've read in the last 6 weeks. One of the traders sites changed their "July" speculations to "November" this morning.

From Jared:
The World Bank has not yet moved into Iraq. The currency will not be on the market until the World Bank is in place. WB is expected to be there by the end of July. At that time, the Iraqi Central Bank (ICB) will have to show the WB that they are ready to meet demand. The International Monetary Fund (IMF) is also scheduled to enter Iraq to start work on the Iraqi Stock Exchange.

This is going to be a long process people. I would think by September, the ICB and WB should have all the bugs worked out. Budgets must also be finalized before the release.

The NID will more than likely start at where it was stopped, at about $0.33/usd. There will be a large volume of selling and buying, so expect the price to rise briskly and then settle back down, about 30 days after it opens.

As sanctions are lifted and more oil is pumped, the funds will start coming in and their economy will grow. This will be a long process, 2-3 years is a good number to look at for this investment.

You cannot compare this to Kuwait, as Kuwait still had it's original structure to go back to so recovery was rather easy. Iraq however, is getting all new leaders, ministers, councils. Their whole infrastructure is being rebuilt. This will not be an overnight success.

The Iraqi people will start seeing improvements within a year and then will start having faith in the new system. The Iraqi people are solid, and they will get through this and will be delighted once they have put this behind them. They will flourish like never before.

I'm excited to see what the new Iraq is capable of!!

thanks m&m

M&M:
That sounds like a good, sound analysis. I'll keep that in mind....Thanks.

has i read that website i posted and knowing that iraq is the #2 richest country in the world with oil i cant help but imagine within 5 years time 1 iraq dinar will be worth no less then $4 u.s its not im possiable it was once $3.35 and i belive it can happen again,we just need patience,till then go out and play the mega millions lottery its up to $280 million this friday ..lol

Thanks Will, Mallory, and M&M!

Many people were first deceived (in my opinion) at first thinking the IQD would bound back like the Kuwaiti dinar. I don't think that will be the case this time. It will come back, but I think 2-3 years is a good target to shoot for.

Another thing to keep in mind is that when it does come on the market, just sell off enough to cover what you spent on them. Then it is all gravy after that!

by the way how many do dinars does everyone have and what you plan to buy with it if it ever reaches say the $3 mark..lol i myself have 10 million put away well i cant even begin to dream if it hits the $3 mark and im sitting with 30 mil in my closet..lol.

now that you mentioned you have it in your closet where do you live ? lol hahahaha j/k

good luck to all, hopefully we can win the iraqi lottery! hahaha

big up to EL PASO, TX

lol

Calling the above posted number by dialing 011-965+ number. 965 is the country code.

Great blog! Thanks for all the info folks. We bought 2mil and loved them. It's beautiful currency. We liked them so much we bought 2 more. Then the prices fell, so we bought 2 more. I'm stopping at 6mil.:) Hope to take a little short term profit and hold the rest for long term gain. Let's be sure to keep each other posted as events unfold!

Great input cant wait till the ship comes in I wan't a new Jeep Wrangler. Another good seller on ebay is "JAKI2000" You can spend a little extra and he'll ship it to you in 2-3 days from Jordan. I think he's "dema89"'s brother,cousin, dad or something. They have the same last name.

only thing with dima now is he only takes credit card i used to buy from him with money orders,no way im giving my number over ebay theres a few other good sellers right now the cheapest i seen is j.b trader he wants $845 for 1 million dinars and hes locally to me i can drive over to him.

