humor the ignorant

as many of you know, im new here im also new to the dinar investment. i really need some questions answered, what is FOREX?, what is a good...rate?
how do "they" come up with the rate? what rate would be best for THE IRAQI people, would a good rate for us be a good rate for them or vice versa.
what are they using for money right now while we wait for this dinar to become worth something, are they just trading goats and chickens for stuff like water utilities, gas, eletric, food, fuel.
i got into this on the advice of someone close to me, without really knowing anything besides we could all make a lot of money.


someone please, enlighten me. thanks:bow:

-FOREX= foriegn exchange (currencies)
-If traded on the international level both Imports and Exports drive the countries currency rate.
-Returning to pre-war levels ranging from .33 cents to as high as $3
-They are using the NEW IRAQI DINAR, that I am guessing you have.
The best advice I can offer is read the Iraqi Dinar Think Tank thread fro latest news and ecomony information. Some parts of Iraq aare war torn and need to be brought up to speed (trading chickens) but for the most part they are a fairly developed country fresh out of dictatorship and trying to stand on theri own two feet. ALOT has happened since 2003 and the country is basically on the fast track of economic recovery. Their natural resources alone can support a serious currency rate if traded freely. One that would make all of very happy to wake up in the morning and look into out wallets.

Hope this helps.........

thanks cash- if they are using the dinar, and it is only worth .00000003, of a cent (or something like that , i obviously dont know a thing), would'nt it take like,$2000.00 dinar to buy a loaf of bread.
i have numbers like 1200, 1211, 1430, posted all over these threads, what are those numbers, is higher, better or worse?

im sorry, humoring the ignorant may take a little while :new::banana:

Quote:

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Originally Posted by deepfreeze

thanks cash- if they are using the dinar, and it is only worth .00000003, of a cent (or something like that , i obviously dont know a thing), would'nt it take like,$2000.00 dinar to buy a loaf of bread.
i have numbers like 1200, 1211, 1430, posted all over these threads, what are those numbers, is higher, better or worse?

im sorry, humoring the ignorant may take a little while :new::banana:

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it takes alot to buy a loaf of bread. the numbers you are seeing all over are the rates as they change on the central bank site daily, Central Bank Of Iraq
the smaller the number the higher the rate, since that is how many dinar it takes to equal a dollar. we are waiting for it to be 1.?? instead of the large numbers, and we are very close. i suggest reading the banking thread also as you will face a short term capitol gains tax if you expect to cash in your dinar right away as youve just recently obtained it. it takes a year for it to become long term tax. the wait will be worth it as short term is 35% and long term is based on income but not more than 10% this calendar year (in the usa). :biggrin:

Hi deepfreeze. Here's some price checks for you to look at. Hope this helps you get an idea as to what Iraqis pay for certain items.

The set of #'s show the price for kerosene, cooking gas, marlboros and bread

Baghdad Neighborhoods: Price Check
Slogger Sources: Stable Prices around the City
03/17/2007 3:50 PM ET
Neighborhood Kerosene Cooking gas Marlboros Bread
(1,277 ID = 1 USD) one liter one bottle one pack one loaf

Sadr City 750 12,000 2,250 125

Harthiya 1,100 13,000 2,250 150

Kadhimiya 800 15,000 2,250 100

Washash 900 14,000 2,000 83

'Alawi 900 16,000 2,000 83

South Baghdad 1,000 15,000 2,250 100

Sha'ab 1,000 13,000 2,000 83

Hay Ur 900 15,000 2,250 83

Zayyona 1,000 15,000 1,500 100

Baghdad al-Jadida 1,000 13,000 2,250 100

Rashid 1,000 12,000 2,250 125

All prices in Iraqi dinars (ID).

IraqSlogger: Baghdad Neighborhoods: Price Check

Hope this helps,

mewannapeg

thank you, mewannapeg, that is very interesting. we would love a high reval, they desperately need it