Question for the Forum...

[_Apollo_]

Fellow investors,

As you can probably guess, we get a high volume of calls in regards to whether we will resume sales anytime soon. Some of those calls may just be out of curiosity, but we have list of customers who want to purchase IF we open up sales.

Because the price of Dinar is going up and harder to get in large enough quantities to keep up with demand, we have been in touch with our contacts at the Trade Bank of Iraq. We have a couple of accounts with them, and have been investigating the possibility of allowing our members and customers the chance to either get an account with them, or if not, to be able to deposit dollars (turned into Dinars) into an account specifically set up for this by us and the TBI.

Because of the regulations of this specific bank, it may not be possible for an individual to have an account there without being there in person.

That being said, I pose a question to the members of this Forum.

What procedure would you, as an individual Dinar holder, feel most comfortable with, if you were to want to place Dollars turned into Dinar in an account that is not in your name?

From our discussions so far with the TBI, a wire from any bank (however they specifically mentioned JP Morgan Chase) would be sent to the TBI to our Dollar account, at which time an internal transfer of those funds would be made to the Dinar account, thus turning the Dollars into Dinar.

I am not sure of what spread the bank is intending at this time, but I would imagine that the total cost would be less than what Chase is offering for the actual Dinars (not including the wire fees that you would incur from the local bank).

I know that it’s possible to do this with Warka already, and we have met with officials form Warka in regards to this however, we have a good relationship with the TBI, and feel much more comfortable doing business with them.

Come Monday morning this may all be a mute point (I sure hope so), but if we still have a small window of time, I would like to know if this is something that might interest you, and if so, what would make you feel the most comfortable, short of having your own account?

Thank you for your time,

Dan Fadden
CEO
Ompus / FreeDinar

[neno]

Thanks Apollo, I would consider it, if I had more options and more informed to the Ideal. I do see the small window. But I do know that there are some here that just can not get dinars as easy as others. So this might be a option for some. I for the sake of Rolclub would just say, "Anyone that gets involved with this including me, that we would be on our own free will, No Reponsabillity tied to Rolclub at All". That being said, then do as anyone wants.

[rvalreadydang]

Come Monday morning this may all be a mute point (I sure hope so), but if we still have a small window of time, I would like to know if this is something that might interest you, and if so, what would make you feel the most comfortable, short of having your own account?

?? Monday?

[Mike5200]

?? Monday?

So you don't think it will Reval this weekend?

[_Apollo_]

Neno,

Thanks for the disclaimer... I should have included it anyway.

In regards to Monday, IF they need their currency in the open market for the EU negotiations, then the CBI still has one more, and possibility two more,auctions to pull as much Dinar out of circulation.

Like I said, IF they have a specific number in mind, and haven't reached it yet, they still have time.

This is my opinion as to why, if we don't see a change in the value on Sunday's auction, its no reason to think its not going to happen until December 12th.

Just a thought...

Dan

[_Apollo_]

One more quick point...

We would be able to supply ANY type of letter or paperwork on our end that would basically be a contract between us and the customer however, it might be possible for something to be generated by the TBI to the customer as well. This whole arrangement would be under the eyes of the TBI and our contact (who is fairly high up in the ranks of the bank and will be made known to the customer).

We are hoping that a Bank Bond could be generated in the customers name and sent in return. This has been discussed during our meetings with the TBI, and is a very real possibility.

Thanks again,

Dan

[laurenr]

From our discussions so far with the TBI, a wire from any bank (however they specifically mentioned JP Morgan Chase) would be sent to the TBI to our Dollar account, at which time an internal transfer of those funds would be made to the Dinar account, thus turning the Dollars into Dinar.

Would the reverse also be true ?

When the R/V occurs, will we be able to transfer the Dinars back into Dollars and
transfer them by Bank Wire to our Home accounts ?

[ordinaryseawoman]

Interesting....especially about the Bank Bond...right now I'm in with Warka...and all I have from them are emails that state my acct # and balance. It's risky business and my total investment with them is less than $2,000, so if I lose it, I lose it. It'll suck, but it won't break me. I am interested in the Bank bond--that might provide some extra security. I think it would be helpful if you could provide some additional info about how that might work.

Will you be the intermediary, or will folks have direct access to the bank? Also, will this be a door for folks to get into the ISX should they wish to?

I think I've invested all I will with this venture...but for others who wish to diversify a bit, this might be a good way to go.

Cheers, Tracy

["GK"]

Fellow investors,

As you can probably guess, we get a high volume of calls in regards to whether we will resume sales anytime soon. Some of those calls may just be out of curiosity, but we have list of customers who want to purchase IF we open up sales.

Because the price of Dinar is going up and harder to get in large enough quantities to keep up with demand, we have been in touch with our contacts at the Trade Bank of Iraq. We have a couple of accounts with them, and have been investigating the possibility of allowing our members and customers the chance to either get an account with them, or if not, to be able to deposit dollars (turned into Dinars) into an account specifically set up for this by us and the TBI.

Because of the regulations of this specific bank, it may not be possible for an individual to have an account there without being there in person.

That being said, I pose a question to the members of this Forum.

What procedure would you, as an individual Dinar holder, feel most comfortable with, if you were to want to place Dollars turned into Dinar in an account that is not in your name?

From our discussions so far with the TBI, a wire from any bank (however they specifically mentioned JP Morgan Chase) would be sent to the TBI to our Dollar account, at which time an internal transfer of those funds would be made to the Dinar account, thus turning the Dollars into Dinar.

I am not sure of what spread the bank is intending at this time, but I would imagine that the total cost would be less than what Chase is offering for the actual Dinars (not including the wire fees that you would incur from the local bank).

I know that it’s possible to do this with Warka already, and we have met with officials form Warka in regards to this however, we have a good relationship with the TBI, and feel much more comfortable doing business with them.

Come Monday morning this may all be a mute point (I sure hope so), but if we still have a small window of time, I would like to know if this is something that might interest you, and if so, what would make you feel the most comfortable, short of having your own account?

Thank you for your time,

Dan Fadden
CEO
Ompus / FreeDinar

The new investment law of Iraq states that foreign investors can open bank accounts in iraqi dinars or foreign currency, inside or outside of Iraq. So I don't see how the regulation of the TBI will be allowed to circumvent the investment law of the country they're in. Lastly, if you and your company can have bank accounts, why should anyone else not be allowed to open accounts? I think it's a moot point anyway, especially with the provisions of the new investment law and the fact that chase is now dealing with the IQD. I'm gonna hold on to my dinaros.

[_Apollo_]

Would the reverse also be true ?

When the R/V occurs, will we be able to transfer the Dinars back into Dollars and
transfer them by Bank Wire to our Home accounts ?

This happens daily with them anyways. The TBI holds a large amount of US dollars, in Iraq and abroad. Being that they are linked with JP Morgan (as well as many others) I don't see this as an issue. It’s just a matter of transferring the Dinars back to the Dollar account and generating another wire. It could be even eaiser than this when its fully convertible.

Dan