I am flying to Amman Jordan via Amsterdam (6 hour layover he he he he)And hope to take a cab to Iraqi Border where I hope to purchase dinars any one ever made this trip yet?Right now the USA buys gasoline @1.50 a gallon out side the country and tucks it in to iraq where it is sold for 5 cents YES thats right! 5 cents a gallon that cant go on for ever one of these days Iraq will have to purchase there own gas at market rates that should have a devastaing effect

I have purchased from two different individuals on eBay, one is from Jordan ("antiquesghaith") and the other is located in Kuwait ("sspens"). I have attempted to deal with "jb.trader" and found the communication to be a little sketchy and I have yet to pay the individual due to shipping taking too long from one U.S. address to another U.S. address; I was quoted 7-10 days. Aside from a FedEx snafu in Kuwait, which was not the seller's fault, I have encountered no problems whatsoever. So far I have purchased 9 mil IQD for for distribution amongst myself and about five other people in the States.

The latest price I paid, since I am in Iraq on lock down without a check book, was $2500 for 3 mil IQD, includes shipping. That was from the Jordanian individual and "sspens" is selling it for about $850/mil IQD. Boths merchants' preferred method of payment is wire ransfer to their account. USAA FSB records all international wire transfers which may be used if their is a dispute.

For those who have never performed an international wire transfer, beware of the fees involved and the max amount that may be wired without a written authorization from the account holder.

Here is the current mid-market rates as of 2004.07.02 03:45:39 GMT for the IQD or NID:

1,000,000.00 IQD = 685.8871 USD
1 IQD = 0.000685887 USD
1 USD = 1,457.97 IQD

Enjoy peops. Good luck with all of your investments.

i love this website...i like to hear what everyone has to say. i've only got 500,000 dinar, but i think i should get at least another 500,000...reading what everyone else has, millions after millions...i should at least get one million..hehe!!

so much good info that we pool here doncha think? I don't think the Dinar could hiccup without it making a bigger noise on this site. gotta love it. All i can say is "Patience,patience,patience and Research,research,research". And if course, share the wealth....of info that is:)

definetly share the wealth of info...i have learned so much from reading what people have to say here.

I've got a mil to sell for $60,000USD. Any takers? DREAM BIG!!!!!
When I first started researching this I remember seeing someone selling a million on ebay for $20,000. Just thought I'd share.:)

Hi everybody,

Existing New Iraqi Dinar (Bremer Dinar) will be cancelled on July 31, 2004.

New Iraqi Dinar will be launching on August 1, 2004 with the set official exchange rate.

Bremer Dinar may be exchange on that time.

IRUM

ASIAN RESEARCH DEPARTMENT

where did youy get your information?

Randy sent you an email if you didn't get it, Please do not try to go through Jordan and enter here. First Iraqi's won't let you in, FBI will get involved just like Berg! You as an american on his own is a big Payday to terrorist. Go to Kuwait, Money is same as you get here and tons safer. I am in Balad, with thousands of troops. I give you credit for big fortitude, but last thing we need here is another american losing his head. Trust me Kuwait gives dinars at just a good rate. Kuwait city is very safe and you can fly direct. DO NOT GET INTO A TAXI!!!

IRUM is a liar, he is just hatin cause he didn't get in on the Dinar. Do yall really think that they would change their currency less than 1 year later when it costs them billions of dollars to make it? Come on IRUM, quit hatin and buy you some dinar. Asian research department (yea).

http://quote.bloomberg.com/apps/news?pid=10000039&cid=derosa&sid=aaVkcS7uxQWY
chek this! wonder how much he bought?

There should be no tax on your exchange of currency. It is only considered changing money. I got this straight from H & R Block.

Mr. Jamel,

Please be sitted back and watch the attitude of New Iraqi Dinar, which will be seen by your own.

However, Asian Research Departmet has guaranteed news regarding Dinar, and therefore, the company will not be in favor that innocent people will bears a huge loss.

So, please do not use rubbish language in future as well.

