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Buying Iraq Dinar
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Buying Iraq Dinar - November 8, 2010, 07:32 PM

Anyone done it? I had a conversation with a guy at work about it. He's very intelligent when it comes to finances. Basically the idea I get about it, is if you can afford to lose the money by taking a gamble, it's worth it. but if the loss will hurt too much, don't do it.

The potential payoff is worth it, but it is pretty risky.

what does the all mighty .net think?


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November 8, 2010, 07:43 PM

Well a couple of years ago we were getting 22% interest in Turkey. Now it's only 8%. But the economy there right now is extremely stable. Oh and these figures are from a simple savings acct. Still very good returns


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November 8, 2010, 07:49 PM

Yea it's just that people are banking on the stabilization of Iraq, and the Dinar increasing in value again. So the opportunity for return is massive because the dinar is worth basically nothing right now. The risk is if they wipe out the currency again, like they did with old Dinar with Sadam's face on it.

I guess a huge selling point is Iraq being an oil rich country. Oil is decreasing, and people will get more desperate for it in the future. A country sitting on a lot of oil will very likely see a big gain because of it.

soooooooooo yea


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November 8, 2010, 07:52 PM

Quote:
Originally Posted by Tecknojoe
Yea it's just that people are banking on the stabilization of Iraq, and the Dinar increasing in value again. So the opportunity for return is massive because the dinar is worth basically nothing right now. The risk is if they wipe out the currency again, like they did with old Dinar with Sadam's face on it.

I guess a huge selling point is Iraq being an oil rich country. Oil is decreasing, and people will get more desperate for it in the future. A country sitting on a lot of oil will very likely see a big gain because of it.

soooooooooo yea
Just do it then with something little like a grand and see where it goes. It may be worth it.


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November 8, 2010, 07:58 PM

Quote:
Originally Posted by turkishexpress
Well a couple of years ago we were getting 22% interest in Turkey. Now it's only 8%. But the economy there right now is extremely stable. Oh and these figures are from a simple savings acct. Still very good returns
That sounds pretty inflationary actually...


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November 8, 2010, 07:59 PM

Arbitrage plays with this currency are HIGHLY risky and speculative. Their stock market isn't even open the entire day. What is there financial system? What is their economic policy? What else outside of Oil bolsters their economy?

What prevents them from going nutty and experiencing 1,000,000% currency inflation each year like Zimbabwe did for the last 2 or 3.

My advice - in this economy where there is too much instability and lack of faith in nearly all the fiat currencies out there, it's probably better to trade or invest in a narrow basket of currencies (I love the Swiss Franc in times like this) as opposed to trying to get an early position on a questionable one.

Keep an eye on the Dinar though. See what it trends like over the next 12 to 18 months and then decide if you want to make a play. Just remember, any currency that suddenly appreciates triple digit basis points in a relatively short period - usually is so volatile it can lose it just as fast.



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November 8, 2010, 08:04 PM

Quote:
Originally Posted by birdman

That sounds pretty inflationary actually...
Used to be. At one point 1600000 TR Lira equaled to 1 dollar!! Still holds the Guinness World Record. Dropped 6 zeros and for the past 3 years or so the inflation has been almost nothing. Which is killing our investments right now lol


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November 8, 2010, 08:05 PM

It sounds like a good idea. You should do it.
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November 8, 2010, 08:20 PM

Forex...... you'd have better luck robbing a gun store in Texas.
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November 8, 2010, 08:34 PM

Investing in the currency of a corrupt government is always good


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November 8, 2010, 08:45 PM

Quote:
Originally Posted by HenryZX6R View Post
Investing in the currency of a corrupt government is always good
You mean I was wrong for buying US T-Bills during the Bush Era?



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November 8, 2010, 08:46 PM

Quote:
Originally Posted by HenryZX6R
Investing in the currency of a corrupt government is always good
True but unfortunately capitalism makes it right


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November 8, 2010, 09:36 PM

Quote:
Originally Posted by b00st View Post
Forex...... you'd have better luck robbing a gun store in Texas.
This is true... sort of...

Forex is the way to go in 99% of the cases because most currencies you can trade on Forex.

Last I checked, Iraq currency is closed and you can't trade it on Forex. (Has that changed?) So you are basically speculating in the underground currency market. In theory, this market is a bit less efficient and as such easier to exploit. That said, it doesn't sound like you know much about anything relating to this, so I doubt you will be the exploiter, rather than the exploited. You're better off putting that 1 grand or whatever on Red.

Years back, people did this by buying and selling Iraq currency on Ebay and it was pretty profitable for a short while. I have no idea how things are now.
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November 8, 2010, 09:45 PM

1k u.s=1,169,000.00 iraqi dinar...
1$ u.s=1,169 iraqi dinar

holy shit i'm not broke anymore!
i have billions of DINAR


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November 8, 2010, 09:54 PM

Haha... I felt pretty silly carrying around 1 million pesos down in Colombia. You gotta watch those zeros, that's for sure.
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