The Iraqi Dinar Exchange Rate

By Kevin

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.

-- June 16, 2004 2:14 PM |

Comments

Kevin Brancato wrote:

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.

-- June 26, 2004 7:03 AM ∞

Chris Torwirt wrote:

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.

-- June 26, 2004 9:03 AM ∞

J wrote:

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.

-- June 26, 2004 2:04 PM ∞

Dan wrote:

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?

-- June 26, 2004 2:09 PM ∞

Chris Torwirt wrote:

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!

-- June 26, 2004 11:22 PM ∞

K wrote:

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.

-- June 27, 2004 1:12 AM ∞

matt johnson wrote:

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

-- June 27, 2004 1:58 AM ∞

Muhammad Ismail wrote:

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

-- June 27, 2004 2:36 AM ∞

David wrote:

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.

-- June 27, 2004 6:05 AM ∞

Dan wrote:

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

-- June 27, 2004 6:30 AM ∞

Jamel wrote:

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.

-- June 27, 2004 12:02 PM ∞

Jeff wrote:

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?

-- June 27, 2004 5:30 PM ∞

Shaun wrote:

Even if the ID goes up to .10c p/d (hell even .01), it will still make me happy. Thats still a pretty good return on your initial investment.

-- June 28, 2004 1:48 AM ∞

abdullah wrote:

I have couple question i need some help with them. 1) Is iraqi dinar already Opened in Marke yet. 2) on July 1 how can i see the change in the Rate . can you guied me in a good site .

-- June 28, 2004 5:15 AM ∞

Jackson wrote:

another Qustion how come Iraqi dinar was fixed at this rate 1 (US) = 1455 (IQD). I hope not move up and down you son of bitch.

-- June 28, 2004 5:18 AM ∞

Jamel wrote:

Iraq took over it's government today! Two days early. Let's see what happens soon.

-- June 28, 2004 7:44 AM ∞

bobby wrote:

i need to know a site that tells me the exchange rate for iraqi dinar in real time if possible this is very very very important

-- June 28, 2004 10:02 AM ∞

ann wrote:

It's super important to me too!! I'm trying to get my husband home from Iraq. I've got my fingers crossed that this pans out. We plan on exhanging half and sitting on the rest.

-- June 28, 2004 11:35 AM ∞

bdb wrote:

type "iraqi dinar exchange rate" into a search engine like google or yahoo.

it will take time for things to get set up ... that's just reality.

-- June 28, 2004 1:15 PM ∞

Lia wrote:

My husband is in Iraq and has sent me some dinar. I live in Canada and I have no idea what to do with it when it is possible to exchange it. Do you have any ideas where I can find out?

-- June 28, 2004 2:31 PM ∞

John wrote:

I also purchased dinar in Iraq while working for KBR. A little over 7 million. I found a Coalition Provisional Authority site that was linked to a Central Bank of Iraq site that had an exchange table on it that showed every days rate since the 1st of the year. The address was www.iraqcoalition.org-fx_tables.xls I hope this is a useful site for everyone. It may not be the best site, but it's somewhere to start. And since it's from Iraq's bank, it should be the proverbial horses mouth...I hope.

-- June 28, 2004 2:44 PM ∞

killerd. wrote:

Is there anyway to get Dinar to the u.s for around the exchange rate? 1,300 per million is rape.

-- June 28, 2004 2:55 PM ∞

mike wrote:

i am a marine in iraq and i was wondering if you have any up to date sites that have the currency of the dinar and if you could send them to me thanks

-- June 29, 2004 4:19 AM ∞

Irum wrote:

In my opinion New Iraqi Dinar will be fixed not more than US$1000 = 1 Million Dinar.

The main reason is that, many people invested in NID which goes in trillions. So, if 1 NID = US$0.5 then this will quite a huge amount which cannot be accumulated.

In fact, there is a huge chance that New Iraqi Government will again change new dinar and re-fix its rate at 1 NID = 1 US$. And a big chance that currently new iraqi dinar will again replace with 1000 dinar to 100 or 50 New Iraqi Dinar.

ASIAN RESEARCH DEPARTMENT.

-- June 29, 2004 8:33 AM ∞

Henry wrote:

Irum, how can this be? Do you say everyone in Iraq who had to equalivant of 10,000 dollars will now only has the equalivant of 500 dollars since the coalition forces liberated them? This does not sound like a good plan to me.

-- June 29, 2004 9:17 AM ∞

Matt wrote:

Where oh where can I cash in my dinars? Where oh where can I get my money after it opens on the market of course? Also, how are we going to know when it opens on the market anyway?

-- June 29, 2004 10:45 AM ∞

Matt wrote:

I have purchased almost 3 million NID, some from Iraqis and some from online. I was very worried that I would not be able to exchange them back to dollars. This morning I visited HSBC and they will exchange them however you need an account with them. I sill have not figured out about taxes and other things like that. Anyone have some info about that?

-- June 29, 2004 10:53 AM ∞

abdullah wrote:

The best Place to keep track in Iraqi Dinare Rate either In life channels , example arabian CNBC financial news (MiddelEast) , 24 hr or Yahoo financhial try this URl http://finance.yahoo.com/currency?u (website)

-- June 29, 2004 11:23 AM ∞

Sean wrote:

Greetings. I have been tracking the dinar on oanda.com and this company reports an average of 100k dinar is equal to 335k USD. I contacted their customer service department and it they report that it is a correct quote, but it seems unlikely to me. Does anyone know whether they are perhaps assuming this on the Kuwait currency. It has actually fluctuated down 5K and back over the last 2 weeks. Give me some insight to this, does anyone know if this is a credible comp? Thanx.

