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Author Topic: The New Iraqi Dinar
StonedPigeon
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Still wondering about buy back once I got em
what do I do with them? Who do I sell them to

[This message has been edited by StonedPigeon (edited June 15, 2004).]


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StonedPigeon
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http://www.thecreditprotector.com/iraqi-dinar.html
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tic_toc
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Okay they will open an account in your name.
You could leave the dinars in there until needed? Dont know if i'd trust it though.

Got me thinking though. Open an account with a legit arab bank like..... Arab Bank....and have the account transfered to dinars. would this work or nobody outside of Iraq in the arab world dealing with dinars?

I might ring their UK office tomorrow see what they come up with

quote:
Originally posted by pharmdman:
I got a reply from the Investment Bank of Iraq...
I got a reply from the Investment Bank of Iraq...

---------------------------

Dear Sir,

Your email 10th June 2004 under reply we can sell you or your authorized agent Iraqi dinars on the counter of our bank but not ship to USA. Arrange the transport by yourself.
Instruct your bank to transfer your US dolls to our account No. 0019431550201 with the Housing Bank for Trade & Finance. Amman, Jordan.
When information reach us from this bank that money is received by him we shall open an account in your name then you can use the account to purchase Iraqi dinars.

Best Regarts,

Ibtisam N. Aboud
Executive Manager of International Division




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pharmdman
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quote:
Originally posted by tic_toc:
Okay they will open an account in your name.
You could leave the dinars in there until needed? Dont know if i'd trust it though.

Got me thinking though. Open an account with a legit arab bank like..... Arab Bank....and have the account transfered to dinars. would this work or nobody outside of Iraq in the arab world dealing with dinars?

I might ring their UK office tomorrow see what they come up with


I'm not quite sure if that would work, but I had the same thought. Just not sure if I'm comfortable with my money in an account (long term) that I can neither verify or handle in person. I'm still looking for options though.


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Wahya
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Once the Iraqi government has taken over and the oil is flowing, the dinar will go back on the international exchange and you'll be able to go to almost any major bank in the US and trade them in. That may be several months from now. Or, as others here have indicated, open an account in an islamic country, hunker down and pray for daylight.


quote:
Originally posted by StonedPigeon:
Still wondering about buy back once I got em
what do I do with them? Who do I sell them to


[This message has been edited by StonedPigeon (edited June 15, 2004).]



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Wahya
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www.uruklink.net

Central Bank of Iraq website...not a lot there.


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Wahya
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quote:
Originally posted by Wahya:
www.uruklink.net/cbi/index.htm

Central Bank of Iraq website...not a lot there.



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pharmdman
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quote:
Originally posted by Wahya:
Once the Iraqi government has taken over and the oil is flowing, the dinar will go back on the international exchange and you'll be able to go to almost any major bank in the US and trade them in. That may be several months from now. Or, as others here have indicated, open an account in an islamic country, hunker down and pray for daylight.



That was our original thought, although I was thinking that it may take a year or two instead of a few months. But for the potential return of huge profits, still worth the wait.


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pharmdman
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Still no news (from any of the Iraqi banks, that is)

[This message has been edited by pharmdman (edited June 17, 2004).]


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AlphaMale
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I cracked. I bought some... It seems pretty solid.
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Smctbone
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quote:
Originally posted by AlphaMale:
I cracked. I bought some... It seems pretty solid.

Alright!! GO AlphaMale! Did you get it through eBay, did you find a better deal than the one we saw?

I haven't gotten a single response from the 3 Iraqi banks I emailed either ...but now I have to wait for some more money anyway (my darn Toshiba laptop blew up on me, so it's taking all my profits to replace it)

GLTA


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pharmdman
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quote:
Originally posted by Smctbone:
Alright!! GO AlphaMale! Did you get it through eBay, did you find a better deal than the one we saw?

