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RE: Invest in Iraqi Dinar - Anyone heard of it?

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  • 13-10-2005 3:27pm
    #1
    daveg
    Registered Users Posts: 4,683 ✭✭✭


    As per:

    http://cgi.ebay.com/250-000-New-Iraqi-Dinars-250-x-1000-Denominations_W0QQitemZ8341340755QQcategoryZ58516QQrdZ1QQcmdZViewItem

    Very interesting reading. Taken from the auction:

    In January 2002, the Iraqi Dinar had an exchange rate of 0.45 compared to the pound - In other words, you could buy One Dinar for £2.21! This means that 1 Million Iraqi Dinars would cost you £2,210,000!

    Since the war in Iraq the value of its currency has plummeted. It currently stands at an amazing 0.0003711468 compared to the pound. In other words that same £2.21 is now enough to buy around 5953 Dinars!

    Why would the Value of the Currency Will Rise?

    The value of the Iraqi Dinar is already at an all time low, so its unlikely to any lower.

    A good stable economy leads to a stable currency. Lets look at some factors which are going to help boost Iraq's economy

    Iraq has the second largest Oil reserve in the world! Under Saddams regime only around 10% of the country was pumping oil - yet around 90% of the entire countries revenue came from oil. Imagine what's going to happen to Iraq's economy when it starts exporting oil again...


    An estimated 33 billion US dollars have already been collected for the process of reconstruction, and Companies like Coca-Cola, Chevron Texaco, Alabama Blount4 Inc. are already investing.


    Look at the value of its neighbouring counties currencies:

    1 Kuwaiti Dinar (KWD) = £1.7743 GBP
    1 Bahraini Dinar (BHD) = £1.3960 GBP
    1 Omani Rial (OMR) = £1.3635 GBP
    1 Iraqi Dinar (IQD) = £0.0003 GBP
    Source xe.com


    Surely Iraq is going to move in line with its neighbouring countries?

    When Saddam Hussein Invaded Kuwait and torched their oil fields, their Kuwaiti Dinar value plummeted to less then £0.0025p (1/4th of ONE pence), It is now £1.789 for each Dinar. Think about this:

    If you were to invest £500.00 in the Kuwaiti Dinar then, it would now be worth £357,800!


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