-- June 29, 2004 1:42 PM ∞

bdb wrote:

this is an investment ... it will take time ... this is an investment ... much better than wasting money on a michael moore crocumentary ... this is an investment ... this is an investment ... infrastructure takes time to build ... infrastracture takes time to build ... will you be a us$ multi-millionaire overnight ... maybe not, but you have to look at this as an investment compared to other investments like a large cap mutual fund or bonds or real estate. maybe we don't become multi millionaires because of our purchases in dinars ... but maybe it will be better than if we took that same money and bought a vanguard or fidelity mutual fund. well, at the very least, my landlord is painting my apartment next week and at worst i'll have some interesting wall paper :-)

-- June 29, 2004 1:55 PM ∞

shelley wrote:

I have also been looking at the oanda.com web site and can't fiqure it out. I would love to know what's up with that. Also, when I go to the yahoo site. The most current date it gives me is June 14th. Anybody else?

-- June 29, 2004 2:38 PM ∞

abdullah wrote:

i wish we could have that web site that was designed only for latest news of IQD , cause most of those sites that say alot of good stuff about IQD make you buy more and more at the end those people trying to sell IQD inorder to make alote of dollars for small investors like us in addition to that what we have seen the IQD is tabbel for the last 3 monthes. bdb i think you are right its long term investment it won't produce a good results in the short run. some people where talking about Kwiti dinar but what about the lebanies liyra after the war stopped over there we haven't seen any improvment in the currency and know people there are using dollar instade .. umm i hope it won't be the same cause the Oil that Iraq has and that is the different.

-- June 29, 2004 2:39 PM ∞

lr02 wrote:

I called an International bank in Oklahoma and was told that they will not exchange Iraqi dinars and wasn't sure when or if they would. I have not been able to find a bank in the US that would but that also could be because I don't really know where to look. I also am confused about taxes. Do you only have to pay taxes on it once it has been exchanged to US dollars? I AM SO CONFUSED!!!!!! Anyone with answers (FACTS) please, please,please respond!!

-- June 29, 2004 3:08 PM ∞

Alan wrote:

You Guys gonna cry after your ¨"investments" in NIQD. IMF will never accept to clean the debts of Iraq, the religeous tribes gonna make civil war and only the iraqi market will work in Dollars, so.... sleep good tender babies...

-- June 29, 2004 3:08 PM ∞

abdulla wrote:

Alan IMF you might be right but today the second day and we haven't seen any thing happened yet its smooth down there , Ir01 am supprised in Oklahoma they don't exchange Iraqi dinar !! I am from Qatar and i can buy Iraqi dinar and sell them acording to the world markit Rate at any exchange store and listen to this free of taxes . But i think what you have to do if you got a big profit come to Iraq and cash them.

-- June 29, 2004 4:13 PM ∞

dave wrote:

you are having trouble finding banks to exchange the NID because it isnt on the open exchange market yet. it will be in a few months, i would surmise

-- June 29, 2004 4:16 PM ∞

Jared wrote:

Alan, the debts to the IMF are being analized and will be lowered after a meeting of the G-8. 67% to 95% of the debt could be wiped out.

The IMF is not the "say all" of the financial world. It's a political structure that uses creditors world wide to fund it's projects. If the G-8 picks a number, IMF will apply it, and then the IMF will work with Iraq on a micoeconomic plan. Stability will come in time and then it will be you crying for not having invested in the future of Iraq.

-- June 29, 2004 4:42 PM ∞

ann wrote:

I've seen oanda.com also...I only wish that it was true. Anybody know why it's like that?

-- June 29, 2004 4:54 PM ∞

Stephen wrote:

I had just purchased a very small amount of dinar almost 100,000, which ran me about $80. The reason I didn't spend $500 or any more is becuase im worried about the current dinar just being script money. Just like previous comments people are saying that this is an investment, and it takes time. But if the dinar changes and the current dinar is just as worthless as saddams dinar the investment is shot. What guarantee do I have that the dinar will not change. The reason I am asking is becuase the dinar CASH is made in the UK and the States, 3-5-10 years from now if Iraq is stable they might be actuually making their own money. If thats the case who is to say they wont change the dinar cash to something completely different. Rendering ours worthless

-- June 29, 2004 6:22 PM ∞

john wrote:

For those of you who are asking about the OANDA Dinar pricing...It's showing pre-Desert Storm values which is why it's so high. Now, read carefully. If you want to know the "current" exchange rate on the Dinar, here's what to do. First, go to the "horses mouth" so to speak. That would be the Central Bank of Iraq. How do you get there you ask? www.iraqcoalition.org then scroll down the links on the RIGHT side to dinar exchange rate. Click on it. then the banks site comes up and click on exchange rate again. this will take you to a table showing you every days exchange rate this year to date. So far, the only place/person I have found stateside that will be a contact for the exchange back to dollars is one of the brokers that's selling them. I'm going to be contacting banks down in the Cayman Islands and Bahamas since they routinely deal in International currencies and see what I can find out. I wuold suggest that any of you who are truly serious about thier Dinar do the same. Don't wait for answers to come to you. Get out there on the web and research,research,research!!

