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Why You Should Avoid the Iraqi Dinar

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1 Why You Should Avoid the Iraqi Dinar on Mon Nov 14, 2011 2:46 pm

gente



Why You Should Avoid the Iraqi Dinar

Published: Monday, 14 Nov 2011 | 8:54 AM ET

By: Kelley Holland
Currency Blogger, CNBC.com

Have you been hearing that the Iraqi dinar is a great investment? Be very careful.

Many, many readers have been asking about the Iraqi dinar's investment potential, and the idea behind it's theoretical appeal is simple: it's a bet on a recovering, oil-rich economy. But there's a hitch. A big one.

"You can't go to any major bank in the U.S.—frankly, many in the world—and trade this thing," says Rebecca Patterson, chief markets strategist for J.P. Morgan Asset Management, Institutional. "It's a collector's item. I can't say it will never appreciate, but doing something to make a quick buck off this today—nothing's going to happen soon," she told CNBC's Melissa Lee. Patterson points out that the dinar is a managed currency, and "the central bank keeps it steady at around 1,170 dinar per dollar."

Not only that, but there have been various scams involving the dinar of late.

So how can you use currencies to trade on an Iraqi recovery?

Andrew Busch, global currency and public policy strategist for BMO Capital, suggests a look at the Canadian dollar [CAD=X 1.0176 0.0097 (+0.96%) ]

or the Turkish lira [TRY=X 1.7775 0.0054 (+0.3%) ] as ways to play a recovery in the middle east. "Medium term, we're looking at oil being fairly robust."

2 Re: Why You Should Avoid the Iraqi Dinar on Mon Nov 14, 2011 2:47 pm

gente


I hope we're gettin' close...I've seen lots of anti-speculation PR lately....

3 Re: Why You Should Avoid the Iraqi Dinar on Mon Nov 14, 2011 4:57 pm

PEGME


It's a collector's item GEEEEZZ No

4 Re: Why You Should Avoid the Iraqi Dinar on Mon Nov 14, 2011 6:12 pm

Panhead


Admin
turkish lira?.....LMAO!!!!!!!

5 Re: Why You Should Avoid the Iraqi Dinar on Mon Nov 14, 2011 6:15 pm

gente


What the hell is the Lira backed by?? Shish-Kebabs?

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