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

Try this link:http://www.imf.org/external/pubs/ft/...06/cr06301.pdf

Originally Posted by cigarman

Alot of things that were to come later are all of a sudden coming now.


The Iraqi Central Bank announced the actual operation of the system timely adjustments (rtgs) during an extensive meeting held with officials of the World Bank, Al-Rafidain, Al-Rashid and the managers of three commercial private banks.

source at the Central Bank of Iraq in said that the results of this preliminary work rules were satisfactory and fulfilling ambition. It is hoped in the near future from Ministry of Finance to participate in this system with the gradual entry of other banks operating in Iraq and as the system will be a better opportunity for the Iraqi banking system and also all users of its services; including the speed transfers and banking-related communications within Iraq.

And regarding the way to operate the (rtgs), the source pointed out that the Central Bank of Iraq established a new department for this purpose that will be a branch of the Directorate General of accounts in the bank. While the technical aspects of the system will be assigned to the computer department.

The source added that there is coordination with the general company of communications and mail in the Ministry of Communications to facilitate the communication network between the banks and Central Bank. As for funding this project, the source clarified that it is funded by the World Bank to develop a system of payments to the Iraqi Central Bank in particular, banking transactions in general...

http://www.iraqdirectory.com/DisplayNews.aspx?id=1990

I was going to post this cigarman. But their date throwed me off the way they list it. I knew It was current in my mind but they list the Day defore the Month as discovered after you posted. This is different way there I asume. On and All it is a good post of article.

Originally Posted by Offshore-Wealth.com

Funny,

Never is a word that does not compute and no matter how disappointed you may be over previous updates and wishful thinking on dates and otherwise good news, $hit happens, but never say never is a lesson I learned long ago. (g)

It will happen, and soon, it has to, and most everyone knows this by now having seen it talked about, mentioned in numerous press releases and by gov. officials, so all we need to be is patient.

Good luck to all, Mike

always have liked your posts mike. you have a verygood grasp on the dinar ,and economy and give smart level assesments, i am thankful for your input . i have learned all i know about the dinar frum your posts. when this thing pegs the first rounds on me. PS I have seen the frustration In your posts lately to . and it should have happend already YOU ARE NOT IN THE COM. MINTIONED ABOVE

IRAQ-PAKISTAN: New Iraqi dinar prompts buying frenzy


[ This report does not necessarily reflect the views of the United Nations]


ISLAMABAD, 2 Feb 2004 (IRIN) - Motivated by the prospect of a lucrative windfall, small-time Pakistani investors and even ordinary people are flocking to currency dealers to buy the new Iraqi dinar at what they consider throwaway prices, hoping to reap the huge profits that could accrue when the situation in the war-ravaged oil-rich nation stabilises.

"People are looking at the Iraqi dinar as a lucrative long-term investment, with the possibility that they might see their money double in the next year or so," Junaid Riaz, the owner of Riaz Moneychangers, a currency-exchange dealership that has an established clientele from the diplomatic community, told IRIN in the capital, Islamabad.

The profits depended on how quickly the situation was gauged to have settled down in Iraq, Riaz said. "It will be profitable in the long-term, not in the short term. People are looking at one, possibly two years before they can gather the benefits," he added.
2 years is here.
For the moment, however, daily transactions in Pakistan concerning the Iraqi currency ranked in millions of dinars, he said.

"Daily transactions average between 10 to 20 million dinars, which is somewhere between US $17,000-18,000," Riaz explained.Now today 61 million

The new Iraqi dinar was introduced in October 2003 by the Coalition Provisional Authority (CPA), becoming that country's sole currency. Since then, however, reports of large-scale smuggling to several Gulf states as well as to South Asia, have overshadowed the strong gains the new currency has made against the US dollar.

In Pakistan, one Iraqi dinar was selling for Rs. 0.044 on Friday, creating a rush of customers eager to capitalise on what appears, to them, to be a get-rich-quick scheme come to vivid life.

"Last week, I bought 1,000,000 Iraqi dinars for about Rs. 47,000 [US $850.925]," Saleha Rajput, a school-teacher, told IRIN in Islamabad.

"If things go well, in about eight or nine months time, the profit should be about Rs. 10,000,000," she added, explaining that she had just invested another two thousand rupees from her daughter's savings after she found out about another dip in the dinar's parity against the rupee.Sounds the same for all.

"People are buying the dinar by the millions and throwing them in their cupboards as they hunker down and wait for their investment to mature," Asad-ul-Haque, a marketing executive, told IRIN from the eastern city of Lahore.Going to be alot of people getting out of dept.

"I personally know of so many people who have bought millions of dinars and stacked them away. The minimum anyone of these people has bought is 100,000 dinars," he maintained.

Currency dealers say the spate of buying is unprecedented, but was expected once the news made the rounds that stability in Iraq would mean a quick upturn in the new currency's fortunes.

