All rights reserved. Where Are Saddam's Billions? - CBS News Though increasingly feared at home, Saddam was viewed by many in the Arab world as the only regional leader willing to stand up to what they saw as American aggression. Financial sleuth John Fawcett told 60 Minutes Correspondent Steve Kroft last month that his investigation of wealth controlled by Saddam found assets estimated at between $10 and $20 billion. When Saddam refused to leave, U.S. and allied forces launched an attack on Iraq on March 20. Yes, there is a Saddam dinar bubble," he said. You purchase a certain amount of Iraqi dinar (IQD) by paying the equivalent amount of U.S. dollars (USD). In 1959 he participated in an unsuccessful attempt by Baathists to assassinate the Iraqi prime minister, Abd al-Karm Qsim; Saddam was wounded in the attempt and escaped first to Syria and then to Egypt. If you hold Iraqi dinars and do not live in or near the Middle East, the currency is difficult to trade and cannot earn interest. By 2007, the International Monetary Fund (IMF) wrote approvingly of the Iraqi governments anti-inflation measures, noting that the Central Bank of Iraq raised its policy interest rates sharply and allowed a gradual appreciation of the dinar.. He currently resides in Iraq. This scam proved particularly popular after the 2016 elections, amid rumors that then-President Donald Trump would somehow cause the Iraqi currency to soar. Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. Scan me! Dinar Scam Takes on New Twist., The Associated Press. The U.S. Treasury lists the dinar as worth nothing. it is worth over will over $355,000,000,000. We welcome all corrections and feedback using the button below. The Hacking of ChatGPT Is Just Getting Started. Iraqs currency faces many challenges and much uncertainty in both the short and long runs. Ad Choices, The back side of the Iraqi 100 dinar (top) and five dinar bills. His holdings include American magazines, such as Elle, Car and Driver and Woman's Day, through stock owned in a parent company. In 1963, Saddam married his cousin, Sajida Talfah (the daughter of the uncle who raised him), a marriage that was arranged when he was 5 years old. One U.S. dollar (USD) was worth 1,458 Iraqi dinars (IQD), as of Aug. 2, 2022. He joined the Baath Party in 1957. One recent exchange listing, for example, showed one dinar as equivalent to $3. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. By 1994, the inflation rate reached more than 448%. For Iraq, the departure of Saddam will almost certainly result in the issuance of new currency that doesn't contain his mustachioed mug. U.S. intelligence estimated the total construction cost to have amounted to $2 billion, without the inclusion of the furnishing expenses, according to an unnamed official. "The day I saw President Bush announce they would be sending in the troops, the bids on my dinars went ballistic," said Lindgren, who runs multiple auctions each day on eBay. The buildings included luxury mansions, smaller guest villas, office complexes, warehouses and garages. According to U.N. documents, there were eight main palaces, which included over 1,000 buildings, and they were decorated in marble and gold. After Hussein's birth, Subha sent him to live with his uncle, Khairallah Talfah, in Baghdad. Saddam launched an invasion of Irans oil fields in September 1980, but the campaign bogged down in a war of attrition. Most experts agree that Iraq's foreign debt--the money it, as a state, owes other governments--ranges from $120 billion to $130 billion. Before Saddam's birth, his father and brother both passed away from cancer, and overcome with grief, his mother, Subha Tulfah al-Mussallat, tried to abort the pregnancy and attempted suicide. Saddam evaded capture for months, but during Operation Red Dawn on December 13, 2003, American forces caught Hussein after finding him in a hole in the ground near an ad-Dawr farmhouse, and his trial took place under the Iraqi interim government. Saddam beating dollar in currency war - May. 22, 2003 - CNN Business Buy: $213.54. U.S. officials believe the note is authentic and was written by Saddam himself. "It allows them to pay for operatives, maintain loyalty with a large number of people, buy cooperation maybe just buy silence.". Upon further inspection you can feel it is just a print on plain card stock. U.S. to let Afghan evacuees renew temporary legal status The U.S. General Accounting Office estimated Iraq earned $6.6 billion in oil smuggling and surcharges from 1997 to 2001. Why China Buys U.S. Debt With Treasury Bonds, How to Choose a Forex Broker: What You Need to Know, What