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sorry that DOWNLOADED COUNTLESS pages and did not help.thanks anyway.
I purchased in Iraq from CBI in 2006, and so how are they going to know if i go exchange? I'm not for pulling tax fraud, at the same time i don't want to just claim it if not neccesary. i thought there wasn't capital gains tax on currency exchange. Thanks for everything ema, and when would this take place in your opinion. Will it be announced? Thanks again ema
UPDATED: Iraqi Finance Minister Statement
Here is the link:
http://translate.googleusercontent.com/translate_c?hl=en&sl=ar&tl=en&u=http://al-iraqnews.net/new/local/54531.html&rurl=translate.google.com&twu=1&usg=ALkJrhgZ6OegYmbL4jD6XFEId2pr93L3Vg
You will either have to sell on e-bay to people who don't understand what is happening, or you will have to sell back to a dealer for substantial fee.
Those are the two best options.
You might be stuck with worthless paper.
Cashing in your IQD investment.
As soon as the announcement is made that the official exchange
rate for the IQD has been set we may well see instructions in the
media in the form of a PSA (public service announcement)
instructing the public on the redemption of the Iraqi Dinar
investment notes.
It appears from the articles we are seeing that a time limit on
redemption will be set and that appears to be the end of this
year, no later than December 31st 2010.
Redemption of our Iraqi Dinar Investment notes will be done at
the major banks in the U.S.
It is rumored and reported that these could possibly be the following:
Chase Bank.
Bank of America.
Citi Bank.
TD Bank.
Wells Fargo ( selected branches).
5th 3rd Bank.
Compass Bank.
HSBC.
Now it is being reported that there are currency dealers who also
will be doing exchanges of the Iraqi Dinar.
I personally will use and support my local bank and have not nor
never will plug for any private currency dealers.
We at one time upon starting this board had a generic list of
currency dealers listed on the I-Box above that was placed there
by one of the moderators who is no longer with us.
I removed all currency dealer information from the I-Box weeks
ago upon find that it was still there.
We do not nor never have promoted any personal currency exchanges
and will never do so.
So that is it...we should soon see upon the announcement of rate
changes complete instructions for IQD investment note redemption
at out local banks and that information will be posted here on this board.
~Best of luck to ALL!~
ema -266
IQD in @ .0009 HOLD!
I would like to see the Offical site where this NEWS came from. Mostly I see things carried over here written by an Investor or Dealer. WHERE iss the offical NEWS SOURCE LINK.Knowing How Iraqi People speak is TOTALLY different from some of the pieces put on this Board. Thanks . No Disrespect intended to anyone.
ema, do you have any idea how we will most likely redeem or cash in our dinars when this happens as you describe? Normally after a reval and/or redom how do people outside of the country trade-in or cash-in their funds? What happened in Turkey after they adjusted their currency? Will American banks be an option? I purchased all of my dinars at Chase Bank before Chase stopping offering them. Do you think once the reval happens that Chase would again start dealing in dinars?
Where do I go to read this article in it's original forn.Then I can Interprite it's meaning for myself. thank you
HOT! Final PROOF! No LOP! RV Coming!
Overnight revaluation coming to the IQD at or just above the dollar!
1. lifting of the zeroes of the currency will support the currency against the dollar
Another confirmation. key points in red..
Conscious / Baghdad / G. E
11/2/2010 3:51 pm
Finance Minister Bayan Jabr said the lifting of the zeroes of the Iraqi currency will support the currency against the dollar.
Zubaidi, in remarks quoted by reporter (news agency, Iraqi Information / conscious) that this proposal by the Ministry of Finance to the Central Bank of Iraq was not affected increase or decrease but it is just delete the zeros vocation not only the case in many countries Noting that the Iraqi dinar would be offset dollar or slightly more than after the application of this proposal.
