Advice: Currently holding $3,000,000 dinar. Should I continue to hold?
I believe the current exchange rate is 1170 dinar equals $1.00 (US), which amounts to a little over $2,500.
There is currently a lot of discrepancy on what the new Iraq government may do with revaluing or reissuing currency. I believe the recent killing of Bin Laden may have some affect, but not sure to what extent when it comes to the Iraqi government making more progressive steps towards a more established government and controlling their own economic future.
Any advice?
I don't know about 3 million Iraqi Dinars. I'm surprised he's kept them for two years.
Me? Yeah, I'd gamble and continue to hold on to it.
Quote: Lee Thomas
What investors are finding out is that there is no market for the IQD; no liquidity period. Basically, they are owners of almost worthless pieces of paper that can be framed and hung on the wall as decoration. If they are fortunate, they may be able to resell to another unsuspecting person on eBay to recover their money spent.
The promoters like to make a convincing sales pitch using the Kuwaiti Dinar (KWD) as an example of what can possibly happen. They want you to believe that your 1 million IQD will one day be worth between $100K - $1M USD. If the sellers really believed that, why are they not just hoarding it all for themselves? Why are they going through all the trouble setting up websites and buying Dinars to resell?
The reason is simple; the promoters are making a lot of money selling a dream. Iraq is not another Kuwait. Post-Gulf War Kuwait still had a stable government, stable economy and an intact infrastructure which enabled its currency to quickly return to its previous value.
I hope your friend was paid for mowing a lawn with these 3,000,000 dinars. Then nothing ventured, nothing gained. I can't even imagine the dinar as a possibility for anything. There's more dinar scams out there than I can count. If you need to ask after you did the deal what to do with the payment, I think you've been had.
Sounds like some guy bought dinars for a fraction of a penny on the $US and is trying to scam others or pay bills at a steep discount!
Sorry, I don't mean to be so critical, but it's just inconceivable, for me at least, to consider the dinar for anything but wallpaper.
Tell him to Google Iraq Dinar Scams!
Quote: SONBP2He put together a will and trust, spent about 5 hours of work on it. He took a shot. I believe if I have the story right, the family that paid him with the Dinar got them from their son who was overseas in Iraq. I am not sure how he got the dinar. He could still just exchange the money and would get $2,500. I think it is worth the risk to see how things go over the next year or two. Even if it goes to $0.25 it would be a great investment.
It won't "go" to $.25 just because the government says it does, it will have to appriciate. To do that the Iraqi economy needs to improve by magnitudes. Iraq could "revalue" the currency against the USD, something that other countries like Mexico have done. But that means the old curreney must be traded for the new.
My advice is trade it ASAP. Consider trading it to a soldier going over who needs local cash.
What consumers are not told is that the Dinars can be redeemed only in Iraq, as most of the established currency exchange houses and banking institutions cannot convert the Dinar to US dollars. Since no exchange exists for the Iraqi Dinar, dealers can charge whatever they want to sell and buy back the Dinars.
So where does your friend thinks he's going to get anything? A will is worth about $75 at Legalzoom, He might be able to get that.
10 years time.
some stability.
The Iraqis do have oil.
So...
But you know, you're gambling still.
Quote: YoyomamaWhere can you go LEGALLY in the US and get ANYTHING for those Dinars?
Can't you legally get dollars for those dinars at any bank?
Quote: 7outlineawayYou might be able to exchenge it for one of these.
I have to admit that I laughed out loud.
Personally, I would take the gamble and hold on to it. The worst thing that could happen is that the money is absolutely worthless. Then you can take the bills to Las Vegas and use them as tips for drinks.
Quote: 7outlineawayYou might be able to exchenge it for one of these.
Wow, most countries have pictures of royalty, famous leaders, scientists, or landmarks on their currency. Zimbabwe has . . . rocks.
Quote: Toes14Wow, most countries have pictures of royalty, famous leaders, scientists, or landmarks on their currency. Zimbabwe has . . . rocks.
No worse than the Euros.
BTW the serial number has a full house.
Quote: Toes14
Wow, most countries have pictures of royalty, famous leaders, scientists, or landmarks on their currency. Zimbabwe has . . . rocks.
You made me look twice at that. If the scale is right with the trees being full sized trees, those are some huge rocks stacked up on each other! According to Wikipedia these are called the Balancing Rocks but I couldnt really find much there to explain this exact picture.