I haven't gotten a single response from the 3 Iraqi banks I emailed either ...but now I have to wait for some more money anyway (my darn Toshiba laptop blew up on me, so it's taking all my profits to replace it)

GLTA


I've only heard from the one, but it didn't look to promising. What good is selling them to me if you won't send them to me!? I'll be revving up the research on the subject next week when I'm off. I'll post any other options that I dig up.


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AlphaMale
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quote:
Originally posted by Smctbone:
Alright!! GO AlphaMale! Did you get it through eBay, did you find a better deal than the one we saw?

I haven't gotten a single response from the 3 Iraqi banks I emailed either ...but now I have to wait for some more money anyway (my darn Toshiba laptop blew up on me, so it's taking all my profits to replace it)

GLTA



Actually I work with the DOD and know somebody in Kuwait. He got them for me. I should have them next week.

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Smctbone
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quote:
Originally posted by AlphaMale:
Actually I work with the DOD and know somebody in Kuwait. He got them for me. I should have them next week.

Lucky you!
I should hang out in some chat rooms and make a new pen pal that lives near Iraq....that'd be perfect. Have him/her send me the dinar!


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pharmdman
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quote:
Originally posted by AlphaMale:
[QUOTE]Originally posted by Smctbone:
[b] Alright!! GO AlphaMale! Did you get it through eBay, did you find a better deal than the one we saw?

I haven't gotten a single response from the 3 Iraqi banks I emailed either ...but now I have to wait for some more money anyway (my darn Toshiba laptop blew up on me, so it's taking all my profits to replace it)

GLTA



Actually I work with the DOD and know somebody in Kuwait. He got them for me. I should have them next week.[/B][/QUOTE]

Cheater! LOL... I wish I had that type of option. Great exchange rate and guaranteed delivery... sheesh...

good for you though! I may just have to suck it up and do the ebay thing. I'm really leaning toward one thought....if the exchange rate is going to skyrocket (long-term, not immmediately or quickly), does it really matter if I pay 700 as opposed to 900 for the million dinar? I'm starting to think not.


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Smctbone
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If it goes as high as I'm expecting...then it shouldnt matter at all!
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Doji say what!!
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i have a brother inlaw he just left.. good for me bad for him.... nice guy / his wife is going to get his contact info in iraq when he arrives and calls his family.

so i'll be ready

i plan on getting some for the family members and myself..

as much or less risk than say cmkx lol


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AlphaMale
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quote:
Originally posted by Smctbone:
If it goes as high as I'm expecting...then it shouldnt matter at all!

BINGO!


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tic_toc
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http://www.usatoday.com/news/world/iraq/2004-03-28-iraq-economy_x.htm

• Spending power is up. Civil servants got huge pay raises after the coalition decided to correct Saddam-era parsimony. "Public-sector wages under Saddam were quite literally starvation wages," economist Block says. Thana Ismail, 40, has seen her monthly wages at the Ministry of Trade shoot up from 3,000 Iraqi dinars a month (barely $2 at today's exchange rates) to 300,000 (just over $200). This means she can finally afford to replace the wheezing washing machine she bought nearly two decades ago. She has her eye on a $185 jumbo Samsung model.


reading the above article has me wondering how the economy can be brought back to pre war exchange rates.
if she is now getting over 1/4 million dinars a month, does her wage drop as the economy is straightend out?
obviously she will be able to buy more for less, but really how much do we expect the dinar to come back to pre war levels? they have 25,000 dinar notes ffs. at the moment that is something like a $20 note right? the people who orchestrated the issuing of the new currency cant be expecting a 1 dinar/1 usd ratio anytime soon.
I mean can go to Turkey and become a millionaire with my beer money. Who's to say Iraq's currency isnt going to stay like this for the forseable future.


