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Ashish's Niti

Niti in Sanskrit means policy/strategy/vision. This blog hosts my political views, along with news and commentary. This blog has moved here.

Monday, August 16, 2004

Is Iraqi Dinars a good investment?

According to Taking the Field

Iraqi dinar is now selling at 1,460 to $1; the good news is the trade in dinars is thriving on the Internet:

Internet auctioneer eBay, for example, lists 622 auctions of new Iraqi dinars, in lots from 1,000 to 5 million. Dozens of Web sites, such as www.BuyDinarsHere.com, www.DinarTrade.com and www.InvestInDinar.com, sell dinars to U.S. investors."

The lure: Investors remember that the Kuwaiti dinar plunged to 10 cents after Iraq invaded Kuwait. It's worth $3.39 now. The Iraqi dinar sold for as much as $3 before the first Gulf War.

And Iraq sits on the world's second-largest oil reserves, an enormous asset. "Even if it goes up to one penny per dinar, that's a lot of money," says Mahmoud Shalabi, president of SilverDinar.com. Currently, a 250,000-dinar note is worth about $171. At a penny per dinar, the same note would be worth $2,500.

Sounds like a good investment to me!

Update: Truck and Barter has an excellent series on this.

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