June 16, 2004
The Iraqi Dinar Exchange Rate
By Kevin
THIS THREAD IS NOW CLOSED. FOR POSTING NEW COMMENTS ON T&B, PLEASE USE THE NEW POST HERE.
Here are links to the three previous Iraqi Dinar posts on T&B:
1) June 16, 2004 - June 27, 2004
2) June 27, 2004 - November 6, 2004
3) November 6, 2004 - April 11, 2005
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.If you want to buy Dinar, many companies are selling internationally; see for example buydinar.com, and their FAQ on how to avoid scams.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?
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.
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