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pharmdman
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tic_toc, this isn't something that we're thinking will climb quickly in the near future. this is my take on it... You buy your 1mil dinar now for about $700, then you put it aside for several years. maybe 2 years, maybe 8 years. Don't know at this point. The concept is that once Iraq is self governing AND they return to their former (pre-gulf war I) status as an oil producing nation that their currency will gain value rapidly. It will probably never (at least in our lifetime) return to pre-gulf war levels, but it will probably go up to 1/4 to 1/2 of that. Don't forget, Iraq has the world's second largest oil field under foot. I hope this helps you see where we're headed with this. This isn't a get rich quick scheme, it's an add to your wealth in the long run plan. Admittedly, there are some unaccounted for variables, but there's risk in everything. This one isn't going to pop soon, that's why we're all moving slow on it.


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pharmdman
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just a bump to the top.... I've emailed seven Iraqi banks and have only heard from one. I've re-sent the remaining six, since it's already mid-Monday there.
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Smctbone
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quote:
Originally posted by pharmdman:
just a bump to the top.... I've emailed seven Iraqi banks and have only heard from one. I've re-sent the remaining six, since it's already mid-Monday there.

Great thinking...if we pester them enough maybe theyll give us the answer we're looking for!
I might email them again too. I emailed 3...heard from 0


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derek111c
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Hey everyone, Where can I find the true rate value for this currency compared to the US dollar. I see people trying to sell this all over the place. Websites all over the place trying to charge like $1250 per mil. Then I see on Ebay for as low as around $850 per mil. I look at currency conversion websites and they have not been very helpful.
What is the true value of this stuff?
Would really appreciate some help.
thanks

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pharmdman
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quote:
Originally posted by derek111c:
Hey everyone, Where can I find the true rate value for this currency compared to the US dollar. I see people trying to sell this all over the place. Websites all over the place trying to charge like $1250 per mil. Then I see on Ebay for as low as around $850 per mil. I look at currency conversion websites and they have not been very helpful.
What is the true value of this stuff?
Would really appreciate some help.
thanks

derek, you can use any currency converter. This one is from Yahoo. http://finance.yahoo.com/currency?u


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EpiC
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http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&category=4369&item=5705532772&rd=1

898.00 for 1 million dinars, 5 dollars shipping... Seller rating is 99.8 on almost 1000 trans actions... I bought 2 million in different kinds of bills.


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derek111c
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Hey thanks Pharmdman,
That worked well,

I see a million dinars is worth about $687.5

Is their large fees Involved to echange currency?


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pharmdman
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derek,

In a nutshell, you can only exchange USD for IQD in Iraq. At least for now. There are ways to purchase online, but exchanging back will be your difficulty until IQD is on major currency exchanges. All of the details are on the 3 pages of this thread. Many things to consider. Suffice it to say that you will pay more than $687 to get 1 million dinar. My biggest advice is to read this thread closely and DO NOT BUY DINAR WITH SADDAM HUSSEIN ON THEM! They are now worthless.


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JBCak47
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Pharm!!!

Hey bud! How are you? I haven't been on in a few days, as I played hooky from work and have been with the girl. Things are going pretty well!

I met someone last night that reminded me of your screen name. She works at an Ice Cream store but is studying to be a Pharmacy Doctor (I asked if she mean't 'Street Pharmicist'?)lol Six years of schooling?!?!? lol I give you much credit... She's 20, and has four years and will be a doctor by 24 when she passes... That is pretty cool. Lol... any word back from the Banks of Iraq?

As soon as CMKX hits pennies I am buying at least a million dinar. I just have no more money left to buy ANYTHING...LOL.... Hahaha I love being broke...

I told my girl friend, not too long ago, that I know you are it for me. When I met her all I had was ten dollars to my name and a baggie of weed...

lol... Now I just have that baggie, no ten! heheh...


Ahhhh summer living and loving...
-John


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pharmdman
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Hey JB,

Been well here. I took some time off from here last week too. I'm outta trading cash too! Those dinar will have to wait at least until payday!

You've hit the nail on the head though... they were six long m/f'ing years.. LOL..

I only ever heard back from the one bank, but I re-sent my requests to the other six banks last night. I'm hoping to hear something soon.

I'm ready to take the rest of the day off today, since there's not much movement for my holds and I have a ton of stuff to do around here.


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JBCak47
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That sounds like a plan to me...