According to an official source at the ministry The proposal to raise three zeroes from the currency will be in accordance with the right monetary policy is not gradual, as happened in Turkey and this policy will raise the monetary value of the Iraqi currency and will of the Iraqi dinar Strength of cash against all currencies.
translate.google.com/translat...ate.google.com
Note: As you can see stright from the Iraqi Finance Minister this will NOT be gradual which means it will be an overnight revaluation and the dinar will be near or slightly MORE value than the dollar!
So who do YOU trust?
Lopsters like Areospace or the Iraqi Minister of Finance?
Go DINAR!~
IQD in @ .0009 HOLD!~
LOL... ok... I'll ask. If that's not a lop, then what is it?
Can you please tell us what a redenomination is?
Apparently this redenomination will be different than the other 100 or so redenominations that have happened. It will be different than Turkey, Russia, and Brazil, which they used as examples.
Tell us please, what will happen?
NO LOP! Right from Iraq!
Reported TODAY in Rueters new service!
BAGHDAD, Feb 11 (Reuters) – Iraq expects to redenominate its dinar currency by knocking three zeros off the nominal value of bank notes to facilitate currency transactions, a central bank official said on Thursday.
Emerging from years of war and sanctions, Iraq is trying to revamp its economy and boost oil production with a raft of crude deals that may vault it to one of the world's top oil producers.
"The goal is to improve the payment and receiving system in the country and consequently to reform cash management," said Mudher Kasim, a senior advisor at the central bank.
Iraqi payment systems rely almost exclusively on cash.
Kasim said that the central bank expected to start rolling out new notes by the end of the year or the beginning of 2011. Iraq has 25 trillion dinars in circulation, officials say.
An Iraqi cabinet committee ordered the change in 2007, but the central bank did not think it appropriate until recently, Kasim said. The dinar's value will remain unchanged, he said.
The local unit is managed through foreign exchange auctions, and traded hands at 1,170 per dollar at the last sale.
(Reporting by Aseel Kami; Editing by Jack Kimball and Toby Chopra) Keywords: IRAQ CURRENCY/ (jack.kimball@thomsonreuters.com; +964 7901 917 033; Reuters Messaging: jack.kimball.reuters.com@reuters.com)
http://www.iii.co.uk/news/?type=afxnews&articleid=7747130&subject=markets&action=article
This is how it was explained about a year ago.
The Central Bank of Iraq Central Bank of Iraq Central Bank of IraqCBI Iraq | Financial Services News | Profile | Officers » Research
has taken steps to rebase the Iraqi dinar and issue new banknotes, a senior official at the bank said Tuesday.
"We have reached a conclusion that we should take off three zeroes from the current Iraqi dinar banknotes," Mudher Qasim, the bank's senior advisor, told Dow Jones Newswires in an exclusive interview.
"The process is progressing and we have taken some steps," Qasim said. "We will issue a decision in due time."
Qasim didn't give a timeframe when that decision would be taken, but said printing new banknotes and fully replacing old notes would take two years from the time the decision is taken.
Iraqi Finance Minister Bayan Jabor said his ministry had suggested to the central bank to take off three zeroes from the current Iraqi dinar banknotes. "The Central Bank Governor (Sinan Al-Shabibi) has informed me that the bank is in the process of taking that decision," Jabor told the state-run al-Iraqia Satellite Channel Monday.
"The Central Bank of Iraq Central Bank of Iraq Central Bank of IraqCBI Iraq | Financial Services News | Profile | Officers » Research
supports what the finance minister was saying," Qasim said.
If the rebase decision is taken, it means a current 25,000 Iraqi dinar banknote will become IQD25, for example.
Tuesday, the Iraqi dinar traded at IQD1,200 against the dollar, according to a trader in Baghdad. When three zeroes are knocked off the Iraqi dinar, a dollar will equal only 1.20 dinars.