-- June 29, 2004 7:14 PM ∞

tony wrote:

currently has of today the iraq dinar is worth 1460 to 1 u.s dollar so if you have a 25,000 dinar note just divide 25,000 dinars by 1460 you get $17.12 i know this cause i have tons of family in iraq and i currently own 10 million dinars i bought them very cheap back when for 1 u.s dollar you would get 4000 dinars..now for 1 u.s dollar you get 1460 dinars.if anything big happens in the price i will post.

-- June 29, 2004 9:54 PM ∞

shelley wrote:

John- I followed your instructions about going to the iraq coalition web site but could only find up to date exchange rates as of the 27th of June and not for the last 2 days- am I missing something! Thanks

-- June 29, 2004 10:28 PM ∞

nick b wrote:

i would just like to say that this site has been a big help to, i most of us for learning about where we spent our money at. I only spent $250 but my whole family spent bout $4,000. my belief is when we return hussein the nid will go up in conversion price, just my gut feeling, i guess will find out soon if it'll spike or be long term, lets all hope for the best.

-- June 29, 2004 11:14 PM ∞

bdb wrote:

from what i've been able to research, the alan greenspan like guy in iraq (don't recall his name) is in europe meeting with other central bankers ... bringing a currency, or to be more clear, an entire economy, back into the world economy is not something you do with the flick of a switch. it's international agreements (e.g. legal contracts), it's infrastructure (e.g., people and information systems).

it's like if you find oil in the ground you can't use it in a car right away ... it has to be refined / processed ... that's something that takes a while, especially if you don't have the pumps or the infrastructure to handle it.

microsoft didn't make it's early investors multi-millionaires (or billionaires in some cases) in a day. neither did ibm or wal-mart.

HSBC, Standard Chartered, and another bank have permission to set up operations to trade the dinar. Having permission and being able to implement the trade are separate things. Getting a piece of paper signed that says "You can do X, Y, and Z" doesn't take very long. Being able to do X, Y, and Z on the other hand, take some time.

well, now i'm off to bed (in eastern part of u.s.).

oh yeah, and about taxes ... i don't know as i'm not an accountant but my guess is that it's like any other investment (long or short) and that it will be taxed. and then of course if shillary has her way "We're going to take things away from you on behalf of the common good."

http://www.sfgate.com/cgi-bin/article.cgi?file=/news/archive/2004/06/28/politics2039EDT0165.DTL&type=printable

-- June 29, 2004 11:17 PM ∞

gattison wrote:

i have been reading the postings on this site and alot of ppl want to know what the deal about taking IQD back to the states in large amounts. well the thing is u can only take back $10,000 USD or an equavalent of that in IQD.

-- June 29, 2004 11:36 PM ∞

abdullah wrote:

whom to trust The coalition site or The world Market I know Its littel difference but contradetion in coalition web site it says NID = 1460 to 1 UD while in mostPlaces it says NID = 1455 to 1 UD !! that is weard .

-- June 30, 2004 2:17 AM ∞

Ryan wrote:

How much IQD can you take from the US to Iraq to cash in? I should be over there in a few months and hopefully that will be the best place to make a return. The only problem will be walking around with a lot of USD. Is there a way to send cash back to the US to deposit?

-- June 30, 2004 2:58 AM ∞

SJW wrote:

I called the phone# for listed at oanda.com this morning 6/29/04 and asked if the FXconverter on their site was correct for Iraqi donar to US$. He said it was not. I then asked him if he knew what the exchange rate was...he said it was 1600 to 1 US$. I'm not sure if that's true but he said that came from the Bank of Iraq. I hope that's not true because that means I paid twice as much for my Dinar then it worth today.
Anyone know what the rate really is? Every converter I check on the web gives different rates.

-- June 30, 2004 3:43 AM ∞

abdullah wrote:

SJW 1600 is too much for iraqi the exchange down here where do i live its 1455. They are to make mony out of it

-- June 30, 2004 4:09 AM ∞

SJW wrote:

abdullah I'm new at all of this. If I have 1,000,000 IQD how much is that worth in USD? Do I divide 1,000,000 by 1455 to get the exchange rate?

-- June 30, 2004 5:20 AM ∞

abdullah wrote:

SJW no problem bro
to begin with , the Official exchange rate is 1 USD = 1455 Iraqi dinar . so if we divided 1000,000/1455 = 687.29 after rounding that means each $687.29 = 1000,000 Iraqi dinar and that should be the Official figure . beside that it's rep off.

-- June 30, 2004 5:57 AM ∞

abdullah wrote:

I agree that they would have to release lower denominations as the price of the Dinar rises. I just hope that they don't eleminate the 25,000 Dinar note. But I think they will have to. What good is a bill that is valued between $7,500 (at $.30 per dinar) and $75,000 (at $3.00 per Dinar)?

I hope if they eleminate the 25,000 ID note they will do it by gradual replacement much like the US replaces worn out bills.

-- June 30, 2004 6:09 AM ∞

jose wrote:

Where can i obtain todays exchange rate?

-- June 30, 2004 8:19 AM ∞

dave wrote:

you guys are making me start to sweat having the 25,000 dinar notes. i should have purchased some 5,000 dinar notes (i had a chance to), but didnt.

i guess we just have to keep up on the currency situation and get rid of them if need be when the time comes.

