Thread: Iraq/Dinar News. 09/05 to 01/14/07

A note. I stopped into a Northern New Jersey branch of Chase today to make a purchase of 1.5 for a friend. The girl accidently told me the banks buy price of .00062 as this is what she was going to charge me before I said whoa! the rate went down that far? then she corrected the rate.
I also asked her if they purchase through a broker since I have to return in 2 days to pick it up and she said no they get it from Bank Of America.
No account needed for purchase $5.00 fee and drivers license.

So Chase is still selling as of 10-25. Attached is the receipt.

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zSHARE - receiptchase.jpg

this is not a mistake on her part, she just quoted you the current buy rate that chase will buy back your dinars at, ei. exchange rate.

they have been quoting this buy rate for over 2 months.

Originally Posted by shotgunsusie

hows this for a scenario... bush says NOTHIN about the economy in iraq. NOTHING good is coming out of iraq media wise concerning their progress over this mess. ALL the dems and naysayers of the world begin reveling in the negative vibrations and capitolizing on them.

THEN! TABLES TURN, REVALUED CURRENCY, VIOLENCE MELLOWS IN IRAQ BECAUSE PPL ARE CELEBRATING, FIL ALLOWS BIG BUSINESS INTO IRAQ BY THE HOARDS, OIL INVESTMENT COMES IN THE BIG PACKAGE AND BIG OIL BEGINS REFURBING THE OIL INDUSTRY OF IRAQ IN LEAPS AND BOUNDS, IRAQ CONTINUES MIRACULOUS RECOVERY, WORLD IS TAKEN BY SURPRISE!!!!

Susie, You have such a way with words. LOL Keep it up.

Originally Posted by shotgunsusie

exactly. youre loosening up.

In the article which stated the auction closing for 10 days it also stated that the CBI is enforcing a rule where dealers and currency exchangers who purchase from the auction must report where the money is going, before they were buying under the table, at the end of the 10 days that will not be allowed, that is in addition to the other possible things the CBI is doing.
Banks are the biggest players in the auction but what we didn't know is that dealers and exchangers in country have also been purchasing "dinar" at the auction.

http://www.iraqdirectory.com/DisplayNewsAr.aspx?id=2384

Originally Posted by Inscrutable

In the article which stated the auction closing for 10 days it also stated that the CBI is enforcing a rule where dealers and currency exchangers who purchase from the auction must report where the money is going, before they were buying under the table, at the end of the 10 days that will not be allowed, that is in addition to the other possible things the CBI is doing.Banks are the biggest players in the auction but what we didn't know is that dealers and exchangers in country have also been purchasing "dinar" at the auction.

http://www.iraqdirectory.com/DisplayNewsAr.aspx?id=2384

this must be why some dealers have always maintained they got their dinar from the cbi and everyone refuted that information.

Thanks Mike, before I pick up the 1.5 I'm going to bring in a 25k note to the teller and say I want to cash it and see if they accept. At least we'll know if they do it on spot or hold. Also going to bring my mini recorder to capture that Bank Of America comment again.
Can't for the life of me understand why BOA won't sell to public.

Originally Posted by mike brown

A note. I stopped into a Northern New Jersey branch of Chase today to make a purchase of 1.5 for a friend. The girl accidently told me the banks buy price of .00062 as this is what she was going to charge me before I said whoa! the rate went down that far? then she corrected the rate.
I also asked her if they purchase through a broker since I have to return in 2 days to pick it up and she said no they get it from Bank Of America.
No account needed for purchase $5.00 fee and drivers license.

So Chase is still selling as of 10-25. Attached is the receipt.

ImageShack® - Hosting
zSHARE - receiptchase.jpg

this is not a mistake on her part, she just quoted you the current buy rate that chase will buy back your dinars at, ei. exchange rate.

they have been quoting this buy rate for over 2 months.

Originally Posted by Inscrutable

Hi Z,


If the currency were to increase then the commodity would also increase, it's a natural monetary process.
If it worked the way you explained it would cause an immediate deflation of the economy which would require reflation. In other words, if the oil field were 3 million before a revalue then you can expect it to increase in proportion with the revaluation.

commodities and currency are not linked. this is why we had such a problem with the gas prices going up last summer. even though the price of oil was going up, our dollar didn't get stronger. the value of the currency can and does go up, but is it based on how the econ. is doing. true land does get more expensive with time this is what inflation is. (cost of goods rising) However, it is independent of the currency but, the currency needs to get stronger to fight this inflation. I guess you could say that although not linked, as one rises the other will follow suit. LOL

Originally Posted by shotgunsusie

this must be why some dealers have always maintained they got their dinar from the cbi and everyone refuted that information.

Was translated to me as fact. I made sure and said to the person translating, "you mean the banks that sell to the dealers"? and he said no! "the dealers". So the dealers have been buying from the CBI.

Originally Posted by Inscrutable

Hi Z,


If the currency were to increase then the commodity would also increase, it's a natural monetary process.
If it worked the way you explained it would cause an immediate deflation of the economy which would require reflation. In other words, if the oil field were 3 million before a revalue then you can expect it to increase in proportion with the revaluation.

Keep in mind also, oil is a world commodity, this means that it will need to stay in line with other oil fields around the world or they run the risk of someone going somewhere else to drill. with this in mind it an oil field cost 3 million in Kuwait, then it would need to be that price or close to it in Iraq and if there is a price reval in iraq the price of that oil field would still need to stay at or close to that 3 million dollar price to attract business. Unless the price increases world wide. If that were to happen the price would then rise to follow what other oil fields are changing.

Originally Posted by Inscrutable

Was translated to me as fact. I made sure and said to the person translating, "you mean the banks that sell to the dealers"? and he said no! "the dealers". So the dealers have been buying from the CBI.

ive never doubted the dealers got their dinar from the cbi if they said it. thats what im being sarcastic about, its the ones who have always taken an overly cautious and pessimistic viewpoint of everything that were accusing them of being full of it.

Originally Posted by Inscrutable

In the article which stated the auction closing for 10 days it also stated that the CBI is enforcing a rule where dealers and currency exchangers who purchase from the auction must report where the money is going, before they were buying under the table, at the end of the 10 days that will not be allowed, that is in addition to the other possible things the CBI is doing.
Banks are the biggest players in the auction but what we didn't know is that dealers and exchangers in country have also been purchasing "dinar" at the auction.

http://www.iraqdirectory.com/DisplayNewsAr.aspx?id=2384

Could someone please clarify the start date of the 10 day auction closure? Think I got the other bank closure days straight..but maybe not? ez:)