"It was only to be expected. People see it as a long-term investment and want to make the most of it," Abdus Samad, a local manager at Khanani and Kaalia, the country's biggest currency dealership with branches in every major city, told IRIN in Islamabad.
Remember this articule is talking from almost 2 years ago.

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Good one Neno!

Iraq Currency Exchange

Starting on October 15th 2003 a new national currency known as the ‘new Iraqi dinar’ will begin to replace the existing currency, the ‘old dinar’, and the currency used in the North of Iraq, the ‘swiss dinar’. The new Iraqi dinar will create a single unified currency that is used throughout all of Iraq and will also make money more convenient to use in people’s everyday lives.

The currency exchange will last from October 15th 2003 to January 15th 2004. Currency can be exchanged at any time during this three month period. Locations where money can be exchanged will include banks and other official locations, for example post offices, throughout Iraq. No fees will be charged for exchanging currency.

Iraq Currency Exchange

Is it legal to ship foreign currency to the USA? What is the limit?

We are not accredited financial consultants nor tax accountants and do not offer investment or legal advice. Yes it is legal and there is no limit to the amount of currency that you bring into the USA. However, when a person brings more than $10,000 American Dollar worth of currency into the USA, they must file a "Report of International transportation of currency or monetary instruments" (FinCEN Form 105)). I bought mine from a American License dealer. So Mine were already in the US prior to purchasing.

Iraqi Dinars - Buy Iraqi Currency

Question: How much currency/money/monetary instruments can I bring into the U.S.? (US CUSTOMS)

Answer

There is no limit on the amount of money that can be taken out of or brought into the U.S. However, if a person or persons traveling together and filing a joint declaration (CBP Form 6059-B) have $10,000 or more in currency or monetary instruments, they must fill out a "Report of International Transportation of Currency and Monetary Instruments" FinCEN 105. If assistance is required, a Customs and Border Protection (CBP) officer can help with filling out the form.

Please be aware, if persons traveling together have $10,000 or more, they cannot divide the currency between each other to avoid declaring the currency. Traveling

For example, if one person is carrying $5,000 and the other has $6,000, they have a total of $11, 000 in their possession and must report it on a FinCEN 105. If a person or family fails to declare their monetary instruments in amounts of over $10,000, their monetary instrument(s) may be subject to forfeiture and could result to civil and criminal penalties.

The FinCEN 105 can be obtained prior to traveling or when going through CBP.

I am a regular "lurker" on IIF...trying to find ALL the info I possibly can, ANYWHERE I can! LOL! I don't post there...I did once with a question a few
months ago and was basically publicly scolded and told to "do a search" or something along those lines...not nice, but WHATEVER! lol!

I know we were talking about ShotGunSusie a few pages back...she has updated her post this morning with the following...

PLEASE REMEMBER MY PRECISE DATE WAS ADJUSTED TO THIS BY MY SOURCE. IT COULD HAPPEN AS LATE AS THE 14TH BUT THE 7TH IS THE MOST LIKELY.
this is NOT a disclaimer but a reminder for those of you running to tell your boss to fo.

Again, she has a great deal of credibility on IIF, really does her homework, and only seems to post when she has solid info.

If you've seen her siggy, it says "I told you so!.....me and the Kurds @1.20!!!" and the numbers she's saying are around 1.15....makes me say HMMMMMM!

Hey Tiff, I've Been Over There Roaming Around Also And Just Read What You Just Posted. Sounds Like She Knows What She's Talking About And She's Not Saying If She's Saying When!!!!
Lisa

Originally Posted by tiffany

I am a regular "lurker" on IIF...trying to find ALL the info I possibly can, ANYWHERE I can! LOL! I don't post there...I did once with a question a few
months ago and was basically publicly scolded and told to "do a search" or something along those lines...not nice, but WHATEVER! lol!

I know we were talking about ShotGunSusie a few pages back...she has updated her post this morning with the following...

PLEASE REMEMBER MY PRECISE DATE WAS ADJUSTED TO THIS BY MY SOURCE. IT COULD HAPPEN AS LATE AS THE 14TH BUT THE 7TH IS THE MOST LIKELY.
this is NOT a disclaimer but a reminder for those of you running to tell your boss to fo.

Again, she has a great deal of credibility on IIF, really does her homework, and only seems to post when she has solid info.

If you've seen her siggy, it says "I told you so!.....me and the Kurds @1.20!!!" and the numbers she's saying are around 1.15....makes me say HMMMMMM!

Well, Adster and Mike have contacts in the North too I asume, as they have are should I say Adster has said into Sept. Mike covers with Soon. All I can say is, " The reasoning's are there and the progress is behind of the r/v, but when it is time, then it will". the Dinar Gang has posted Article after Article of good Measures for it to have already of been done. My favorite saying is, "Everything Happens For A reason".