-- June 30, 2004 9:41 AM ∞

Chris Torwirt wrote:

Jose, this is one of the better exchange rate sites I have found on the web. Yahoo also has one. There has been no movement on the dinar. In fact, it doesn't appear that any calculations have been made since around 14 June. You can also go to the U.S. Treasury web site and access current exchange rates there. Today, they still listed the dinar at 1421...lower than most of the other sites. If you follow the link I attached, you will be able to stay up on the rates. Good luck my friend.

http://fxtop.com/en/cnvhisto.php3?A=1%2C124%2C500&C1=IQD&C2=USD&DD=18&MM=06&YYYY=2004&B=1&P=&I=1&btnOK=Go%21

-- June 30, 2004 9:51 AM ∞

tony wrote:

OANADA FINALLY UPDATED THERE EXCHANGE RATES HAS OF THIS MORNING SO NO MORE CRY'S HAS TO WHAT ITS WORTH AND WHERE TO LOOK GO TO THERE WEBSITE!!

-- June 30, 2004 10:01 AM ∞

Jared wrote:

If the 25K note is to be removed, they will probably start by not minting any more of them and let them gradually disappear. They are the most expensive of the notes to make, but are very secure.

As far as minting bills, they are currently made outside of Iraq at 6 different locations. Once the Central Bank has a handle on things, the plates will all be sent to Iraq and they will be the only minters of their dinar, unless of course they want to out-source the minting for a few years.

I don't see the dinar as being a "script", even though they call them Bremmer Dinars, it was the council that picked the designs (which are pretty much the same as the old ones). Iraq needs to build credibility and replacing the dinars again woudl be a big mistake. The logistics are enormous and costly. I think they will stay with these as they are a much better quality and have security. I just don't think that they will keep the 25K notes. I think they will stop minting them and then banks will keep them as they pass through to take them out of circulation.

-- June 30, 2004 11:54 AM ∞

john kingsley wrote:

shelley...yes I too noticed that the Central Bank of Iraq site hasn't updated since the 27th. Might have something to do with the gov. handover. I' just keep an eye on it a couple times a day and see what happens. But at least it's still probably the most comprehensive site for tracking what it does so far. Like most, I expect this to be a slow process but in the long run, worth the wait.

-- June 30, 2004 12:31 PM ∞

abdullah wrote:

MAX what they have said about The dinar , i tried oanda.com but nothing regarding iraqi dinar, can mention the link to that artical i will be thank full.

-- June 30, 2004 3:30 PM ∞

Andrew wrote:

Question for All -

So, has anyone read anything official or found any reliable information on when the ban on exchanging Iraqi dinar for US dollars at commercial banks within the US and Canada (and many other countries in Europe) will be lifted? I believe this is the same milestone mentioned above when the "dinar will be released to local banks worldwide". I'd imagine the interim Iraqi government and official government, which will be established following the elections scheduled for Jan. 05, will certainly want to work to remove these bans, etc. as quickly as possible to encourage integration of the Iraqi economy with the larger international economy.

Thanks, and please keep the insightful info. flowing!

Andrew

-- June 30, 2004 4:04 PM ∞

Todd wrote:

Does anybody know roughly how much Dinar was in the Iriq economy before the new dinar was printed? because if they print the same amount and redistribute it on a one to one basis I don't see any reason why it shouldn't reach at least pre war value eventually.

I wonder how much Counterfit dinar was printed. And how picky the banks are about accepting it and exchanging it for the new dinar? This certainly could affect the future value.

-- June 30, 2004 4:15 PM ∞

abdullah wrote:

The Iraqi dinar yesterday(29/06/2004) was 1 USD = 1455 tody(30/06/2004) 1 USD = 1460 that i hope it won't stay like that for long period like it did with 1455 but. so it's going down agnist the dollar.

-- June 30, 2004 4:33 PM ∞

jamie wrote:

I don't know what exchange rate you are looking at or through what company, but yesterday I found the exchange to be 32 US cents to 1 Iraqi dinar. Give it more time. Once the US has established domestic relations with Iraq then you will be able to change your dianrs in the us. it may take a few months though. Or just fly to france.

-- June 30, 2004 4:38 PM ∞

abdullah wrote:

Jamie the site that i pick up that latest exchange rate is http://www.portaliraq.com/iraq-dinar-report.php?PHPSESSID=be4d02ceba40003c92cdc4fedd80d653
1 USD = 1460 IQD, i know i am too hyper for iraqi dinar because this my first investment in my life beside that i bought $25,000,000 can you imagin all cash scatered in my bed room too much mony. and thats why i am too hyper so any slite change in the exchange rate will put me in bank rupcy and that's is alone not extra mony..

-- June 30, 2004 4:45 PM ∞

abdullah wrote:

i ment 25,000,00 ID sorry . correctio to my prev comments

-- June 30, 2004 4:48 PM ∞

mallory wrote:

When Iraq gets stable and the world begins to except the new dinar then the exchange rate can only go up...it can't go down (i guess it could, but i don't think it will)...so the way i look at it is be patient and we will get some kind of pay off, big or small, we'll get something. just be patient my friends!!!

-- June 30, 2004 5:11 PM ∞

Max wrote:

Abdullah

I just checked the exchange rate by putting in my total amount of dinars i have and seeing how much it would be in USD. i think the link should say something like FXCONVERTER or something like that.

-- June 30, 2004 5:56 PM ∞

Max wrote:

http://www.oanda.com/convert/classic

here's the link abdullah

-- June 30, 2004 5:58 PM ∞

ZipMcCocup wrote:

when you guys think we will be able to exchange the money for good'ol american dollars

-- June 30, 2004 5:59 PM ∞

melly wrote:

Where can I purchase the dinar online? Are you sure the money will be authentic from these sites?

