Haitham al-Jubouri calls the central bank to raise the value of Iraqi dinar against the U.S. dollar exchange rate
08/01/2012 11:29:00
The independent Iraqi news agency / Baghdad / p. X ... A member of a coalition of state law, the Attorney Haitham Jubouri that the Iraqi currency Recent big fluctuations experienced a significant decline in the price of the Iraqi dinar against the U.S. dollar and the economic disaster that threatens to inflict damage to all citizens and called the Central Bank to work to raise the value of Iraqi dinar against the U.S. dollar exchange rate.
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"Ya Allah, apabila rezekiku ada di langit, maka turunkanlah, apabila di dalam bumi maka keluarkanlah, apabila di laut maka naikkanlah, apabila jauh maka dekatkanlah, sekiranya dekat maka permudahkanlah, dan sekiranya sedikit maka perbanyakkanlah dan sekiranya sedia banyak maka permudahkanlah untuk mendapatkannya. Amin..."
Everyone is talking about the Dinar, people are investing in the new currency, but is it a hoax or is Iraq's New Money really a way to get rich quick? We expose the truth, show you how to spot the fakes and explain what the dinar really costs should you decide to move forward.
Thinking about investing in the Dinar? Consider this; say you purchased 146,000 in 2004 at a price of $100 US Dollars, that investment would put you $15 in the hole!
When you purchased the Iraqi Dinar, you, like everyone else, paid a premium of $40 ($30 markup, $10 shipping) and lost $21 due to inflation, so really, you paid $161 for 146,000 dinar. Right now, the value of those 146,000 dinar is $125, that is a loss of $36! Worse, people buying the dinar can have a different exchange rate, again, so they come out ahead. Had you taken that $161 dollars and invested it in a 4% CD, after being adjusted for inflation ($43-$34), you would have made $9!
End Result: CD yields $9, Dinar yields $-36
You'll see many sites dedicated to the Iraqi Dinar displaying graphs that are seriously skewed and include the Old Iraqi Dinar that is no longer in circulation or even based on the Dinar alone without comparing US values.
Value of the Iraqi Dinar Take a look at the chart to the left, this is what you should really be looking at!
In this chart, we look at the growth of Iraqi money in US Dollars from 2004 to 2011 and compare that to the rate of inflation which is .15 for that period.
Looks pretty bad, doesn't it? I'll bet that if you take a look at other sites you won't find charts like this one! Why, because a chart like this clearly shows the real value of the Dinar.
Here is the pitch used:
'In October of 2004, $1 USD would buy you 1,460 Iraqi Dinar (IQD). That same $1 in 2011 will buy you only 1,169 IQD'.
Looks good right, but the trick is to get the number 302 in your head as if it were dollars, not dinars and draw your attention away from fees of .40 cents and inflation of .15 cents since purchase. Here is how it should really read:
$1.40 could buy you 1,460 Dinar in 2004, that $1.40 in 2011, adjusted for inflation ($1.25) can now buy you 1,461 Dinar, a difference of 1 dinar, that's fractions of a cent! Doesn't sound like a very good investment, does it?
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