IRUM

ASIAN RESEARCH DEPARTMENT

Irum, I would like you to back up your statement with something of fact. I do a lot of surfing on this subject, having invested in the "Bremer" dinar...which is actually the new currency for the Republic of Iraqi...and I have not seen anything to support your claim that yet another new currency will be deployed on 01 August. While I think many people are getting overly optimistic about the dinar's future, there is enough misinformation out there that we don't need to be adding to it. If you have a credible source that will validate this currency change, please share it with the rest of us. Thanks!

theres no way in hell its gona change again if it was iraq would have said something to let others know like last time that the dinar would change so all the people in iraq could go to the bank and trade in the old dinar for this so called new dinar there not just gona over night say oh ya guess what those dinars are not good anymore you need these then litereally everyone in iraq is broke there would have to be a time period like last time it was around a month to exchange everythingthe only thing i see happening is that maybe iraq will start printing its own money other then that no more new dinar,so like i said we would have heard something next time if you try to claim something here you better post a link to back up your story dont just tell us your dream you had last night..lol

plus,i dont see the dinar getting stronger then 1460 till end of july or early in august cause thats when the world bank will be in iraq and hopfully fully operating.,once the world bank is up ands running then the iraq dinar will be accepted to exchange.

I appreciate the comments of Irum from Asian Research Department.

I know through some very reliable source that the new government looks for another currency. (Irum is right)

Many people who already invested in dinar, are not yet informed that this dinar may goes to zero.

Look at "daystartrading.com" NO ANY UPDATE

Look at "firstdinarfinancialgroup.com" NO ANY UPDATE

Because they know that perhaps the new government will change the currency.

I once again thanks for Asian Research Department, specially IRUM.

ok im gona go do some more research and call my family in iraq see if they heard anything new that we havent gotten broadcasted to us yet, i'll be back,i just got my call from bently they got my new GT i got on hold ;) ..lol j/k

Central Banks Selects Three to Open Branches
July 2, 2004

The Central Bank of Iraqi selected three banks to open branches in Baghdad. The three banks; HSBC Group, the National Bank of Kuwait and Standard Chartered Bank, are the first to be granted licenses to provide financial services in the country.

“Any economy goes nowhere without a banking sector, so that's the first place to invest your money,” said Bill Barron, a managing director at Deutsche Asset Management Ltd. “HSBC and Standard Chartered have the expertise and the Middle Eastern network, so it's no surprise they got in. I'm surprised there were no US banks, but it's only a matter of time before Citibank and the others plant their flags there.”

The Iraqi people are casting their implicit vote for the success of the Central Bank’s policies by not selling Dinars for dollars. This week, the Central bank announced it would remove interest rate controls, a signaling growing confidence in the economy's ability to grow.

The Central Bank has put in place a currency exchange to replaced Iraq's old notes, a foreign investment law that allows non-Iraqis to own 100 percent of most companies and banks, tax codes for corporations and individuals, and customs duties.

Billions of Dollars Pouring Into Iraq

The World Bank is projecting a significant rebound in 2004 with growth estimates ranging anywhere from 30% to 70% and an overall economy worth $17 billion to $22 billion.

Bush administration officials are optimistic about reconstruction and project that Iraq's growth will be close to the high end of the World Bank projection.

Salaries and pensions for public employees have been increased. Repair work on the power grid, oil facilities and roads are broadening throughout the economy. Farmers who could not get seed, fertilizer and animal feed in recent years are producing again.

The billions of dollars are pouring into Iraq acts as a powerful economic stimulus. The United States is expected to award contracts for $14 billion in reconstruction work this year and $4 billion to $5 billion next year

Foreign Investment Increasing

Foreign companies are considering long-term investments in Iraq. Pepsi is refurbishing a bottling plant and Nestle has a bottled-water factory in planning stages. Fortune 500 companies researching the market for the best opportunities.

guys this is all true months and months ago actually pepsi,and coke and motorola was invited to do business in iraq and all the contracts have been singed this is the first time pepsi is allowed back in iraq since 91 i belive before the year is over i heard there will be a new mitsubishi plant or dealership in iraq wish i know wich one jordan is finally also trying to help iraq they said no what iraq asks of us it would be hard for us to say no so things are lookin up and going in our favor if you noticed you dont hear much bout bombings anymore or pointless killings things are getting under control it has gotten so good that i read a month ago that iraq was turning away people and having there pick of who to invest with and let in there country i mean come on iraq of all countries going from no one wanting to deal with and help to having companies kiss there feet to be let into iraq if you want to know the companies that have been signed contracts with iraq go to that website i posted iraq expo rebuild iraq link and go back a few pages its all there every bit of what i say.

