Should I buy dinar now?

[RhynoT99]

Would it be a good investment to buy some Iraqi dinar now, and bank it for along time. Some say that it will raise in value and you could become rich? Can i get some good professional advice? I'm deployed here in baghdad right now and want to know before i leave next month

Thanks

[Aunt Gwennie]

Would it be a good investment to buy some Iraqi dinar now, and bank it for along time. Some say that it will raise in value and you could become rich? Can i get some good professional advice? I'm deployed here in baghdad right now and want to know before i leave next month

Thanks

First of all....thank you to you and all who serve with you for giving the Iraqi people a chance to live in peace and harmony. You have been such an important factor in everything good that is happening over there now!! Although the insurgents are not making your job go smoothly!

With that said....speaking for myself.....I am not a professional in this area.....there are others here more experienced than myself....but my husband and I have invested quit a bit in the dinars here in Texas.

But if I were you.....the exchange rate right now in around 1460 dinars to $1 usd over there in Iraq. If you can spare the extra money....I would definitely buy some before you come back home. It is my understanding that you have to declare anything over $10,000.

Now my take on that is that you would have to have $10,000 usd worth of Iraqi dinars to have to declare it through customs....you may need to ask someone else on the board for clarification on that....maybe Tony could answer that one. Or if may be 10,000 worth in Iraqi Dinars. Not real clear on the customs thing.

And my dear....that would be 14,600,000 dinars!!!! You would be a very rich person when you came back home and the dinar hit the world market. Some people are speculating the dinar to open at .10 and some are saying around .31. It's anyone's guess. You could cash some in there at first (which is what my husband and I plan to do) and hold onto the rest for when it really gets strong and goes up. There is speculation that it could eventually go back up to the pre Gulf-war rate in excess of $3 per 1 NID.

So in closing, if you can spare the extra money....GO FOR IT!! JUST DON'T SELL THE FARM TO BUY SOME DINARS!! Buy what you can afford and GOOD LUCK!! BE SAFE....COME HOME SOON!!

Aunt Gwennie ;)

[Aunt Gwennie]

There is a customs thread here in the Iraqi Dinar thread talking about dinars being seized going through customs. You being in the military, do you have to go through customs? There is something in that thread mentioned about KBR employees having to turn over their dinars and jewelry going through customs because no one is supposed to leave the country with dinars.

Another option you might consider is opening up a bank account at the Warka Bank or the Credit Bank of Iraq with your US dollars and let them just convert it into dinars for you and just leave it over there in the bank until the dinar opens up on the world market, then you can just transfer to funds to your us bank account as you need it.

There is also a thread about opening up bank accounts over there. But of course we are having to go round about ways to get that done.

Good Luck!!