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

good Question Karinc. Most of mine are 25,000 and 10,000 Notes. will we have a place available to exchange for smaller notes, without spending more money, making them less valuable? BOB

Don't worry,

The six month window is only if they removed $5K, $10, and $25K, but that is unlikely as many countries will be holding larger notes, as many of us will, so there will be years before we have to worry about it. And if they do want them called in, a minimum of six months will be allowed, if not more. In reality, it won't matter for anyone but Iraqi's as they will need to use smaller denomination, and few have any larger ones, that is for sure.

Good luck to all, Mike

Hey, does anybody know how many investment laws there are? I mean I'm getting confused, one day it's passed the next it's going to parliment. I'm assuming there's more than one, maybe one for each sector.

Coochie, guys thanks for the well wishes.

BAGHDAD, July 17 (Reuters) - The last contingent of Japanese troops pulled out of Iraq on Monday, bringing to an end the Japanese military's riskiest and most ambitious overseas mission since World War Two.

The last of the 600-member troop contingent arrived in Kuwait on Monday, 10 days after the first group left the war-torn country, British military spokesman Major Charlie Burbridge said in the southern Iraqi city of Basra.

"There are no more Japanese troops in Samawa," he told Reuters, referring to the capital of Muthanna province, where the Japanese contingent had been based since early 2004 to provide humanitarian and reconstruction assistance in the area.

Japan's troop dispatch, a symbol of Tokyo's willingness to put "boots on the ground" for its close ally the United States, won praise from Washington.

But the dispatch was opposed by many at home including critics who said it violated Japan's pacifist constitution.

The troops began their pullout on July 7, six days before an international coalition force in the province transferred security operations to the Iraqis on July 13.

(Additional reporting by Hugh Lawson in Tokyo)

http://www.alertnet.org/thenews/newsdesk/L17167672.htm

Originally Posted by Offshore-Wealth.com

Don't worry,

The six month window is only if they removed $5K, $10, and $25K, but that is unlikely as many countries will be holding larger notes, as many of us will, so there will be years before we have to worry about it. And if they do want them called in, a minimum of six months will be allowed, if not more. In reality, it won't matter for anyone but Iraqi's as they will need to use smaller denomination, and few have any larger ones, that is for sure.

Good luck to all, Mike

The larger US dollar notes ($100,000...$10,000...$1,000...$500) are still legal tender and can still be used. A local coin shop dealer just had a $10,000 bill stolen from him and it ended up being spent in Nevada. These have been out of circulation for decades but are still viable. It will be the same with the higher Iraqi dinar notes. They will just be taken out of circulation at some point in the future is all.

Originally Posted by krissy72

i found this posting on another forum, i'm not sure how reliable this person's sources are but he had sent me a pm saying he had source within the iraqi govt. Here is what his posting said:

i have been busy setting things up for my dinars to ease the burden of tax sorry i havent gotten back until now sence im going to be hammered any way here goes my source says nov 14 at 1.85$ this will allow when they float on the world market the dinars wont fall below .85 after

and here is link where it was http://www.investorsiraq.com/rumors-...546-way-6.html

oh he had also said that it would peg initially at 1.12 in august with it opening on world market in nov. at 1.85. that was in another posting if you read thru the thread.

anyone hearing similar things? adster, mike, anyone?

Mike, Adam, Cigarman, what is your take on this post by Krissy72

Arco

Personally, I think it will peg at $1.12 in July, only I think it will traded on the market at that time. Any other scenerio doesn't help Iraq. IMHO.

Originally Posted by cigarman

Hey, does anybody know how many investment laws there are? I mean I'm getting confused, one day it's passed the next it's going to parliment. I'm assuming there's more than one, maybe one for each sector.

Coochie, guys thanks for the well wishes.

Funny,

Yes, it gets confusing because the Kurds got their law passed first. But it was used as a model, so technically there is only one, just different release dates.

Good luck to all, Mike

Originally Posted by cigarman

Personally, I think it will peg at $1.12 in July, only I think it will traded on the market at that time. Any other scenerio doesn't help Iraq. IMHO.

According to the US State Dept. as of June 7th. it's a fully convertable currency with no restrictions.

"CURRENCY CONVERSION AND TRANSFER POLICIES

The currency of Iraq is the Dinar (ID - sometimes referred to as the New Iraqi Dinar). Iraq's current exchange system is characterized as a free foreign exchange system, with no restrictions on purchases or sales of foreign currencies. The Iraqi currency is fully convertible and can be exchanged freely with any other currency. In addition, there is free movement of capital without restrictions on capital inflows and outflows. Iraq's foreign exchange regime is also a multi-currency system in which foreign currencies circulate in the market and are accessible to everyone.

The exchange rate is generally determined on the basis of supply and demand conditions in the foreign exchange market. Banks may engage in spot transactions in any currency, but are not allowed to engage in forward transactions in Iraqi Dinar for speculative purposes. The Central Bank of Iraq (CBI) also can intervene, when necessary, in order to maintain stability in the foreign exchange market. In addition, there are no taxes or subsidies on purchases or sales of foreign exchange.

The Government of Iraq's monetary policy since 2003 has focused on maintaining price stability and a stable exchange rate. In addition, the Central Bank of Iraq conducts daily foreign exchange auctions to limit the impact on base money growth of the sale of the government's oil export earnings. "

http://www.state.gov/e/eb/ifd/2006/67643.htm

I know many of you have seen this before, that is what it says.

So Treater, if they did a internal reval we could still exchange our dinars here? I don't think so. That's what I meant about being traded on the market.