and for those saying well its not gona happen over night its gona be a few years well let me ask you,are you gona have $300,000 u.s cash in few years without winning the lottery? so then whats a few years hell even if its 10-15 years so what at least you know your kids will never have to worry.

Asian Research Dept. Show some proof of your facts, instead of just saying it is, and then I will believe you. Until then your statements mean as much as the dinar is worth right now.

no bro i think the dinar is worth alot more then his rubish..lol

I'm so addicted to this blog....
Hey Tony -- What do the folks back in Iraq say about Irum's claims? I personally think the info coming out of "The Asian Research Dept" is baloney. He hasn't cited even one source for his blather. He has a post dated 6/29 talking about 1milIQD = 1000USD, further up the page, which also makes little sense.

Hey Lasthehun -- Thanks for the Bloomberg article!
I love reading current material. (July 1)

I think we all know the risk we're taking and have only spent what we are willing to lose. The rewards still outweight the risks no matter what.

Irum you are going to ruin this forum by spreading pointless, unbackable lies. Unless you are going to back it up and reveal your sources....keep your comments to your self!!! This is a good forum so don't ruin it unless you have facts. Not opinions!

Keep in mind a few facts about the Iraqi people and the country itself:

Iraqs population is a very educaed population for the most part.

Iraq is the cradel of civizilation: they have been building, trading, producing for a very long time. Most other peoples were running around in loin clothes while the people of the area around the 2 great rivers had built a great civilization. They WILL rebuild a great nation. There is no question.

It may take time but I think that a person who didnt invest in the Dinar has more to lose than those who give it a shot.

I for one would kick myself if I didnt give it a go and it took off...
Just my thoughts

That's exactly it David!!

I was in the Gulf War and at the time I didn't even think of buying Kuwaiti Dinars. They went down to about $.065/USD and only 13 months later they were over $2/USD. I wanted to scream!

I'm not missing the boat this time. The Iraqi people are now going to be allowed to flourish they way they should have been. The Iraqi's are a proud people and they are going to step up and show the world their true colors.

RANDY PLEASE LISTEN TO ME AND SEAN DO NOT TRY AND TAKE A TAXI FROM JORDAN TO IRAQ. you stand a good chance of not living to see the dinar go up if you do. fly into kuwait city (luftansa has many flights from europe). also be learly of who you do business there. they will try and rip you off if you are not careful. good hunting

http://www.eia.doe.gov/emeu/cabs/iraq.pdf
Energy Information Administration-Official Energy Info on Iraq from the gov. Bottom of pg 14 shows what they are saying the dinars worth. The rest of the info is great to know. Iraq is actually richer in oil than Kuwait.
Kuwaiti sources even claim it. You can Research it on the internet.
Can't imagine that they'd change the dinar. I've even read of all the people from different countries of how they are investing. Even the Kuwaiti's are investing. Still looking for source that confirms Irum's claims.
Also, I did hear from sources in Iraq that one dinar will be worth around .32 by Nov. From reading earlier in this forum someone had mentioned that also (or close to it). Does anyone know of any other source to confirm this?

Irum,

How about some links to this info of yours? I'm rather suprised that no major news agency is reporting this as it would be a rather tough thing to do again without the help they had this last time.

Ahmed Salman Jaburi has said that he likes the new dinars and that they are becoming more and more accepted by the people and that confidence is rising. Changing the money again would undermine that confidence. The Iraqi people are ready to move forward, not back again.

By the way, Ahmed is the Deputy Governor of the Central Bank of Iraq, so I think I'll take his view of it over yours.