Is Forex Trading? In 1980, Iraqi forces invaded Khuzestan in Iran, leading to a war that lasted until 1988. The fact that the new government was supported by several global powers raised hopes that the Iraqi economy would soon turn for the better, especially after the economic isolation that the country suffered through the 1990s. In the period following the collapse of the former Soviet Union, Tomonis, a native of Lithuania, saw many collectors profit by selling currency from the Communist era. Saddam Hussein, also spelled addm usayn, in full addm usayn al-Tikrt, (born April 28, 1937, Al-Awjah, Iraqdied December 30, 2006, Baghdad), president of Iraq (1979-2003) whose brutal rule was marked by costly and unsuccessful wars against neighbouring countries. The dinar was first issued in the 1930s in denominations starting at dinars. The new movement wants to free us from Big Tech and exploitative capitalismusing only the blockchain, game theory, and code. He made Hussein his deputy, and Saddam worked on modernizing the country's infrastructure and health-care system, improving education, farming subsidies, and social services, and nationalizing the oil industry. In late 2020, the Iraqi government announced a devaluation of more than 20% of the Iraqi dinar, to make up for a shortfall in liquidity. U.S. officials said Saddam still had $30 billion in secret funds at the end of the 1991 Gulf War. The captured finance minister, al-Azzawi, has described a scheme involving banks in Beirut, Lebanon and Amman, Jordan, U.S. officials told ABCNEWS. A U.S. attack on Iraq might destroy Saddam Hussein's presidential palaces, but don't worry about him becoming homeless. Collectors.com - Currency - World Currency - Iraq The Iraq 25 Dinar Banknote from 1986 features a portrait of Saddam Hussein. WIRED may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. Many of these transfers were overseen by Saddam's half-brother Barzan Ibrahim al-Tikriti. How Are International Exchange Rates Set? 2023 Celebrity Net Worth / All Rights Reserved. Hussein was alleged to have used nerve agents and mustard gas on Iranian soldiers during the conflict, as well as chemical weapons on Iraqs own Kurdish population in northern Iraq in 1988. But experts say it has been so effectively hidden in countries from Latin America to Asia that the real amount may never be known. On websites of currency dealers and on eBay, merchants say prices, particularly for higher-denomination bank notes, have increased appreciably even as the actual buying power of the dinar continues to decline. Our editors will review what youve submitted and determine whether to revise the article. While every effort has been made to follow citation style rules, there may be some discrepancies. Hussein also reportedly married Nidal al-Hamdani and Wafa el-Mullah al-Howeish. Investopedia does not include all offers available in the marketplace. SADDAM HUSSEIN IRAQ/IRAQI DINAR PAPER MONEY BANKNOTE LOT (20 Nots)*, Iraq CURRENCY Money Coins Postage Flag Patch Eagle Beret Pin Saddam Hussein LOT, Iraq 100 Dinars 2002 Saddam Hussein World Paper Money Uncirculated Banknote, Iraq 25 Dinars Uncirculated note Saddam Hussein, Iraq 250 Dinars 1995 Saddam Hussein World Paper Money Uncirculated Banknote, IRAQ 100 Dinars Banknote World Paper Money XF Currency Pick p84b 1994 Saddam, Iraq 5 Dinars Year 1992 Saddam Hussein World Paper Money Uncirculated Banknote, PRS SADDAM HUSSEIN IRAQ/IRAQI DINAR PAPER MONEY BANKNOTE LOT (20 Nots)`, Lot of 10 x 5 DINARS SADDAM HUSSEIN IRAQ CURRENCY MONEY NOTE UNC ~~ CRISP ~~, IRAQ 25 Dinars Banknote World Paper Money aUNC Currency Pick p86 2001 Saddam, *SADDAM IRAQI 250 DINAR NOTE "Old Uncirculated" IRAQ MONEY, IRAQ 250 Dinars, 1995, P-85, Saddam, UNC World Currency, SADDAM HUSSEIN 1994 IRAQ IRAQI CURRENCY 100 DINARS MONEY NOTE UNC BANKNOTE BILL. "All Iraqi money with his face on it will be worth a fortune in a very short time," he claimed. Although he was armed, Saddam surrendered to U.S. soldiers without firing a shot. While Iraqi dinars could be useful to those living in or near Iraq, there are many reasons not to invest in this currency. As with buying stocks, bonds, or other currency, when investing, you purchase dinar at a given price and then expect the price to rise. Some estimates claimed that Hussein's fortune was as much as $40 billion at one point, CBS News reported. While Hussein was in power, he built 100 palaces and "VIP luxury residences" decorated in marble and gold all over Iraq for his family, mistresses, friends and party officials, NBC News reported in 2003, citing U.S. and United Nations officials. After Hussein was deposed, the US Army occupied some of the palaces, and others were seized by the Iraqi government. It is not a bill that is ever going to be worth any real money. 