Currency rebasings are usually monetarily neutral and are introduced to make commercial calculations and cash dealing easier and cheaper. Turkey knocked six zeroes off its lira currency Jan 1, 2005, for example. Russia did the same for its currency. "In a country like Iraq where cash consists 80% of money dealing, we need smaller bank notes," Qasim said, adding that current Iraqi banknotes were difficult to store and need strict security measures when moving money from one place to another.
There are now some 20 trillion Iraqi dinar banknotes in use in the market, which is a very big amount and if Iraq knocked 3 zeroes it would become IQD20 billion which is a reasonable amount, he said.
Qasim also said one of the reasons for rebasing the Iraqi dinar is because the bank has managed to reduce the country's high rates of inflation. The inflation rate fell to 14.7% in May this year from a record high of 60% in late 2006.
In July 2004, the now dissolved U.S. civilian authority in Iraq decided to print the current Iraqi banknotes replacing those used to bear the picture of the former Iraqi leader Saddam Hussein. Iraqis then had three months to swap their old dinars with the new ones.
"This time we aren't in hurry, if it takes two years to swap the new currency with the old one, then let it so," Qasim said.
The current banknotes were printed by Britain's De La Rue Plc (DLAR.L), the world's biggest commercial printer of bank notes.
Jabor said in November last year that the central bank would rebase the dinar in early 2008.
-By Hassan Hafidh; Dow Jones Newswires; + 962 799 831 831; hassan.hafidh@dowjones.com
(END) Dow Jones Newswires
19-08-08 0720GMT
Imagin that. A dinar dealer that doesn't understand REDENOMINATION.
The new currency will have a new value.
The current currency will continue to have the same value it has now, it will simply become invalid at the end of the exchnage period.
Iraqis will be able to exchnage 1000 current for 1 new... therefore lopping 3 zeros from the currency.
That is how Turkey, Russia and Brazil did it... and they have used those countries as an example of what they will do.
Not only is that how those 3 countries redenominated, it's how EVERY country that has ever redenominated has done it.
Only difference is the amount of zeros.
Iraqi Dinar Redenomination and Exchangeability There have been a tremendous number of inquiries about the recent news that Iraq will be increasing the value of their currency and, at the same time, introduce new denominations into the Iraqi economy sometime in 2010 (currently planned). Specifically, it has been reported that the Iraq Finance Minister issued a statement saying they have prepared a plan to increase the value of the Dinar against the dollar and will introduce 25, 10, 5, 1, 1/2, ¼, and smaller (possibly 1/10 or 1/20) Dinar banknotes and/or coins. He said that successful fiscal policies pursued in Iraq have contributed to increasing the value of the Iraqi Dinar against the dollar, noting that the U.S. Dollar dropped significantly in value during the current year. Of note, he also said in a press statement that the bank has been following with great interest the phenomenon of low demand for the U.S. Dollar in the local Iraqi currency exchange markets.
Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, said by the end of 2010, new banknotes will be fully introduced while the current banknotes will be gradually removed from circulation. He did not specify when the new banknotes would be issued. Both (current and new) denominations will be legal tender in Iraq until the current banknotes are completely withdrawn over a period of time.
Economic analyst Hilal al-Tahhan was quoted as saying, “The bank's move is overdue.” He said he expects the currency change to go smoothly because of the decision to allow both the current and new banknotes to coexist during an extended exchange period, leading to less turbulence in the economy.
What does all this mean? Overall, this news appears to be very positive and possibly points to some significant changes in the value of the Iraqi Dinar. It has long been the opinion of many Iraqi Dinar investors that the Iraqi Government must introduce new lower denominations into their economy before the value of their currency increases. If the value (buying power) of the dinar increases significantly or rapidly, the larger denominations currently in circulation would be impractical for use during everyday transactions in the Iraqi economy. If the Iraqi Dinar increased in value to 10 cents (.1 USD), the smallest banknote in Iraqi would have a value of $5 USD. There would no practical way to purchase everyday items in the economy and no way to make change---the currency would be impractical and unusable. If a soda in Iraq has a value of 50 cents now, it will still have a value of 50 cents if the value of the Dinar increases, and there has to be a denomination in the Iraq economy to pay for it. The current problem is that Iraq doesn’t have any currency in circulation to pay for normal day-to-day products if the Dinar rises significantly in value, so Iraq must have smaller denominations moving forward.
