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14 Years Ago In Dinarland: The Iraqi Dinar Exchange Rate DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

14 Years Ago In Dinarland: The Iraqi Dinar Exchange Rate

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14 Years Ago In Dinarland: The Iraqi Dinar Exchange Rate Empty 14 Years Ago In Dinarland: The Iraqi Dinar Exchange Rate

Post by RamblerNash on Sat Mar 31, 2018 10:43 pm

The Iraqi Dinar Exchange Rate

By Kevin on June 16, 2004 2:14 PM | 1701 Comments

THIS POST IS CLOSED TO NEW COMMENTS. A new post has been created: Here's a link to the current active post.
Here are all the posts in sequence:

1) June 16, 2004 - June 27, 2004
2) June 27, 2004 - November 6, 2004
3) November 6, 2004 - April 11, 2005
4) April 11, 2005 - June 22, 2005
5) June 22, 2005 - July 22, 2005
6) July 22, 2005 - April 30, 2006
7) April 30, 2006 - July 13, 2006

8) July 13, 2006 - ...


If you guys & gals encounter any problems, email me at kevin-at-truckandbarter.com. Your previous email has been very helpful in the administration of this site.

Thanks for your patronage.

NOTE: For those who want to continue the conversation about the Iraqi Dinar, I can also recommend a new board, the Investor's Iraq Forum or the new Iraqi Dinar Blog.

You all have made about 1700 comments to this post, which I've archived in order to keep bandwidth down. To keep history preserved, all previous comments are downloadable in this HTML file.

You can also find useful comments on the other thread More on the Iraqi Dinar Exchange Rate, but that thread is now closed, also.

The CPA insists that the Iraqi dinar is very stable. However, I'm uncertain how to interpret the short-term volatility. (Check out the pictures in the link).

UPDATE: The best collection of images and links on the New Dinar can be found at globalsecurity.org. A whole bunch of people are speculating on the New Dinar:

Steve Foran headed to Iraq in January for risky but lucrative work as a truck driver, running a fuel tanker on dangerous highways with a soldier riding shotgun and hopes of banking $60,000 or more for the year.
But now he thinks he has found an Iraqi payday that could dwarf his Halliburton contract.

Like thousands of other U.S. contractors and troops -- and stateside Americans drawn by Web pitches from newborn businesses with names like BetOnIraq.com -- Foran is taking a chance on the new Iraqi dinar.

Today, the colorful currency that replaced banknotes bearing the portrait of Saddam Hussein isn't worth much. A dollar will buy about 1,000 dinars -- more if you're in Iraq, fewer if you're sitting safely in the United States.

But next month? Next year? Once Iraq is a stable democracy pumping oil like nobody's business? Who can say what the payoff might be?

If you want to buy Dinar, many companies are selling internationally; see for example buydinar.com, and their FAQ on how to avoid scams.
Yahoo has an up-to-date history of the US Dollar - Iraqi Dinar exchange rate on the international markets.

For some recent history, here is the CPA's explanation of the currency exchange. At the runup to the end of the conversion in January, exchange merchants were discounting old dinars.
Categories: Iraq

1701 Comments

1 - 500 Newer Comments >>

Kevin Brancato | June 26, 2004 7:03 AM

Jason,
Nothing in the Iraqi central bank law stops a new exchange. However, it's a huge risk for the Iraqi central bank to have another "exchange" of notes (an exchange that would be impossible for Western speculators no longer in the region, who'd have to deal with middlemen).
The Iraqi CB has developed a decent (though not exceptional) level of confidence that their currency won't be subject to abuse--like a hyperinflation.
Vinnie's comment about Iraqis trusting the dollar is important; most developing nations use the dollar of euro as a hedge against the stupidity or venality of those who run their domestic currencies.
Personally, I don't think another exchange or even mismanagement is likely, given what I know about the head of the Iraqi central bank Sinan Shabibi. He's Western educated and has sound ideas on how to develop trust in a currency.


Chris Torwirt | June 26, 2004 9:03 AM

http://www.fatwallet.com/forums/messageview.php?catid=52&threadid=270766&lastpage=1
If you folks haven't found this chat (thread) room about the dinar, it is worth checking out. If you can weed through the personal attacks to extract the morsels of intelligent knowledge bites, you might be able to further explore your own questions. Honestly, these people are taking things too seriously. It's a gamble. That's it. Either something good will happen, or we end up with some really fun stocking stuffers. Continued good luck. I have my eye on a new Corvette when I get back to the states. LOL --Chris
In case anyone asks, if you want to take currency back to the states, and it is equal to or less than $10,000.00 US dollars, you don't have to declare it through customs. Any currency valuing 10K or more will have to be declared. I don't advocate hiding it to avoid customs.


