Old Dinar $0.31?

[DinarLuna]

I see people posting that the old dinar was worth .31 cents US before saddam was taken out of Iraq. Where is everyone getting this number from?

The Iraqi dinar traded at $3.10 before the war; in 1996 one dollar was worth 3,000 dinars. Exchange rates subsequently fluctuated between 2,000-1,200 dinars to the dollar before stabilising around 2,000 dinars. To survive, people have been reduced to selling their clothing, furniture, books, jewellery and household utensils. (http://www.hartford-hwp.com/archives/51/233.html)

I thought the value was between 4000 and 5000 before we caught him, especially since there was so much counterfiet dinars floating around.

If anyone could post a link for me that would be great.

[highrollr19]

1996 was the last time that the dinar dipped this low. It was at .31 as recently as a few months prior to the invasion by US forces... but dipped down to the 4000 level just prior to being taken off the world market. I will search for one of the sites where I read all this. I have seen it numerous times...

[InvestmentCounselor]

Dinarluna,

You are correct. I have invested in the dinar and I check this forum from time to time and see if some good info is posted. I am hoping for the best when it comes to the dinar exchange rate, but many people on this site are wrong regarding what the exchange rate used to be.

.31 dinars per one US Dollars was the official exchange rate, but the dinar has not been worth that since before the 1st Gulf War. Right before the 2nd Gulf War the exchange rate was around 2000 dinars per one US Dollar. It has improved and hopefully it will continue. I am a licensed financial professional and just think of your dinars as a long-term investment.

By the way.....great article.

[DinarLuna]

Still no links? :confused:

[Psycho for Dinar]

This site took it up to 1995 at 3000 black market price.

Exchange rates: Iraqi dinars (ID) per US$1—0.3109 (fixed official rate since 1982); black market rate—Iraqi dinars (ID) per US$1—1,810 (December 1998), 1,530 (December 1997), 3,000 (December 1995); subject to wide fluctuations


http://www.photius.com/wfb1999/iraq/iraq_economy.html

[wing]

I asked the exact same question in my thread here
http://www.investorsiraq.com/showthread.php?t=763

and got no convincing reply nor any reference.

Bottomline is that this 1 IQD=$0.31 rate is a myth and may have arisen because of some person's mistake in comprehending the official rate which was 0.31 IQD per $1. It subsequently got passed around a lot by hopeful people who have bought into this dinar speculation and has often been repeated as 'fact' on this board, thus acquiring a measure of authenticity, even though there seems to be no factual basis for it.

[Henry]

wing, .31 IQD to the dollar actually equates to 1 IQD to 3.22 dollar. I agree there probably was a misconception and this is how the magical .31 number has been created, but this really means three time more at cash in time. This really sounds to good to be true.

[wing]

henry, .31 IQD to the dollar does equate to 1 IQD to 3.22 dollar and somebody probably mistook it to be the other way around. However that was the official rate and not the market rate. Dinar becoming equal to $0.31 would be a miracle. Dinar becoming equal to $3.22 is just a pipe dream.