Also from the recent news, it appears as though all denominations (current and soon to be issued) will be in circulation at the same time and no immediate exchange will be necessary. Hopefully, the Iraqi Dinar will be on the world exchange market soon to allow for even easier exchange in the near future. Expectations are that Iraq is moving as fast as they can to rebuild their economy and wealth, and join the international economic community.
There have also been rumors about the future exchangeable value of some current Iraqi banknote denominations, and limited time periods for exchange of current Iraqi banknotes. It has been falsely rumored that perhaps the 25,000 Dinar banknote will be exchanged at a different exchange rate than current smaller Iraqi banknotes. Another false rumor suggests there will be a very short period (days or weeks) of exchange for the current Iraqi banknotes after a significant change of value and introduction of lower denominations.
To address these rumors, let’s look at currency from a basic level: Countries issue their own currency. They issue their currency with a responsibility to honor it and redeem it. The currency must be accounted for. When a country issues currency (the US as an example), they borrow against the currency and issue debt to support it. The U.S. recently printed a significant amount of currency in order to finance stimulus funding. In order to do this, the U.S. government had to borrow the money with an obligation to pay it back.
One of the main functions of the U.S. Treasury Department is to manage the U.S. national debt (the amount of money which the federal government owes to its creditors). China owns much of our debt as do U.S. citizens and other countries---we must honor our issued currency and our debt. If a country doesn’t honor its debt, creditors (other countries and investors) lose faith in the defaulting country and a country will end up in financial ruins. Iraq, as a responsible member of the world economic community with a goal of getting their currency online with the rest of the world currencies, has issued currency with an obligation to honor it----all of it---not just certain denominations. Throughout modern history, there has not been one instance where a country honored some denominations, but not others. If certain denominations were not valued, people and other countries would lose faith in that country's responsibility to respect their debt and honor their issued currency. If a nation only valued certain denominations, who would trade with them, exchange with them, or conduct business with them? To limit the time period for currency exchange in order to force the de-valuation of currency in circulation in order to reduce debt doesn't happen and wouldn't be tolerated by the world financial community. Countries have to be accountable for all of their currency and they can't play games with exchange timelines to try and prevent people for exchanging. Remember, in addition to individual investors, large governments and banks outside of Iraq hold Iraqi currency. Money from all over the world has flowed into Iraq through the purchase of Iraqi Dinar. The Iraqi Government will honor that investment in their economy, or there will never be faith in their economy and they will never be accepted by the world financial community.
DinarBanker.com owns a tremendous amount of Iraqi Dinar---we buy (any denominations) and sell our Dinar. We see the introduction of the new lower denominations as a very positive sign. Furthermore, we expect to continue to trade the Iraqi Dinar no matter what happens to the value of it in the future. With our extremely large capitalization, we are prepared for any value changes in the Iraqi Dinar and do not expect any exchange restrictions in the future or short time limits for exchange.
http://www.dinarbanker.com/information-articles/iraqi-dinar-redenomination-and-exchangeability.html
Good news source.
Here is a blog where major world economic news along with global geo-political events are covered.
Major Iraqi economic and political events are always covered.
http://articlesofinterest-kelley.blogspot.com/
latest iraq news~
Iraq orders former Blackwater security guards out
BAGHDAD – Iraq has ordered hundreds of private security guards linked to Blackwater Worldwide to leave the country within seven days or face possible arrest on visa violations, the interior minister said Wednesday.
The order comes in the wake of a U.S. judge's dismissal of criminal charges against five Blackwater guards who were accused in the September 2007 shooting deaths of 17 Iraqis in Baghdad.