Hey Lasthehun - I couldn't get to the Bloomberg article using the link you sent. Any way to resend the link or copy paste the article (or interesting parts, at least) into the forum?

Thanks,
Andrew

Found some interesting news on the Reuters news website. This may have been what Irum was mistaking as new currency.

The Central bank is going to be issuing Iraqi Dinar Treasury Bills. This is not new currency, this is what they call a debt issue, or in the US a bond issue. They will sell the T-Bills to generate money for operations. This is a very common practice and should not get anyone rattled.

This is great news in my opion as I had September picked as their first debt issue. This is going to show the World Bank that they are serious about moving forward. The financial backbone needs to be the first thing up, and they are going all out to do just that.

If you want to check this out for yourself, go to www.reuters.com and search for article 5449195 or put Iraqi Dinars in the search.

Hey, first posting here. I read the whole thing from start to finish and I am very pleased with the information that I had received. I am an Army Active Duty Airborne Combat Medic that every day interacts and speaks with the locals. I have been purchasing my dinars from my friend whom is an Iraqi Doctor. One he would not steer me wrong as he is one of my best friends. I was skeptical when I first found out and I asked him what he thought and he said, no this is a VERY good investment. As for the dinar being replaced, They WILL let their people know about it because if the govt DOESNT! The entire country of Iraq will be worth $0.00, every dinar/cash a local civilian has will be worthless. They arent going to do this and they wont do this. The govt will also slowly replace the larger bills to smaller ones as the economy grows. Just think logically abou this one...DIR, And as for my final thought can someone please give me an honest no BS answer on the exchange back into US$, will I be taxed? And what in thee heck is the current Dinar rate, everything is pre-turnover. I also went to the website a previous person said was .32 to 1 US or something like that and the IRAQI dinar was not even there. Thanks- Will keep you posted from the front lines if anything detramental to our investments is in the near future. Yes that means that one guy IS full of crap! Straight from the local Iraqi people and my friend the Iraqi DOCTOR....

Dinar Vegas Style,
Well, we have heard and read a lot about the possible Iraq dinars. So much positive and neg. and thoughts about the Iraq people. Rest easy people who bought the dinar. Nobody, really knows what's going to happen? They don't have the crystal ball. Note during the last 12 to 6 MOS in Iraq, nobody would have guessed or predicted we were going to see all those killings and such organized killing at that. So, we experience the same thing everybody, even the High educated and the low don't know. One thing just seat back and enjoy all those days dreaming of positive thoughts which plays good on the life. Enjoy those nightly dreams with your family and just play the waiting game. Its a trip in Vegas extend stay just waiting for those numbers to come up whether its . 32 or 1 for 1 or the long shot of 4 to 1. Make your play and take the pay, when you feel you need too. Your stomach told you to buy, so just following the stomach and enjoy the ride of positives. It's a gamble anyway you look at it. But its a great gamble we as people only see in our life time. Nobody had the Internet during the Kuwait dinar therefor, nobody really got the message to buy or the great deal. There are many nations to have this but people didn't have the ability or tools at their side to take actions. Myself and family have bought and at about 8 mil would have liked to buy more but that the budget for gambling this year, for those dreams!! Take care Breck

Hi Jared -- Thanks for the update. I heard about the T-Bills the other day. Is anyone here investing in them? Any speculations?

i forgot to mention around 6 months ago i was speakin to my uncle whom lives in iraq and his friend works at a bank there,and said 3 people from kuwait had flown in there on a private plane walked in the bank's presidents office and dumped get this..$10 million u.s currency on the table and walked out with $146 million dinars,also at a airport in egypt of all place the authorities there had areated 2 men flying a private plane for illegaling landing or something and inside they found $650 million dinars,another place i forget where over seas in a airport the authorities searched a group of 12 people men and women and found $50 million dinars taped to there bodies and hidden in suit cases i will due my best to find the links to these for you to all read but from what my uncle says people are still buying now but not for investment see this is how it works the better it gets for us the worse it is for iraqi people cause they get less back think bout it before the war around 480 days ago 1 u.s dollar would have gotten them 4000 dinars!!! now only 1,460 dinars thats a huge difference for such a short period of time so he says all the iraqi people are trying to buy all they can now before it goes even lower wich would be better for us,but hard on them.

