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

Originally Posted by sallyl

I did ask my friend and she said that she had ordered dinar this way before and the person that she talked to on telephone banking was familiar with the dinar (and her requests).
My friend didn't push for any answer apart from the question "Why have they run out of dinars?" and that was the answer she got.

She was so amazed that she phoned me straight away as I am the one that usually keeps her informed of what is going on.

That's all I can give you, as that's all I have.

Thanks very much for the info.
With absolutely no offense made to you, Sally, or your friend...

I find it interesting and frustrating that every time someone gets a juicy bit of information from a bank they don't ask more questions. They always say they were shocked and didn't think to ask anything else.

I would keep asking details till they made me leave!

Hi Sally and thanks a lot for the info. I am not doubting the veracity of your post or your conversation with your friend but I do feel that it could have been a miscommunication or the words could have been lost or misconstrued. Not deliberately but inadvertently of course.

Didn't we read a similar story when a Manager or someone of a similar standing apparently told someone to come back in a few days time when she/he was ready to exchange? This was a few weeks ago.

I doubt if anyone outside the circle of "trust" knows about the revalue. Please bear in mind that this post is not intended to cast doubt or aspersions on you or your friend. Thanks

Originally Posted by sallyl

A friend of mine phoned Barclays Bank (in the UK) to order some more dinars today and was told that "there are no more dinar in the UK"

When she asked if they could get some for her she was given this answer.
"No not at the moment - we can't get a single dinar and there is none left to sell"

Why ? my friend asked.
"Because Iraq is about to re-value the currency"

The banks here now know this then.

Originally Posted by crave681

im thinking your worth is well over a million dinars...

welllllllllllllllllllllllllllllllll over.

(roommate knows!)

Originally Posted by Hope Full

I like to read this Iraqi forum it shows what the I raqies think about whats going on. the following was posted the other day but it is a very very interesting opinon
Response : Iraqi dinar is traded on the exchange in 1360
Quote :
Originally sent by Nawrs55
I mean, when crashes dinar rate
Brother nawrs55
News issued by the Central Bank and published in a number of locations, including this says that our goal to improve the Iraqi dinar will be in phases and the first phase started by the Central Bank aimed at improving the rate of the Iraqi dinar against the dollar by 13%. That is the first objective will be at the borders of 1290. The next goal would be the limits of 1260 and then to the 1000 dinars per dollar. These objectives are expected to be reached during the first three months of next year 2007. And this improvement of the Iraqi dinar Central Bank may be able to improve the per capita income and to fight inflation, which reached a very high figures, these factors lead to the improvement of the Iraqi economy in general.

I hope that I have answered your question.

you can go to the website to read all of the articals
ÇáÏíäÇÑ ÇáÚÑÇÞí íÊã ÊÏÇæáå Úáì ÓÚÑ 1360 - ãäÊÏì ÇáÚÑÇÞ ááÃæÑÇÞ ÇáãÇáíÉ

The only problem with accepting this word for word as to be their agenda is that it doesn't get them where they need to be financially, soon enough to meet the requirements of their own budget...which has been published and even increased since first published. I could be wrong, but "misinformation" for whatever reason is sometimes used simply to put "news" out their to be printed, only to lead people away from what is actually going on.

Originally Posted by sallyl

I hope you get a new order from RBofS but I do know that in my area both Halifax and Barclays (via my friends info) cann't get anymore as from today.

Time will tell, but I just thought I would share my tidbit of news here.

Thankyou for the information Sallyl, I wasnt doubting your information, they are obviously running out in some areas, thats good... also word is getting out about the dinar revaluation... thats good too. I shall try and order again from RBS and I will let the forum know how it goes

Originally Posted by Dr. Mike

Correct, he has been turned over to the Iraqi. I am watching it now.

isnt it already sat there?

Although we hear the Euro is surging, the IQD is also gaining ground on it. The lastest rate from AME is 1747.0.

As for why we see different rates all around, it is the difference between the market rate and the CBI rate. The dinar is not on the actual ForEx but it is traded internationally. Banks and other companies trade currencies and set the market rate by the buy/sell prices they agree to between themselves.

While the rate at the CBI was steady and they were dragging their heels on the FIL/HCL et al, neither rate was fluctuating much and they were pretty close. As the CBI began lowering rates and the laws looked like coming together and contracts were being signed for foreign investment, the market began to move.

As the CBI kept going and there was more activity, the market picked up momentum. Also, as you know, they've been reducing the circulation so demand is going up and availablility is down. The supply/demand pressure heats up the price even more and, even though they're holding the price for a few days, the supply is still being reduced and that puts pressure on the price.

As Wm. Knowles said, reaching the 10% mark has begun a feeding frenzy and the market is taking on a life of it's own and pulling away from the CBI rate. Now the CBI is keeping pace with the market rather than the other way around. Even if the CBI just put their heels up and follow the market after this, the rate will continue to rise and gain momentum for some time. How long depends on the economic news: FIL/HCL, contracts signed, more oil exported, agriculture getting back on track, etc,, etc.

I hope they do a major reval but, even if they don't, they'd have to take drastic measures to stop the momentum now.

Originally Posted by sallyl

A friend of mine phoned Barclays Bank (in the UK) to order some more dinars today and was told that "there are no more dinar in the UK"

When she asked if they could get some for her she was given this answer.
"No not at the moment - we can't get a single dinar and there is none left to sell"

Why ? my friend asked.
"Because Iraq is about to re-value the currency"

The banks here now know this then.

Not sure what to think of this. I picked up a 500K order on Wed with no problems and again ordered 500K from chase just right now and got it at the rate of .00079640, or $398.20 per 500K. I won't get it until Tues, but they way it works is, as long as i have bought it and have a receipt, they cannot tell me on tuesday 'sorry, but the dinar has revalued, so here is your money back'. I doesn't work that way. It is mine already if it goes up or down. No implications that there is a shortage....i am going back tomorrow or later today........

Hunter:

Originally Posted by lazyasL

i posted this yesterday on another site and didn't get much response...maybe someone from here might have an opinion........

Question?

On FXConverter - Currency Converter for 164 Currencies: I have been tracking the movement of the dinar. Something interesting is going on.

On Sunday, December 24 the CBI rate was 1352, and the conversion was $753.920 per million

On Monday, December 25 the CBI rate was 1345, and the conversion was $753.920 per million

On Tuesday, December 26 the CBI rate was 1338, and the conversion was $754.318 per million

On Wednesday, December 27 the CBI rate was 1325 and the conversion was $755.173 per million

Today there is NO change in the CBI rate, still at 1325 and the conversion jumped $17.12 to make the conversion at $773.292 per million……….WHY?

Now today (Friday December 29) still NO change in the CBI rate (which we know will be the same for the next few days) at 1325 and the concversion jumped $14.28 to make the conversion at $787.573 per million.....THOUGHTS

FXConverter - Currency Converter for 164 Currencies

My thought is, since everyone looks to CBI for the "official" exchange rate, it has and can also be used as a decoy to what is actually going on. It's possible that most people are not familiar with the other sites that track this kind of thing, as to what is really going on. The CBI isn't in the reporting part as a business where FX is.

Originally Posted by phiberoptik

isnt it already sat there?

It's 9:18 PM right now in Iraq