It applies to about 250 security contractors who worked for Blackwater in Iraq at the time of the incident, Interior Minister Jawad al-Bolani told The Associated Press.
Some of the guards now work for other security firms in Iraq, while others work for a Blackwater subsidiary, al-Bolani said. He said all "concerned parties" were notified of the order three days ago and now have four days left before they must leave. He did not name the companies.
view more~
[url][/url][tag]http://www.dinar2u[/tag]
flip I have been told it will be handled as a standard Capital gain. So if you purchaced over one year from the date you exchange it will be a long term Cap gain and of course less than a year short term cap gain. But your tax guy will be the one with the final answer.
The Ministry of Finance announces the arrival of 1500 ATM for the distribution of sal
The Ministry of Finance announces the arrival of 1500 ATM for the distribution of salaries of employees and retirees in Iraq
Wednesday, 10 ???? 2010 16:55 GMT
Alsumaria News / Baghdad
The Ministry of Finance of Iraq, on Wednesday, the arrival of 1500 ATMs to a provision for the smart card will be distributed to private banks and banking offices to facilitate the receipt of retirees and staff salaries.
The Iraqi Finance Minister Baqir Jabr Al-Zubaidi on the sidelines of a meeting with managers of bank branches to discuss the problems the Iraqi government banks in Iraq in an interview with "Alsumaria News", that "the ministry received the1500 ATM is dedicated to smart card free of charge from the company's global smart card project implemented in Iraq. "
"Now that" these devices will be distributed to private banks, bureaux de change and some markets (supermarkets) in order to facilitate the receipt of pensions and state officials throughout Iraq. "
The Minister of Finance that "the number of beneficiaries of the smart card until the day arrived in Iraq to more than 600 thousand people, were first awarded for the retirees to be expanded on to include all state employees," noting that "the ministry had approached some of the Iraqi ministries on the extension staff card Smart. "
He pointed out that al-Zubaidi "smart card project is a qualitative leap in the work of Iraqi banks, with advanced technology introduced for the first time in Iraq for the work of banks, Iraqi government through the rapid disbursement of salaries of employees and retirees of any bank at any time," indicating that "it was disclosed recently a lot of fraud in the cards for older retirees, and they receive through their pensions. "
The government banks of the Rivers and sub-Rashid, began in February of the year the Past 2009 the distribution of pensions through thesmart card for more than 50 thousand retired and Iraq banks 50 A retired bank governance. "
It is supposed to provide about 250 smart card service to its subscribers, including recording the entry and exit for the government officials and the payment of water bills, electricity, telephone and the rest of the tax cuts, but he had not been used in Iraq until today only to receive pensions.
The Iraqi banks did not keep pace with developments in the work of international banks, continued to be linked through the use of telephones and fax machines, did not enter the Internet only after 2004, and seeks the Ministry of Finance to the development of banks associated with them, through the introduction of new technologies and linking banks world-wide automatic, to facilitate the transfer of funds to and from Iraq.
Link: http://www.alsumarianews.com/ar/3/29...%A7%D9%82.html
Then they will end up not RV it .. dont ruin our opportunity. Dont count your chickens before they hatch mn
If and when we exchange the dinar for cash american, will we be taxed on the exchange or will we have to go to seperate banks to recieve the total amount? Thanks ema appreiate all your post, thanks god for you i coulnt handle aero anymore after the past years
Iraq Hopes for U.N. Sanctions to Be Lifted as Maliki Arrives in U.S.
By Nina Donaghy
- FOXNews.com
Iraqi Prime Minister Nouri al Maliki is visiting the United Nations on Wednesday in hopes of getting assurances that sanctions against Iraq will be lifted.
Maliki is meeting with U.N. Secretary-General Ban Ki Moon one day ahead of his first meeting with President Obama since U.S. troops withdrew from Iraqi cities at the end of June.
