My friend asked me to buy some Iraqi currency as its value is very low suffering the impact of the war on its economy. He said that if i waited for two years, when the value appreciate, i would get back 10 times the amount i invested. Is this true? I want to know your opinions.
He has showed me the notes and told me that it is genuine as he showed me some security features( passing it through uv light to show some markings) that certify the iraqi dinar is legit. The dinar is issued by the Coalition Provisional Authourity and its printed br De La Rue.
He himself has invested some money and asked me to do so. He says that i would get the dinar on the spot when i pay up so theres no chance that i would be cheated. He also say that Bush has plans to rebuild iraq’s economy and with its large oil reserve, it’s economy could be stabilized and then the dinar would be available in the international banks. I seriously need some experts view as im in a dilemma. There doesnt seem to be any way i can lose as the dinar is already in an all-time low and the only way is up. Moreover, im mot going to put much money in it, just a few hundred as im only a student and just want to do this as it seems better then buying lottery.
Bush fails at everything he does. You can write any plans he has off as failures, because he’s Bush.
Wrong, there’s no reason why things can’t get worse, and they likely will.
Besides, the whole idea reeks of either a scam or rather foolhardy speculation, what with all the “could’s” would’s" and “can’t lose’s”. Or in other words, if it looks to good to be true it is.
I bought some Saddam Iraq Dinars right after the war started. About 50 crisp bills of various denominations (I got a great deal on them). I don’t expect these to be worth a ton, I mostly got them for historical reasons.
If you plan on buying new Dinars, I would sink much into it. If it pays out at the end of the day, good for you. I suspect you’ll just end up with a handful of Dinar. Something for a scrapbook.
This may or may not be a good bet, but you should understand in no uncertain terms this is not investing. What your “friend” is suggesting is speculation or a form of gambling, though perhaps better odds.
I picked up a few older Saddam notes, and new Dinars on eBay ($30 US dollars worth, maybe). I gifted some, kept a few. It’s simply memorbilia for me though, I don’t expect them to perform. If anything, should stability occur in Iraq, they’ll likely come up with a newer form of currency anyway. I wouldn’t waste hundreds on such a thing.
I wouldn’t risk too much (or any, to be honest) of my money on this. A couple of years ago, this same rumor started with the old Saddam notes and people snatched them up, but the boom never happened and I think those notes are no longer redeemable.
I have wads of the old notes and the new ones just because I never bothered changing them back into US. Another problem is conterfeiting. You deal in such wads of cash that its pretty easy to slip fake ones into the hay bales you use to buy stuff.
Investing in Iraqi bank notes is essentially investing in Iraq. In my opinion, the country is sliding into failed statehood, in which case you will likely be left holding valueless paper.
First off, let’s assume everything comes up roses. The Spice flows from the desert and the Iraqi economy blooms. People talk about an economic miracle. The President of the US can arrive on a scheduled visit, perhaps on a flying pig. OK, so you got a fistful of dinars. Now the heck you going to do with them? Know anyone in your neck of the woods who trades in dinars? Heck I live next door and I would have a time pawning them off.
You are buying at retail prices, but will be selling (if you find a buyer) at wholesale prices.
Let me put it another way. I am betting on the euro. All my local accounts are in euros. I do not keep actual euro notes in my pillowcase. If you want to play the dinar, open a dinar account somewhere. Why should you have a pillowcase full of actual dinar notes?
Next, the notes are widely counterfeited. Some collectors actually seem to be on the lookout for obscure fakes. That cannot be good.
On the other hand, the white horses (a traditional Iraqi theme) look nice. I got some. In a scrapbook.
because the vendors might not be in business.