Post A Reply
my profile
login
|
register
|
search
|
faq
|
forum home
»
Allstocks.com's Bulletin Board
»
Off-Topic Post, Non Stock Talk
»
The New Iraqi Dinar
» Post A Reply
Post A Reply
Login Name:
Password:
Message Icon:
Message:
HTML is enabled.
UBB Code™ is enabled.
[QUOTE]Originally posted by Nacho: [QB] Hey guys, before you make any big decisions on the dinar I saw this on another forum: I too have been following the Iraqi dinar. You are correct about that price. The Central Bank of Iraq has been having daily auctions and the price as of June 26 was 1460 dinars/$. The volume of exchanges has been around 10-15 million USD per daily auction. I've been curious to see the price since the handover, but it isn't posted or they have had no auctions (http://www.iraqcoalition.org/exchange.html) What that tells me is that most of the websites selling Iraqi dinars are gouging- nearly doubling their money. At the present time, and probably for a few years to come the only place you can exchange Iraqi dinars is *IN* Iraq, in the near future you may have to deal with one of these sharks to get your dollars at a significant discount(or take a vacation to Iraq!), until international banks are allowed to exchange dinars. It reminds me of times I have exhanged money in the streets in Albania, and the Dominican Republic, where the street rates are much much better than bank rates but being mugged is a real possibility. Another thing I have looked at are values of surrounding currencies. At [URL=http://www.fxstreet.com/nou/gci/gcicurrencies.asp]http://www.fxstreet.com/nou/gci/gcicurrencies.asp[/URL] you can monitor the Riyal ($3.7478/SAR), the Kuwaiti dinar ($0.2946/KWD)and others. This doesn't tell me much, but one thing to consider is that the Turkish Lira currently trades at 1,469,995 Lira to the dollar. My own opinion is that 1)the dinar may get cheaper in the near term because of the instability 2)Iraq does not look that economically bright to me. It is a one-pony country with only oil to depend on. As a petroleum geologist I can tell you that it will be 3-5 years before Iraqi oil production is restored to prewar levels, and those levels were not high (~2.5 mbpd peak in 1999 compared to world consumption of 78 mbpd). It may be 10 years or more before Iraq is truly a significant oil producer. The first tanker load of oil to leave Iraq since the war started only sailed about a month ago. Many of the Iraqi oil fields are permanently damaged from being shut-in and will require new drilling before there is any resumption of production. 3)the most likely way to make money on the dinar might be as a collectible. Currently the 1971 Iraqi dinar notes list (in Krause) for US$20 to $60 per dinar in uncirculated condition at retail value. Even this is speculative because there may end up being a lot of these notes being hoarded by collectors- and it might take 30 years to get there! If you want to wait ten years- you might make good money, or you may have the equivalent of Turkish Liras. [/QB][/QUOTE]
Instant Graemlins
Instant UBB Code™
What is UBB Code™?
Options
Disable Graemlins in this post.
*** Click here to review this topic. ***
Contact Us
|
Allstocks.com Message Board Home
© 1997 - 2021 Allstocks.com. All rights reserved.
Powered by
Infopop Corporation
UBB.classic™ 6.7.2