While Iraq faces U.S. pressure to speed up efforts for national reconciliation and provide assurances that Iraq's security forces are capable of protecting their own urban populations, Iraqi Foreign Minister Hoshyar Zebari told FOX News on Monday that Iraq will soon be released from all 73 U.N. resolutions and "Chapter 7" sanctions.
Zebari said Ban would present his report to the Security Council next week and he was confident that Iraq would be released from its obligations "by this summer."
Remaining sanctions were impeding progress in certain government ministries such as health and education, preventing vital equipment from being imported, Zebari said.
The international body imposed sanctions on the country after its 1990 invasion of Kuwait. Among its requirements is restitution to Kuwait for the invasion.
The foreign minister suggested that releasing Iraqi from its commitment would not be a problem for its neighbor.
"Coming out of Chapter 7 will not disadvantage our Kuwaiti brothers," Zebari said.
In fact, Zebari, who was in Washington, D.C., ahead of Maliki's arrival, said diplomatic regional relations with Iraq's neighbors are "in a new phase," and noted that most Gulf Cooperation Council nations had re-appointed their ambassadors to Baghdad. The long-promised ambassador from Saudi Arabia has not yet arrived, but Zebari said Iraq's ambassador in the Saudi kingdom was very active.
As for Iran and Syria, which share lengthy borders with Iraq, Zebari said Iraq supports U.S. engagement efforts with both, adding that Iraq has a "role to play."
He said Iran has shown signs of greater transparency on the issue of cross-border arms smuggling.
"We have been very direct," Zebari said, noting the issue has been on the table in all discussions with his Iranian counterpart.
As for Syria, that country has made a start by stemming the flow of insurgents across its previously porous border.
"Syria has cooperated by controlling the numbers of foreign fighters by imposing certain restrictions on airports, checking IDs. The numbers of have gone down, but more needs to be done," he said.
Relations with the United States also require maintenance, he said, emphasizing the need for the Obama administration to help smooth some internal strife.
"There are problems in Iraq that could turn into crises. The administration needs to keep its focus," he said.
Zebari said while it welcomes U.S. involvement, Iraq wants to accelerate the Strategic Forces Agreement, the document that outlines the pullback of U.S. forces until its withdrawal by 2011. The Iraqi army and police had "matured and proved themselves," he said, though the possibility of a resurgence of the Sons of Iraq and other militias remains.
Zebari also called upon the United States to play an active role in resolving the country's stalled negotiations over oil profits. A version of the oil law had been approved by leaders of various political groups but leaders of Kurdistan, where 100,000 barrels of oil are produced each day, are reluctant to put their oil profits straight into the national budget.
"We need America and other bodies to mediate," he said, noting that the oil law is not the only source of tension between the Kurdish regional authority and Iraq's central government in Baghdad.
"There are political difficulties. There is definitely tension, there are delays, as people are selectively interpreting the constitution."
But the foreign minister downplayed the notion of intractable tensions saying that Baghdad hosted visits from Kurdish officials and that in his view the situation would improve after Kurdistan provincial elections, which he predicted would take place at the end of this year ahead of Iraq's own general elections in January 2010.
http://www.foxnews.com/politics/2009/07/21/iraq-hopes-sanctions-lifted-maliki-arrives/
OK. Thank you. got some old one's socked away. Might Paper Bathroom.
This is the 2nd time in the past 6 months and the 3rd time within one year.
All of them were very small and represent less than a .01 cent change.
I have VND also as a play.
I think the announced devaluations have been more to stem speculation than any thing else because the total change is so small but the wording of the statements (devaluation) and the impact that may have on those who are speculating has been effective to "cool" speculation.
IMHO
Just in time for the RV!~
New FenCEN law just passed and in effect!
U.S. rule directs banks to share data abroad
2010/02/08
WASHINGTON, Feb. 8, 2010 , A U.S. financial crime agency has adopted a rule allowing local, state and foreign police agencies to seek information from American banks, despite opposition from industry groups.
