How is Iraq's currency doing?

[BeNotAfraid]

Out of nowhere today my husband told me that the last time he was in Iraq (military) all of his buddies were buying up Iraqi currency. They were trying to convince him to do it saying they were going to make a lot of money. He just laughed at them and said his wife would kill him :heh. He's thinking now the joke might be on him.

I don't know anything about their economy or their currency except what the Bible tells us about end times, the antichrist, and Babylon. Do you think there is anything to this?

[Tammy]

BeNotAfraid I hope that there currency is doing well because my DH was one of the guys buying it. He didn't buy as much as some of the guys did but we do have some. I know that it has gone up some but not sure how much.

[txmomof3]

If I could get some, it would be a great addition to my savings. The way I look at it is that there is no where it can go but up. Even if it turns out to be the precursor to the financial system the AC will use, I would love to be able to get a great return on the currency when it skyrockets in value. I would then use the money to help spread Christianity throughout the world!!!!!

[Homesick777]

Current exchange rate always available here:

http://finance.yahoo.com/currency/convert?amt=1&from=USD&to=IQD&submit=Convert

The risk/reward ratio of this currency is far too great. Might be better off playing the lottery. If it ever starts to skyrocket, you're likely to find that Iraq issues a "new" Dinar, allowing one million or ten million "old" Dinars to be exchanged for one "new" Dinar. That will leave you with nothing more than a lot of colorful paper with Arabic writing.

[Issachar]

They have the right idea, but I think that they have the wrong currency maybe. They'd be better off buying euro's, for example and more likely better off buying gold or silver.

If you saved, for example ... $1,000 in 2002, today it would be worth around 6 or 7 hundred dollars. If you bought gold in 2002, you could sell it today for almost $4,000. THAT is a hedge against inflation of the dollar that the central banks seem to be so bent on inflating.

Issachar

[Issachar]

Thanks for that currency conversion link Homesick777. Very useful.

Issachar