Tony, think about that 10 million USD only bought 146 million dinars. That doesnt add up at all. At this point 1,000 USD buys about 1 million dinar. So, they got f-d if this did happened.

i agree it didnt add right,but i also dont know what the going rate was in janurary wich is when this happened i would guess around 1700-1800 per 1 u.s dollar

Found an interesting Dinar Blog
http://king-of-fools.com/archives/000235.php

Iraqi Blog
http://healingiraq.blogspot.com/

Political Blog
http://www.instapundit.com/

Article on Blogging
http://www.smh.com.au/articles/2004/07/01/1088488089548.html?oneclick=true

All are current, enjoy!

THIS IS A GOOD PLACE TO CHECK OUT THE RATES!

I'M SORRY: http://www.nbk.com/nbk/TopBar/Rates/rates.htm

on that website it says
IRAQI DINAR 0.0000000 0.0002370 4,219.4093 1,239.0295 meaning 1 u.s dollar gets you 1239 dinars i wish it was true it wouldnt help me retire but it shows improvement i been going with oanada they say 1460 per 1 u.s dollar

plus if thats the case i have allready made $5,571 profit if not im at $4,349 not bad i guess

http://www.bankofdinar.com/ a nice lil read

Bloomberg has exchange calculater for all money.
Including the dinar to us dollar.

Al

Thanks Tony for the link to bankofdinar. I'd been looking for that and some how couldn't reach it.

no problem

The website that states the new iraqi dinar currency value is www.iccfx.com. They are stating that the exchage rate for july 2 2004 is .30=NID If you do not beleive me than go to the website yourself.

The web site is www.bloomberg.com/analysis/
calculators/currency.html

Al

Hi Lasthehun -- I've been tracking the exchange rate on the NBK site since 6/25. It's been 1239 IQD to the dollar, everyday since.

OANDA was recently updated to match the CBI auction rates of 1460. They previously carried the pre-Gulf War rate of $3.

CBI hasn't updated since 6/20. They still show 1460.

This site has been showing 1150 IQD to the Dollar since mid-June.
http://www.rate.co.uk/exrates.html

article on why it's so hard to track the rate...
http://www.xe.net/iqd.htm

Hi Derrick -- That's the pre-Gulf War rate of $3 = 1 IQD. We all wish it were true! But it's only there because they don't know what else to use. See if you can call them on the phone and have them update it like OANDA did.

lol if that was the currenct price i would buy all of you a brand never corvette right now lol

I'll take a 05 C6 Z06 please! oh and red too

seriously, when/where can we find out when the DINAR will be available for exchange in the U.S.?????? can anyone guestimate for me? i've been checking bank one, bank of america, frost, chase...blah blah....and nothing.

i posted a link i belive it said end of july or begining of august the world bank will enter iraq then the process starts.

The local banks aren't talking, I've called them too. The word on the wire spans from Aug to November 2004.

Good News
http://money.cnn.com/2004/07/01/news/international/imf_iraq.reut/index.htm

I've read all postings of this site and it briefly mentioned some information concerning a question that I have.

OffShore/OverSeas Accounts. Where and Why?!?!?!??

I've just started looking but don't really know what to look for and if the bank is really private. I've started in Switzerland.
I want to completely remain private and anounymous from everyone once this thing matures... from the government that is. I refuse to give them 15-30% of my money.
I would like some sound advice on this from some people who really do know about these types of banks and what I want to do.
Thanks... and it's all about Patience!!

Has anyone wondering how much the U.S. might have boug