Thursday, March 29, 2007
American company buys 1 bn dinars
Business
(Portal Iraq) - Sebastian River Holding's, Inc., today announced that the company has joined the United States and has invested in the Iraqi economy by purchasing 100,000,000 Iraqi dinars. The company feels that the investment will increase dramatically in the near future. As of today, 1,000,000 Iraqi dinars is equal to $784.93, according to the Central Bank of Iraq (CBI).
Since it is nearly impossible to purchase directly from CBI, 1,000,000 Iraqi dinars is being sold as high as $1,340 in the United States, according to the company. Prior to war with Iraq, the Iraqi dinar was valued as high as $3.20 per dinar; this means 1,000,000 dinars was worth as high as $3,200,000, the company explained in its announcement."We are on our way to become large investors in foreign currency," Sebastian River Holding's, Inc., President and CEO Daniel Duffy said.
"Since Iraq has the largest natural gas reserve in the world and is the second largest proven oil reserves in the world with over 100,000,000,000 barrels of oil, the company feels that the dinar reaching one dinar per U.S. dollar is feasible. If the rate goes one dinar for one U.S. dollar, this would give Sebastian River Holding's, Inc., a profit of well over $99,000,000 from this one investment."
Labels: Daniel Duffy, Iraqi dinars, Sebastian River Holding's Inc.