Thanks!

-- June 30, 2004 6:02 PM ∞

ROBERT TURNER wrote:

YOU SEEM TO BE RIGHT ON WITH THE VALUE BUT IF YOU LOOK AT OTHER WEB SITES, LIKE DAY STAR TRADING, HE HAS THE VALUE WAY LOW.
STILL PEOPLE ARE BUY DINARS IN BUNCHES.
I THINK WHAT THE REAL QUESTION WOULD BE IS WHEN WILL IT START BEING TRADED ON THE OPEN MARKET AND FOR WHAT PRICE?

-- June 30, 2004 6:15 PM ∞

tony wrote:

purschase from ebay look for 2 main sellers on called dima89 and one called j.b trader those are the 2 biggest dinar sellers online one even has his phone number if you have any questions

-- June 30, 2004 6:16 PM ∞

abdullah wrote:

ok MAX that what http://www.oanda.com/convert/classic says
1 US Dollar = 1,460.00 Iraqi Dinar
1 Iraqi Dinar (IQD) = 0.0006849 US Dollar

so lets do more calculation if we ultiply both sides with 1000,0000 we will end up with -->
1000000 * 1 Iraqi Dinar = 1000000 * 0.0006849 what we get is

1000,000 Iraqi Dinar = 684.9 USD

if i did understand you Max.

-- June 30, 2004 6:32 PM ∞

tony wrote:

keep in mind before this war some 460 days ago that 1,000,000 dinars would have been worth $330,000 lol

-- June 30, 2004 7:03 PM ∞

tony wrote:

by the way you guys wana know whats going on day to day in iraq wheather is reconstruction of something finanacial wise? go here

http://www.rebuild-iraq-expo.com/news.asp

-- June 30, 2004 7:05 PM ∞

Will wrote:

To answer the question about taxes on IQDs: Your IQDs represent wealth, not income. The US has an INCOME tax--there's no such thing as a wealth tax. So, if you hold on to your IQDs and let them appreciate in value for an interim period, you won't have to pay any taxes on them until you exchange them for US dollars (just like selling shares of stock). Note: I double-checked on this with an IRS agent before I wrote this.

-- June 30, 2004 8:22 PM ∞

tony wrote:

by the way dont forget once the dinar is welcomed on the market you can also exchange them at your local currency exchange doesnt have to be a bank

-- June 30, 2004 8:39 PM ∞

kelly wrote:

i have done homework like will and he is right. my bank also has a in house currency exchange that will exchange them (as long as they dont come back counterfeit) in house to us dollars. you are responsible for reporting the amount you make. the bank only reprts the exchange of currency. there are also many overseas accounts that will except the currency and are paying good interest (tax free) for your money. there are many on the internet but as with evertything else do your research first. there are many scammers out there. also a sidebar swiss bank accounts are not as good as they was were since 9-11. the better choices i have found are in austria or lichenstein. good luck

-- June 30, 2004 9:34 PM ∞

rick wrote:

wow the NID has went up since i bought it. I paid $150 for a mil two days after it came out and already its worth over $600.

Getting over on taxes can be easy. Open an account at a bank inthe middle east (www.nbk.com) and when the ID hits the market and your ready to exchange let the bank exchange it and you will have a ATM card full of money.

I really dont care if its nextweek ortomorrow when the money is worth alot. it is a small investment that i have the opertunity to capitolize on if it works out in my favor it does.. if not then not... anyone play the lottery??? over a period of time have you spent at least $150. ??? get my point. if its not for my future then it wll be for my childrens!!!

have a great day boys... Go Iraq its your country!!!

-- June 30, 2004 11:08 PM ∞

Jay wrote:

Doesn't the Bank of Kuwait have a bank location in New York City?

-- June 30, 2004 11:53 PM ∞

abdullah wrote:

Thanks tony for that great site. http://www.rebuild-iraq-expo.com/news.asp

-- July 1, 2004 2:20 AM ∞

tony wrote:

no problem

-- July 1, 2004 2:26 AM ∞

Ryan wrote:

Does this have anything to do with capital gains???

-- July 1, 2004 3:09 AM ∞

Rizwan wrote:

Here is a calculation..... once old dinar that is saddam dinar exchanged (15th Jan 04) it was 1 old dinar equals 1 new iqd and 1 swiss iqd which was quoted as 33 cents at oanda was exchanged for 1 swiss iqd equals 150 NIQD.....now replace the one swiss iqd with 33 cents..... it will be 33 cents = 150 NIQD therefore NIQD 0.22 cents.... i think this will be the opening value of NIQD.......any comments

-- July 1, 2004 5:02 AM ∞

abdullah wrote:

Rizwan the problem not the calculation you might be right or wrong but the big 'O question is when is the Opening day !!!!!

-- July 1, 2004 5:43 AM ∞

Irum wrote:

Hi gals/guys,

The New Iraqi Government is in consideration to introducing again NEW DINAR.

The Dinars print by DeLaura would becomes CANCELLED.

However, there is no such information we have that the Government will exchange upcoming currency with DeLaura's money or not.

If NOT, then all people may be in trouble.


IRUM ALI KHAN
ASIAN RESEARCH DEPARTMENT

-- July 1, 2004 6:09 AM ∞

Jay wrote:

Well, someone better tell the Central Bank of Iraq because I have been in constant contact with them and several other banks in Iraq and all of them said the Bremer dinar is here to stay!