4.5/5, 2.2k ratings. The Iraqi dinar may have plunged in value since the fall of Saddam Hussein, but its worth on the US-based eBay internet auction site seems to be rising. Economy of Iraq - Wikipedia Want More Out of Generative AI? Copyright 2023 IBTimes LLC. The British monarch was said to have had a net worth of $525 million in 2003, according to Forbes. He escaped, becoming a leader of the Baath Party, and was instrumental in the coup that brought the party back to power in 1968. Please try again later. As the Iraqi economy began to recover, many speculators began to buy large amounts of Iraqi dinars, expecting the currency to continue to rise. Investopedia requires writers to use primary sources to support their work. One calls the Saddam-embossed bill a "great conversation piece," noting that a piece of paper valued a few years ago at $380 is now "worth less than a share of Enron.". The IQD exchange rate is fixed by the Central Bank of Iraq and does not float with the market. Four years later, the magazine estimated that Hussein was worth around $2 billion, which, while lower than Forbes' previous estimate of his wealth, was still nearly four times that of Queen Elizabeth's. It would later be revealed that Saddam's son Qusay ordered the removal of the cash which consisted of $900 million in USD and $100 million in Euros. "The world must find, freeze and return Iraqi money for the Iraqi people and their future," U.S. Treasury Secretary John Snow said March 21. display: none; Several U.S. state regulators, as far back as 2011, have warned about currency brokers promising high returns, while charging hefty fees for hard-to-sell dinars. He later fled to Egypt and resumed his law studies. Were sorry, this feature is currently unavailable. A NATION AT WAR: BAGHDAD HOARD; Hole in a Wall At a Palace Yields In October 2005 Saddam went on trial before the Iraqi High Tribunal, a panel court established to try officials of the former Iraqi government. Although it is possible that the dinar could rise in the distant future, there are many other investments with lower risks and higher rewards. On 7 February 2023, the exchange rate with the US Dollar was US$1 = 1300 dinars. In 1999, Hussein ranked seventh on Forbes' list of the richest heads of state in the world with an estimated net worth of $6 billion, according to the Associated Press. Financial sleuth John Fawcett told 60 Minutes Correspondent Steve Kroft last month that his. At some point immediately prior to the American invasion of Iraq, over $1 billion in cash was removed from the Central Bank of Iraq in a single evening by a half dozen military trucks. Its obverse side features a charging horseman with swords, spears, and banners on the center and former President Saddam Hussein on the right. SADDAM HUSSEIN IRAQ IRAQI NOTE 250 DINAR P88 - 2002 x 100 UNC NOTE 1 BUNDLE. Brief content visible, double tap to read full content. Collector's Currency. "In this particular case, Saddam Hussein authorized this amount of money, basically stealing it from the people of Iraq," said Sandy. Discover how much the famous Criminal is worth in 2022. Over 70 million downloads worldwide. Boost your knowledge and your skills with this transformational tech. Prior to the American invasion of Iraq, over $1 billion in cash was removed from the Iraqi central bank in a single evening by half a dozen military trucks, The Guardian reported, citing intelligence from Baghdad. Top subscription boxes right to your door, 1996-2023, Amazon.com, Inc. or its affiliates, Learn more how customers reviews work on Amazon. Did Iraq's Saddam Hussein Leave $26bn in Left Luggage at Moscow Airport? SADDAM HUSSEIN IRAQ IRAQI CURRENCY 250 DINARS MONEY NOTE UNC BANKNOTE BILL, Iraq 250 Dinars 2002 Saddam Hussein World Paper Money Uncirculated Banknote, Iraq 10,000 Dinars 2002 Saddam Hussein World Paper Money Uncirculated Banknote, IRAQ SADDAM HUSSEIN 25 DINAR 1986 MILITARY ISSUE MONEY NOTE BANKNOTE BILL USED, IRAQ 25 DINARS 1986 SADDAM HUSSEIN SWISS PRINT MONEY CERTIFIED & SEALED UNC P 73, SADDAM HUSSEIN IRAQ IRAQI CURRENCY 5 DINARS MONEY NOTE UNC BANKNOTE BILL, Iraq 50 Dinars 1994 Saddam Hussein World Paper Money Uncirculated Banknote, 7 Saddam Iraq Dinar Notes Money - Saddam Hussein Currency UNC set, IRAQ SADDAM HUSSEIN 25 DINAR 1991 EMERGENCY GULF WAR ISSUE IRAQ BILL NOTE CASH, IRAQ 250 DINAR SADDAM HUSSEIN FOREIGN PAPER MONEY WORLD BANKNOTE CURRENCY.
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