Since April of 2004, BetOnIraq.com has been faithfully, and efficiently, shipping billions of Iraqi dinars to thousands of satisfied customers around the globe. 

 

 

Now, as security is improving and the government is getting stronger, real progress is not only on the horizon, it's already here.

it's the number of dinars one dollar will get you if you were able to get them directly from the Central Bank of Iraq.  In December of 2006, one dollar could be exchanged in Iraq for 1475 dinars.  As of March 21, 2008, it would only get you 1207.  That's more than an 18% increase in the value of the dinar, and it is continuing its steady climb.  Click on the graph above for the today's figures. Remember, the lower the number, the more it's worth against the dollar.  If you like, you can download the daily stats from day of issue to today at the Central Bank of Iraq's web site.

The International Monetary Fund predicts that Iraq’s economy, boosted by rising oil revenues, will grow by more than 7 per cent this year.  Oil production in Iraq is now at its highest level since the US-led invasion of 2003, reaching 2.4 million barrels a day, thanks largely to improved security measures in the north.  They are expected to surpass pre-invasion levels of 2.6 million barrels a day by the end of the year.

While the steady climb is gratifying to see, most of us are hoping to see a very significant jump when the dinar is recognized by the World bank and goes on the open market. We don't know exactly when that will be, but at its current levels, the IMF has recently deemed the Iraqi dinar to be grossly undervalued. If you are looking to acquire some, trust us that you don't want to wait until an announcement is made before you act. Supplies will become scarce, and many may find themselves priced out of the opportunity.

 

In early February 2005, while we were hailing the apparent success of the historic Iraqi elections, the Central Bank of Iraq was depositing $5 Billion into a new account with the US Federal Reserve in New York.

All of us, who have been holding dinars, went in trusting the new Iraqi government and the Central Bank of Iraq to do great things with the US dollars we've sent them. Building currency reserves has been a major project for the central bank as the country resumes commerce with the rest of the world.

Aware of the need for US dollars in Iraq, we've sent them to them in exchange for their own fledgling currency. We've trusted that it would aid them in rebuilding their economy, infrastructure and indeed, their entire country.

This $5 Billion has been accumulating at the Central Bank of Iraq since the introduction of the new dinar in October of 2003. Its deposit into the US Federal Reserve has proven to us that our hard earned US dollars have not vanished into a black hole, but are doing the work we had hoped they would.

This account will not only earn Iraq $100 Million per year interest, but is also a bold statement to the worlds banking institutions and the global marketplace as a whole. Iraq is coming back, and preparing to take its rightful place on the world economic stage.

These are very exciting times for Iraq. As we celebrate freedom in Iraq and its successful elections, let us also take note of the forgiveness Iraq has received from so many of its creditors. Early detractors had beaten us over the head with this debt, saying it would be the dinars undoing. Today, Iraq's debt is a small fraction of the $120 Billion it once was, and continued write-offs are expected in the very near future.

Their economy continues to grow by leaps and bounds. The average Iraqi now has more disposable income than they've had in many years, as evidenced by the huge demand for home appliances and computers in recent months.

The very name of our web site, BetOnIraq, makes it clear that an increase in value of the Iraqi dinar has never been a sure thing. By definition, no bet ever could be. But since the April '04 launch of this web site, especially in the time since the elections, we've had stronger and stronger reasons to hope.

A sea of purple Iraqi fingers has for the second time now, pointed toward freedom. $5 Billion US dollars have found their way back to New York to tell the world that Iraq is back. There has never been a better time to Bet on Iraq, and we will continue to do just that. Place your order now.

Reference links:
Press Release from Under Secretary for International Affairs United States Treasury

Iraq to earn millions from $5 bln Fed deposit