-- July 1, 2004 8:00 AM ∞

Kyle wrote:

I'm not a currency expert, but what are the chance's of changing the dinar's face value. Kuwait's largest bill is like 500 dinar. Seem's insane to have a 25000 dinar note that when the exchange rate hits at let's say 1USD which would be equal to $25,000 USD. That's unheard of isn't it?
I suspect either new denominations will be printed or the .31USD exchange rate is very optimistic and realistically it may only hit at at .03USD.

Just a little nervous before I begin investing more money. The more we know about the history of currency the better we'll have an idea as to where it's headed.

Any thoughts?

-- July 1, 2004 9:25 AM ∞

Jared wrote:

I doubt the new leadership will change the dinar again. It costs a lot of money to do that. If they do in the future, they will probably do it like we did with the new $20's, gradually phase out the other ones. Iraq needs to show the world that they are stable. Changing the dinar again would hinder that.

The outside contractors printing the Dinars have to give the plates to the ICB as soon as they are ready to take over printing, this was part of their contract. The new bills are tougher than the old ones, the old dinar ripped very easy and was lucky to hold up for 1 year. The Iraqi governing body picked the designs, not Bremmer and the Central Bank is very happy with the durability of the new bills. I doubt they will move from them any time soon.

As the NID increases in value, I think you will see a phased removal of the 25K and maybe the 10K notes. I think they should have made a 500 and a 2000 instead of those two. I'm not sure what they are doing for coinage, but they will need something to cover the 5 and 1 increments.

-- July 1, 2004 9:28 AM ∞

David wrote:

Many have emailed me reguarding my post several days ago about Dinars for about $690.00. Heres the address of one of the exchanges I use in Kuwait:

Al-Ekasad United Echange Company
Makka Street Branch No.3
Salman Al-Dabous Bldg. Shop #5
P.O. Box: 437 Souk Dakheli
Code# 15255
Fahaheel, Kuwait

Telephone# 39281 45/3921 390
I took this information directly from the reciept. So I would call for the exact mailing address.

Let us know what prices are current.

-- July 1, 2004 9:31 AM ∞

Nick wrote:

I have a contact in Jordan who is very flexible and competitive with his rates. Go to iraqpapermoney.com and leave an email that Nick sent you. Go to the "contact us" icon at the bottom right of the screen. Thanks a million.

-- July 1, 2004 10:13 AM ∞

Skid wrote:

To those people wanting to find the current exchange rate for the Iraqi Dinar. You can go to CBI's website or go to www.xe.com, select full currency converter and plug away. I have been watching it and so far in the past three days the dollar has weakened (minutely) against the NID or IQD, that could be due to the Fed's recent decision (I don't know). Yahoo's latest market rate was dated 14 June when I checked yesterday. I care not to speculate on the in's/out's of the IQD, so I won't. Just remember, the people selling the New Dinar are doing just that, selling. Therefore they will throw there "sale's pitch" at you. You never hear a car salesman say, "Wow, this is a wonderful car, it suits you great. I just want you to know that it'll probably need major service in five years when you don't expect it. And it probably won't be covered by the warranty." Use your head when you buy the Dinar. Like many other people have said, if you have the money to invest, then do it. If you don't have the money, don't try to invest and put yourself in financial trouble. Take care all. Good luck.

-- July 1, 2004 10:45 AM ∞

Will wrote:

Guys, a request: If anyone hears of any news about the new IQD, e.g., special announcements in the media about it coming on the market and/or sees any official significant fluctuation in the value of the new IQD, e.g., rising or falling a few points, please blast it out onto this forum for everyone's benefit (probably goes without saying-hope I'm not showing my ignorance). May want to include the website from where you got the info, to include any news websites. Thanks.

Ryan-your question about capital gains: The appreciation in value of the IQD represents the capital gains. Again, the tax, i.e., the capital gains tax, you would pay on the IQD is only after you convert them to USD. Not sure what the capital gains tax is nowadays. Does anyone know ?

Jay-the National Bank of Kuwait does have a branch in NYC. Shows it on their website: www.nbk.com

-- July 1, 2004 12:01 PM ∞

Kyle wrote:

I suppose then if they change the currency, then it's dependant on if it's traded in the markets at that time if we can exchange the currency local or only in Iraq.
Seems to me the only risk we're taking is whether or not this will become internationally traded currency. That's my main worry.
I think the political and social issue's will work themselves out.

-- July 1, 2004 12:53 PM ∞

skillit wrote:

David how would you call that 39281 45/3921 390
number here in the us?

-- July 1, 2004 1:07 PM ∞

Reaganomics wrote:

TO ASIAN RESEARCH DEPARTMENT...stop spreading lies.

With that being said, I do not believe the exchange rate will be set to pre-war levels. I think a range of .01 to .05 cents is more reasonable. And even at those levels, one would stand to gain an enormous profit. I am not greedy, so I'll take a penny.

-- July 1, 2004 1:25 PM ∞

Angry Customer wrote:

Buyer Beware - Do NOT buy from First Dinar Financial Group. Over three weeks and still no delivery!! Had to cancel and file a DISPUTE to try to get my money back.

-- July 1, 2004 1:48 PM ∞

JAVIER wrote:

I BELIEVE THE CAPital gain is at 28%. not sure but i've heard most of the people mentioning that.

