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

Originally Posted by MOM2TWO

There had been some talk about buying dinars from cbi.

Yesterday, I spoke with my dealer whom I speak with now on more of a friendly basis then him trying to sell me more dinars. We spoke about the soldier in Iraq who is a friend of a friend, and was told that he could not buy anymore, and then several others that we here at RC have heard about. So, I asked him to get in touch with his boss the ask how they are receiving their dinars. It took his boss a while, but he finally got in touch with their guys who are doing the buying in Iraq.

They were still able to obtain the dinars, however at a higher price than previous. Their guys did say that this would be the last time for them to be allowed to purchase them, because it is going to "happen" this week.

Also, the people that get the dinars for the company that I deal with; say that they buy them directly from the CBI. Now, I think there is someone in this forum (military person) that said that there is a bank within the CBI that does sell them. So perhaps it is just a matter of details.

Thought this may be of interest to some.

Thanks for sharing this information.

It was mentioned on this forum by fsndirector and also stated this morning on the other forum by another person.

We don't know if it is from the same source but there are now 3 stories about it.

I hope they do it this week to stop the misery over there.

Originally Posted by MOM2TWO

There had been some talk about buying dinars from cbi.

Yesterday, I spoke with my dealer whom I speak with now on more of a friendly basis then him trying to sell me more dinars. We spoke about the soldier in Iraq who is a friend of a friend, and was told that he could not buy anymore, and then several others that we here at RC have heard about. So, I asked him to get in touch with his boss the ask how they are receiving their dinars. It took his boss a while, but he finally got in touch with their guys who are doing the buying in Iraq.

They were still able to obtain the dinars, however at a higher price than previous. Their guys did say that this would be the last time for them to be allowed to purchase them, because it is going to "happen" this week.

Also, the people that get the dinars for the company that I deal with; say that they buy them directly from the CBI. Now, I think there is someone in this forum (military person) that said that there is a bank within the CBI that does sell them. So perhaps it is just a matter of details.

Thought this may be of interest to some.

Well, this is what I call GOOD NEWS!!!!

Thanks mom2two for sharing it!

Originally Posted by Alphamystic

I don't see a big buy-back of Dinar a good thing. With a decent reval the CBI would get get back more than enough from speculators cashing in.

Am I wrong with this line of thinking?

Actually yes. When the reval comes they would have to put out many more dollars to cover the conversion of the currency. They want to have the least impact possible on their hard currency reserves. Therefore the person holding the currency with the highest value comes out ahead. In this case it would be the dinar with its new value versus the dinar at the current exchange rate.

Originally Posted by MOM2TWO

There had been some talk about buying dinars from cbi.

Yesterday, I spoke with my dealer whom I speak with now on more of a friendly basis then him trying to sell me more dinars. We spoke about the soldier in Iraq who is a friend of a friend, and was told that he could not buy anymore, and then several others that we here at RC have heard about. So, I asked him to get in touch with his boss the ask how they are receiving their dinars. It took his boss a while, but he finally got in touch with their guys who are doing the buying in Iraq.

They were still able to obtain the dinars, however at a higher price than previous. Their guys did say that this would be the last time for them to be allowed to purchase them, because it is going to "happen" this week.

Also, the people that get the dinars for the company that I deal with; say that they buy them directly from the CBI. Now, I think there is someone in this forum (military person) that said that there is a bank within the CBI that does sell them. So perhaps it is just a matter of details.

Thought this may be of interest to some.

woooooooottttttttttttttttttttttttt

YOU DID GREAT KIDDO!!!!!!!!!!!!! AWESOME

FARM JIG EVERYBODY

I have been thinking about the auction all morning. Mytake is this. Todays unusal auction has nothing to do with the lower denominations. When working with the Federal Reserve Bank, many member banks "made Change" with the Fed due to their currency requirements. Not a big deal. The lower denominations where simply "exchanged" for higher ones. No reporting on the exchange rate page was necessary. Then we come to the amount of the USD placed in the banks in exchange for dinars. If you anticipated a r/v, they can expect a demand for USDs in the local banks. Iraqis will try to convert a portion of their dinar into USD to hedge againist the future. This is to be expected. The local banks would need additional USDs to handle the demand. So lets see what happens in the am. We might see an additional large auction with more USDs moved to the local banks. Your comments are welcomed.

