The latest daily currency auction was held in the Central Bank of Iraq on the 2-JUN-2011. The results were as follows:
| DETAILS | NOTES |
| Number of banks | 19 |
| Auction price selling dinar / US$ | 1170 |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$ ) | 141,691,000 |
| Amount purchased at Auction price (US$ ) | —– |
| Total offers for buying (US$ ) | 141,691,000 |
| Total offers for selling (US$ ) | —– |
Iraqi Dinar Exchange Rate, Iraqi Dinar News, New Iraqi Dinars, iraqi dinar RV 2 june 2011,
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Nice vid, you make some good points. I'm not convinced the Iraqi Dinar all it's pumped up to be by many.
ReplyDeleteI own some Iraqi Dinar myself and althougha risky one I don't see it as a bad investment I see some upside and it's already worth more than what I bought it for years ago.
That said I constantly hear people saying it's going to revalue at 3:1 or 4:1 and they are going to be multi-millionaires overnight. I have several problems with this the simplest being the whole "if it's too good to be true..." thing.
Also, people compare the Iraqi Dinar to the Kuwaiti money which was at 0.10 cents to the dollar and as of today which it now costs $3.63 to buy one Kuwaiti Dinar.
Kuwait had a lot of outside investments which Iraq does not. Kuwait had previously also had a stable government and good economy again Iraq has had a dictatorship and no history or proof they can have an uncorupt functioning economy and political and busines environment.
I think I also remember hearing Kuwait had some agriculture going as well, I believe they may be one of the larger producers of figs and a few other fruits.
The other thing which seems odd to me. I know Iraqi people are probably relatively poor seeing as how the average income is $4,000, however I imagine it's not uncommong for a family to have a few hundred if not thousand dollars saved up and stashed away somewhere. So I'm to believe the Iraqi Dinar is going to revalue at say even 3:1 and pretty much every Iraqi citizen who was previously relatively poor is going to be a multi-millionair?
Lastly currency markets are incredibly complicated and I can't even pretend to understand them but I imagine the value of a countries currency has to have some relation to GDP and other factors and unless Iraq gets their oil industry up and running ASAP which I believe I heard it's several years off they won't have an economy good enough to support such a high exchange rate in relation to the dollar.
I guess my point being I see it as a good investment. I think you could easily see a return in the tens of thousands of dollars however I don't think anyone is going to become a multi-millionaire off a purchase of a grand or two worth of dinar which would be 2-3 illion depending upon when you got in.
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