-- July 1, 2004 2:09 PM ∞

Javier wrote:

As far as buying on ebay, DO NOT !!! i repeat again DO NOT!!! buy from this ebay seller,
omanfrankincense,,, this is his ebay name.
his email, pearlgroup@yahoo.com. he's a rip off, a scam artist.

-- July 1, 2004 2:15 PM ∞

javier wrote:

heres something very interesting on this site it says the dinar is at 0.311181 on june 30th. heres the website:

http://www.exchangerate.com/world_rates.html?letter=I

-- July 1, 2004 2:21 PM ∞

montana wrote:

Buyer Beware - Do NOT buy from First Dinar Financial Group. Over three weeks and still no delivery!! Had to cancel and file a DISPUTE to try to get my money back.

Why would you pay 1250 per million of dinar.. We sale them for 1140/mil an you can even find cheaper if you look around.

-- July 1, 2004 2:21 PM ∞

Javier #2 wrote:

The Best Ebay Dinar seller is DIMA89, fast delivery and good service all around!

-- July 1, 2004 2:23 PM ∞

JAVIER wrote:

as far im concerned i will not buy anymore via-internet why you ask? because if you buy currency and the money increases in value, they will definetly not send you the money. So my advice is find someone locally that sells it where you can personally pickup the money yourself.

Just my opinion.

-- July 1, 2004 2:34 PM ∞

John wrote:

I have checked on the exchange rate for the Dinar, and Yahoo has not updated or changed the exchange rate since June 14th. It doesn't seem very up to date to me being today is the 1st of July.

-- July 1, 2004 2:54 PM ∞

tony wrote:

dont bother with that web site exchange rate they still have the old rate where the dinar was worth $3.12 per 1 u.s dollar go to oanada its been up dated today it is still worth 1460 dinars to 1 u.s dollar.

-- July 1, 2004 2:58 PM ∞

Angry Customer wrote:

Hi Montana -- It was less when I ordered them three weeks ago. I found a much better price from a reputable dealer and got what I needed, but still had to fight with this guy. Just a real inconvenience... Thanks!

-- July 1, 2004 3:04 PM ∞

abdullah wrote:

Last month on 14/06/2004 the Iraqi dinar make very strong improvment that the exchange rate was as follows :-
1 IQD (Iraq)=0.0012 USD (United States) 1 IQD=0.00125 USD
1 USD (United States)=800.0631 IQD (Iraq)

the prev day which was the 13/06/2004 the exchange rate was as follows : -
1 IQD (Iraq)=0.0007 USD (United States) 1 IQD=0.000673 USD
1 USD (United States)=1 485.7338 IQD (Iraq)

and the day after the 14 of june which is the 15/06/2004 "da" the exchange rate was as follows :-
1 IQD (Iraq)=0.0007 USD (United States) 1 IQD=0.000675 USD
1 USD (United States)=1 481.0726 IQD (Iraq)

the summery ..
if you exchange your mony on the 14/06/2004 you could made big cash . to prove my self url http://fxtop.com/en/cnvhisto.php3?A=1%2C124%2C500&C1=IQD&C2=USD&DD=15&MM=06&YYYY=2004&B=1&P=&I=1&btnOK=Go%21

people buy Iraqi dinar Its Excellent Investment.

-- July 1, 2004 3:25 PM ∞

mallory wrote:

does anyone have a guess at when the opening day will be for the dinar to hit the world market?? will we have to wait for the world bank to get set up in iraq first?

-- July 1, 2004 3:48 PM ∞

M&M wrote:

The "Horses Mouth" for Dinar exchange rates:

http://www.iraqcoalition.org/exchange.html

-- July 1, 2004 3:56 PM ∞

M&M wrote:

Hi Mallory -- Read this the other day on an earlier blog. Makes a lot of sense compared with everything I've read in the last 6 weeks. One of the traders sites changed their "July" speculations to "November" this morning.


From Jared:
The World Bank has not yet moved into Iraq. The currency will not be on the market until the World Bank is in place. WB is expected to be there by the end of July. At that time, the Iraqi Central Bank (ICB) will have to show the WB that they are ready to meet demand. The International Monetary Fund (IMF) is also scheduled to enter Iraq to start work on the Iraqi Stock Exchange.

This is going to be a long process people. I would think by September, the ICB and WB should have all the bugs worked out. Budgets must also be finalized before the release.

The NID will more than likely start at where it was stopped, at about $0.33/usd. There will be a large volume of selling and buying, so expect the price to rise briskly and then settle back down, about 30 days after it opens.

As sanctions are lifted and more oil is pumped, the funds will start coming in and their economy will grow. This will be a long process, 2-3 years is a good number to look at for this investment.

You cannot compare this to Kuwait, as Kuwait still had it's original structure to go back to so recovery was rather easy. Iraq however, is getting all new leaders, ministers, councils. Their whole infrastructure is being rebuilt. This will not be an overnight success.

The Iraqi people will start seeing improvements within a year and then will start having faith in the new system. The Iraqi people are solid, and they will get through this and will be delighted once they have put this behind them. They will flourish like never before.

I'm excited to see what the new Iraq is capable of!!

-- July 1, 2004 4:01 PM ∞

mallory wrote:

thanks m&m

-- July 1, 2004 4:01 PM ∞

Will wrote:

M&M:
That sounds like a good, sound analysis. I'll keep that in mind....Thanks.