Originally Posted by Wm.Knowles

I have been thinking about the auction all morning. Mytake is this. Todays unusal auction has nothing to do with the lower denominations. When working with the Federal Reserve Bank, many member banks "made Change" with the Fed due to their currency requirements. Not a big deal. The lower denominations where simply "exchanged" for higher ones. No reporting on the exchange rate page was necessary. Then we come to the amount of the USD placed in the banks in exchange for dinars. If you anticipated a r/v, they can expect a demand for USDs in the local banks. Iraqis will try to convert a portion of their dinar into USD to hedge againist the future. This is to be expected. The local banks would need additional USDs to handle the demand. So lets see what happens in the am. We might see an additional large auction with more USDs moved to the local banks. Your comments are welcomed.

That sounds very logical to me. Many Iraqi's that are wealthy enough to travel outside he country would probably want a portion of their holdings in dollars. After all, you cannot buy squat with dinars outside Iraq, you can use dollars almost anywhere in the world.

Does this information help in any way?

Financial Position in the Fund for Iraq As of September 30, 2006

Originally Posted by Inscrutable

What's your source for this Susie? What countries are we talking about here and how many times? Thanks.

crickets.......crickets...............

Originally Posted by MrsCK

woooooooottttttttttttttttttttttttt

YOU DID GREAT KIDDO!!!!!!!!!!!!! AWESOME

FARM JIG EVERYBODY

MrsCK, you'll have to show me the farm jig when we're in the Caymans

OK I RIPPED THE FIL APART - and here are my thoughts:

Article 11
The investor shall enjoy the following benefits:
First: The investor shall have the right to take out the capital he brought into Iraq
and its proceeds in accordance with the provisions of this law and pursuant to the
instructions of the Central Bank of Iraq in an exchangeable currency after paying
all his taxes and debts to the Iraqi Government and all other authorities.
Fifth: Opening accounts in Iraqi or foreign currency or both at a bank inside or
outside Iraq for the licensed project.

Article 12
This law shall guarantee the following for the investor:
Fourth: Non-Iraqi technicians and administration employees working in any
project shall have the right to transfer their salaries and compensations outside
Iraq in accordance with the law after paying their dues and debts to the Iraqi
government and all other entities.

Article 14:
The investor shall observe the following:
Sixth: To adhere to the valid Iraqi laws regarding salaries, vacations, work hours
and conditions and others as a minimum.(Iraq's are paid $6.80 a WEEK if I was an company wanting to come into iraq SURE WE WILL PAY THOSE SALARIES)
Eighth: To train and rehabilitate its Iraqi employees as well as raising their
efficiency, skill and capabilities. Priority in employment and recruitment shall be
given to the Iraqis.(NO problem here if I only have to pay them $6.80 a week)

Article 21
The project capital subject to the provisions of this law shall be made up of the following:
First: Cash transferred to Iraq through financial banks and companies or any
other legal means with the aim of investing it for the purposes of this law.(THEY JUST TIED BANKS TOGETHER No problem here now)
Second: The in-kind assets and incorporeal rights imported to Iraq or purchased
from the local markets(We know what the price of stuff at the local market is) by the cash transferred into Iraq:
A. In-kind assets related to the project.
B. The machinery, tools, equipment, buildings, constructions, transportation
means, furniture and offices appliances required for establishing the
project.(wonder what a desk cost right now at 51% inflation)

OK RV I "feel" has to happen before or same day this starts to fly. Any thoughts on my thoughts