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dinaranxiety
08-11-2004, 03:30 PM
Riddle me this.Say I was an Iraqi citizen. I go out and borrow 50000 dinars for whatever reason. Then the dinar opens at .31. Now I'm responsible to pay what used to be worth $35 USD and is now a debt of almost 17,000 USD!
Blake
08-11-2004, 03:41 PM
Riddle me this.Say I was an Iraqi citizen. I go out and borrow 50000 dinars for whatever reason. Then the dinar opens at .31. Now I'm responsible to pay what used to be worth $35 USD and is now a debt of almost 17,000 USD!Take a valium and please relax.


Do you think an iraqi citizen is oblivious to what is going on and the currency situation?
dinaranxiety
08-11-2004, 03:47 PM
Do you think an iraqi citizen is oblivious to what is going on and the currency situation?


I know that if I was an Iraqi citizen that I wouldn't be borrowing any money right now.
Blake
08-11-2004, 03:53 PM
U.S. dollars are still used inside Iraq pretty frequently as well.
dinaranxiety
08-11-2004, 04:08 PM
so you're saying that Iraqi people should invest in US currency? How ironic is that!
Blake
08-11-2004, 04:18 PM
so you're saying that Iraqi people should invest in US currency? How ironic is that!Um......no. Borrowing or using a particular currency, here the USD, is different than investing in it.
ubid1
08-11-2004, 04:24 PM
Riddle me this.Say I was an Iraqi citizen. I go out and borrow 50000 dinars for whatever reason. Then the dinar opens at .31. Now I'm responsible to pay what used to be worth $35 USD and is now a debt of almost 17,000 USD!

The Central Bank of Iraq will need all that extra US dollars to pay me when I cash in my dinars :D :happy26: :shhh:
dinaranxiety
08-11-2004, 04:39 PM
Do you think an iraqi citizen is oblivious to what is going on and the currency situation?



So what would you do if you were an Iraqi citizen and you needed to borrow money? Would you borrow dinar or US currency? Is it even legal to borrow anything but dinar there? I'm so confused.
Blake
08-11-2004, 04:45 PM
In hopes of putting this hypothetical fear to rest, if I were an iraqi citizen and needed to take out a loan requiring me to repay that same amount, given the current situtation, I would borrow U.S. dollars. U.S. dollars and Iraqi dinar are both legally accepted currency inside Iraq.


In many different countries around the globe outside of the U.S., businesses accept more than one currency.
dinaranxiety
08-11-2004, 04:56 PM
if I were an iraqi citizen and needed to take out a loan requiring me to repay that same amount, given the current situtation, I would borrow U.S. dollars.




damn right lol
dinaranxiety
08-11-2004, 09:07 PM
Well first of all the iraqi citizen borrowing money is independent of the currency's exchange rate. he borrows 50000 NID, he returns 50,000 NID.

Ok so if you have a job that pays 2000 dinar a day and then it opens at .31. When I go back to work, my boss still pays me 2000 dinar? I find that hard to believe.
toemaas
08-11-2004, 09:13 PM
sure... just as the euro's exchange rate fluctuates against the dollar on a daily basis, you still get paid the same... I Think! :o
dinaranxiety
08-11-2004, 09:17 PM
sure... just as the euro's exchange rate fluctuates against the dollar on a daily basis, you still get paid the same... I Think! :o


I'm talking about the rumours that the iraqi dinar may open on the world market at .31. Why would you get paid the same if your currency just became 3000% of what it was worth yesterday. Does not compute captain.