J | June 26, 2004 2:04 PM

If it costs an Iraqi 45,000 dinar to buy a pair of shoes, all he has is a pair of shoes. Just because you have millions and millions of dinar does not make you rich when it isn't worth the paper it is printed on
Why I think the Dinar must return to prewar value of $.33.
This is an example of a man in Iraq that had one million Dinar before the second war.
Compared to the American dollar he would have $330,000.00 which would make him a very wealthy man in Iraq. When the war started the currency was rendered worthless because the country was under control by an outside power. ( The hand over of power back to Iraq is due to happen June 30th ) This man exchanged his one million old dinar for one million new dinar with the assumption that this currency would be at the value it was when the war started. This man still has one million Dinar but now it is worth $830.00 American Dollars right now. You have now taken every wealthy, successful business man, and destroyed everything he has worked for his whole life. How can the world expect this country to make it at all if the Iraqi Dinar does not open at prewar values? It will defiantly fluctuate up and down depending on the countries progress. And finally if you take all of the wealthy people in the country and tell them there money is worthless, and take the poor people with very little if anything at all and tell them they have nothing. What is going on in Iraq now, will look like a walk in the park. This people will really hate Americans.


Dan | June 26, 2004 2:09 PM

Is there any ideas out there as to how to get large amounts of Dinar into the U.S. to avoid paying large amounts of tax. If and when there is a large return?


Chris Torwirt | June 26, 2004 11:22 PM

Dan, if you're in the mideast with lots of dinar, and it becomes worth more than what you can take back without declaring it, you might have to open an international account here. Some of our KBR friends have already taken that step, optimistically assuming their dinar will be worth a lot. Here, the money won't be taxed. It has been explained to me that you don't have to pay taxes on currency when you exchange it, but it will be taxed if you put it into an American account, because you have to claim it as income when you file your taxes. There are experts out there on this...but I am not one of them. I know that if my dinar makes me rich, I will be opening an account here. I hope it's a problem I have to deal with! I would like to hear from an expert on this, too. Good luck!


K | June 27, 2004 1:12 AM

OK..its almost crunch time for this dinar thing. I am currently deployed with the USAF in Iraq, and alot of people are talking (particulary KBR) how well this dinar is going to do. "Doing well" to me is just hitting .50 cents. However, while I am hear in Iraq, I have been speaking to the Iraqis and they tell me that they dont think it will even open at .30 cents. They actually believe that the dinar won't move at all. As, I dont want to believe these people, their credentials speak for themselves...Bankers from the Iraqi Bank!!! I know that I am going to hold out at a million of this dinar, but I am just interested as to what people int he states have to say about this whole thing.


matt johnson | June 27, 2004 1:58 AM

i have bought 13 million dinar at $850 per million $11,050 u.s dollars worth, they way i see it i will sit on it for a min of 2 years, and hope hope hope. either i will regret buying them, or i will regret not buying more...i sure hope it's the latter


Muhammad Ismail | June 27, 2004 2:36 AM

hi,
would you tell me that in how many days the iraqi dinar rate will up. if you don't mind please infrom me by mail. thanx


David | June 27, 2004 6:05 AM

A few things. On taxes, to the best of my understanding, If you are a US citizen you must report all income from overseas weather its a business, capital gain, ect. or risk losing your citizenship. Ill look for an IRS link on this.
Me, Ill pay taxes.
Second, the latest rumor is that the Dinar must open at prewar levels. This is reported to come from a World Bank webpage but I cant confirm.
Some people are saying that it will open at that level for 48 hours each side of the turnover date. Again, I cant confirm.


Dan | June 27, 2004 6:30 AM

Cris, I hope that you just have to deal with it. I hope the same for myself. Not really sure just where to cash in over here if it does come out running. I'm setting about 2 days from anywhere. Which makes me frown when I read Davids post on 48 hours + -. Guess I would point towards Europe. Any thoughts


Jamel | June 27, 2004 12:02 PM

I was told by a very reliable source in Kuwait, that a KBR employee, went through the airport at kuwait and had 10 mil iraqi dinar that he did not claim. Kuwaiti customs took his dinar, and gave him $38,000 worth of kuwaiti money in exchange. Why would they do that if the dinar was not going to be worth anything in the near future? He made out for now, but long term he got screwed.


Jeff | June 27, 2004 5:30 PM

Hey, I bought 250,000 iraqi dinar while overseas in kuwait for $200 dollars. If and when this hit the "world market" where can I cash this into US dollars?



Over 1600 more comments here:

http://truckandbarter.com/2004/06/the-iraqi-dinar.html
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