Yeah, it's quiet. Qbid should keep us busy and manic for the later part of the week. Also all this head spinning with CMKX... I haven't lost any sleep in a while from anticipation but I think I will very soon.

Well I have decided that if cmkx hits buy the end of July, I am taking the whole month of august, or at least three weeks off before I start school again. But I'll probably work one week in August just for some quick trading cash, ya know. I have responisbilities but my job is overseen by one of my parents, lol. (I am at a Credit Union for a specific Local in NY) So getting time off isn't to difficult. Is there anything wrong with just wanting to be a bum? I mean I am not a bum 24/7 in fact I worked at McDonalds to buy my g/f a Christmas gift. (by far the suckiest job, I gained 10 pounds of pure fat in my three month job) Watch for those McGriddles. They pack the weight on. Lol... also just don't ever eat at McDonalds ever again,lol. Though McDonalds is better than TacoBell/Pizza Slut.

Take the day off, relax. In fact I suggest going for a walk in a wooded park area. Pharm, you need to harvest the energy of the plant life. Just go through the woods thinking good thoughts about your stock/life/love, and you'll come out feeling 1000% better...

-John


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pharmdman
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JB, if I don't mow my lawn soon, it will be a wooded park area. As it is now, I may have to begin tribal warfare to dislodge the band of pygmys that have taken up residence. Then I need to dig a huge hole (10x10). I'm just too freakin' lazy... I need these stocks to hit so I can hire someone.. LOL
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JBCak47
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Uhhhooo....

Ten foot by ten foot holes, over grown grass. Orginal peoples... I shall call you Mr. Klopeck

Have you ever seen the Tom Hanks Movie, The burbs? Lol, you are the crazy neighbors,lol.


Should I even ask what this huge hole is about?!? Those aren't for all the prostitue and hookers you have killed is it? Ohhhhh wait, wrong person, thats Me.lol...

Go cut the grass,lol. You'll go cut and QBID will shoot to a dollar, then level off exactly at .014 when you return.lol. j/k

-John


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pharmdman
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LOL.. Nothing so sinister is going on. The hole is for the hot tub I bought last week. I need to pour a concrete slab to hold it, run electricity to it, and join the slab to the pool deck...

If Q shoots to $1 while I'm mowing, I'll still be ok.. my GTC order has been in for quite some time!

P.S. My neighbors love me, I've definitely improved their property values! Don't you know that the first rule to up your property values? Have gay men move into your neighborhood... we upgrade EVERYTHING! LMAO!


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JBCak47
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Lol, watch out All stocks, Daddy Warbucks is in the house. Hot tubs, ride on lawn mowers... This isn't Beverly Hills...lol!!!!heheh...

That is so awsome you got a Hot tub... lol... You'll be relax like Biggy Smalls... smokin 'L's in the Jucuzzi! Hahahah... That sounds great man, was any of this brought about by recent stock picks?!?!?

Yes Gay men are great! Though I'd still perfer two lipstick lesbians... Monday day dreams....

Becareful with the hot tub my friend. We have one at my house, its like ten years old or so, but the thing works/looks great. It can get as hot as 112 degrees, which is REALLY hot... so be careful. My I suggest something in addition to this hot tub?

Go buy yourself either a Chimmeneya (sp?) (No, Not a Chechen Rebel, a chimmeneya. Not a Chimichonga.) or a small copper fire pit. Talk about relaxation.... Those little chimmenyeas work great, fire always helps man relax.

All of this plus a few of your pharm meds...lol..

-John


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pharmdman
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JB, LOL... i'd like to get a chiminea, but it's like 8000 degrees in florida right now... but it'll work out in the fall/winter..

No, i didn't get it from stock money, i wish! although, i did manage to remodel my kitchen, bathroom, living room, dining room, and 2 bedrooms from stock money. now i'm broke again! lol

If CMKX and QBID come through for me, I'll do the rest of my house and treat myself to a new car too... but i'm not holding my breath just yet...


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