-- July 1, 2004 4:52 PM ∞

tony wrote:

has i read that website i posted and knowing that iraq is the #2 richest country in the world with oil i cant help but imagine within 5 years time 1 iraq dinar will be worth no less then $4 u.s its not im possiable it was once $3.35 and i belive it can happen again,we just need patience,till then go out and play the mega millions lottery its up to $280 million this friday ..lol

-- July 1, 2004 5:02 PM ∞

Jared wrote:

Thanks Will, Mallory, and M&M!

Many people were first deceived (in my opinion) at first thinking the IQD would bound back like the Kuwaiti dinar. I don't think that will be the case this time. It will come back, but I think 2-3 years is a good target to shoot for.

Another thing to keep in mind is that when it does come on the market, just sell off enough to cover what you spent on them. Then it is all gravy after that!

-- July 1, 2004 5:18 PM ∞

tony wrote:

by the way how many do dinars does everyone have and what you plan to buy with it if it ever reaches say the $3 mark..lol i myself have 10 million put away well i cant even begin to dream if it hits the $3 mark and im sitting with 30 mil in my closet..lol.

-- July 1, 2004 5:22 PM ∞

javier wrote:

now that you mentioned you have it in your closet where do you live ? lol hahahaha j/k

-- July 1, 2004 5:54 PM ∞

Max wrote:

good luck to all, hopefully we can win the iraqi lottery! hahaha

big up to EL PASO, TX

-- July 1, 2004 6:05 PM ∞

tony wrote:

lol

-- July 1, 2004 6:58 PM ∞

avid wrote:

Calling the above posted number by dialing 011-965+ number. 965 is the country code.

-- July 1, 2004 7:18 PM ∞

M&M wrote:

Great blog! Thanks for all the info folks. We bought 2mil and loved them. It's beautiful currency. We liked them so much we bought 2 more. Then the prices fell, so we bought 2 more. I'm stopping at 6mil.:) Hope to take a little short term profit and hold the rest for long term gain. Let's be sure to keep each other posted as events unfold!

-- July 1, 2004 9:48 PM ∞

eflop wrote:

Great input cant wait till the ship comes in I wan't a new Jeep Wrangler. Another good seller on ebay is "JAKI2000" You can spend a little extra and he'll ship it to you in 2-3 days from Jordan. I think he's "dema89"'s brother,cousin, dad or something. They have the same last name.

-- July 1, 2004 10:46 PM ∞

tony wrote:

only thing with dima now is he only takes credit card i used to buy from him with money orders,no way im giving my number over ebay theres a few other good sellers right now the cheapest i seen is j.b trader he wants $845 for 1 million dinars and hes locally to me i can drive over to him.

-- July 1, 2004 11:14 PM ∞

Randy wrote:

I am flying to Amman Jordan via Amsterdam (6 hour layover he he he he)And hope to take a cab to Iraqi Border where I hope to purchase dinars any one ever made this trip yet?Right now the USA buys gasoline @1.50 a gallon out side the country and tucks it in to iraq where it is sold for 5 cents YES thats right! 5 cents a gallon that cant go on for ever one of these days Iraq will have to purchase there own gas at market rates that should have a devastaing effect

-- July 1, 2004 11:15 PM ∞

Skid wrote:

I have purchased from two different individuals on eBay, one is from Jordan ("antiquesghaith") and the other is located in Kuwait ("sspens"). I have attempted to deal with "jb.trader" and found the communication to be a little sketchy and I have yet to pay the individual due to shipping taking too long from one U.S. address to another U.S. address; I was quoted 7-10 days. Aside from a FedEx snafu in Kuwait, which was not the seller's fault, I have encountered no problems whatsoever. So far I have purchased 9 mil IQD for for distribution amongst myself and about five other people in the States.

The latest price I paid, since I am in Iraq on lock down without a check book, was $2500 for 3 mil IQD, includes shipping. That was from the Jordanian individual and "sspens" is selling it for about $850/mil IQD. Boths merchants' preferred method of payment is wire ransfer to their account. USAA FSB records all international wire transfers which may be used if their is a dispute.

For those who have never performed an international wire transfer, beware of the fees involved and the max amount that may be wired without a written authorization from the account holder.

Here is the current mid-market rates as of 2004.07.02 03:45:39 GMT for the IQD or NID:

1,000,000.00 IQD = 685.8871 USD
1 IQD = 0.000685887 USD
1 USD = 1,457.97 IQD

Enjoy peops. Good luck with all of your investments.

-- July 1, 2004 11:50 PM ∞

mallory wrote:

i love this website...i like to hear what everyone has to say. i've only got 500,000 dinar, but i think i should get at least another 500,000...reading what everyone else has, millions after millions...i should at least get one million..hehe!!

-- July 2, 2004 12:30 AM ∞

john wrote:

so much good info that we pool here doncha think? I don't think the Dinar could hiccup without it making a bigger noise on this site. gotta love it. All i can say is "Patience,patience,patience and Research,research,research". And if course, share the wealth....of info that is:)

-- July 2, 2004 12:31 AM ∞

mallory wrote:

definetly share the wealth of info...i have learned so much from reading what people have to say here.

-- July 2, 2004 12:36 AM ∞

Ha wrote:

I've got a mil to sell for $60,000USD. Any takers? DREAM BIG!!!!!
When I first started researching this I remember seeing someone selling a million on ebay for $20,000. Just thought I'd share.:)

-- July 2, 2004 1:12 AM ∞