The rule broadens one adopted by the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Treasury Department, after the September 11 attacks.
That original rule allowed FinCEN to require financial institutions to search their records to determine whether they maintained accounts or conducted transactions with individuals that federal law enforcement agencies suspect, "based on credible evidence," have engaged in terrorist activity or money laundering.
FinCEN had said it wanted to expand the rule because of its success in helping track terrorist financing and major money laundering cases and to satisfy treaty obligations with the European Union.
FinCEN, established in 1990 to provide and analyze financial intelligence, administers the Bank Secrecy Act. The act requires financial institutions to submit reports to the government aimed at preventing money laundering.
The agency said on Friday that expanding the rule to foreign law enforcement agencies would "greatly benefit the United States by granting law enforcement agencies in the United States reciprocal rights to obtain information about matching accounts in EU member states."
More than half a dozen financial trade groups and associations, including the American Bankers Association and the Credit Union National Association, opposed the expanded rule as too burdensome and intrusive.
In a 13-page letter, ABA Vice President Robert Rowe called it "premature and unfounded" and said it represented a "dangerous broadening" of the information-sharing process.
"There is absolutely no indication that the extraordinary power available under the 314(a) data-match program was ever intended by Congress to be put at the service of foreign countries," he wrote, referring to FinCEN regulations that are part of the USA Patriot Act of 2001.
But FinCEN said the same vetting process currently used for federal law enforcement requests would be applied to requests made by foreign, state and local police agencies.
Among other things, FinCEN said it will require them to certify that, in the case of money laundering, the matter is significant and they have not been able to obtain the information they seek through traditional methods of investigation.
And foreign law enforcement requests will be required to submit their requests to a federal law enforcement attache.
In a statement, FinCEN Director James Freis said that while the searches requested of financial institutions were simple and sought very limited information, "the threads they provide are crucial to investigators and are often the key to weaving together successful cases."
FinCEN began processing requests under the old rule in November 2002. As of June 2009, it had processed 988 requests submitted by 22 federal agencies, according to FinCEN. Of those, 302 cases were related to terrorism or terrorism financing and 686 related to money laundering.
FinCEN said that 54 percent of the requests had contributed to arrests or indictments.
newsdaily.com/stories/tre6173zl-us-fincen-rule/
and ...
February 4th, 2010
Increased Information Sharing
FinCEN is also working with its interagency partners to develop additional ways to call attention to individuals and regimes of public corruption concern. One important initiative that we are currently enhancing is the information-sharing mechanism provided through Section 314(a) of the USAPA, which enables Federal law enforcement agencies, through FinCEN, to reach out to more than 45,000 points of contact at more than 25,000 financial institutions to locate accounts and transactions of persons that may be involved in terrorism or money laundering, including laundering of foreign corrupt assets.
There are two primary processes and related forms required from federal law enforcement officials when submitting a 314(a) request. First, the requester must complete a subject information form, which contains the identifying information of the suspects under investigation. Second, the requester must complete a certification form which provides background information on the investigation and allows FinCEN to review and determine whether the case meets the 314(a) process standards.
These standards mandate that the requester has already exhausted traditional avenues of investigation and analysis and that the investigation involves terrorism/terrorist financing and/or significant money laundering. The significance of a money laundering case may, for example, be determined upon the following factors:
Seriousness and magnitude of suspected criminal conduct;
Dollar amount involved;
Whether the investigation is being conducted as part of a multi-agency task force;
Whether the investigation is time sensitive;
Importance of the investigation to agency program goals;
Multi regional implications;
Criminal organization(s) involvement; and/or
National security implications.
The 314(a) certification form inquires as to whether the investigation involves a public or political official. If the requester indicates that it does, our process provides for a review by select members of FinCEN's senior management in order to ensure that the request meets the aforementioned standards.
Although the 314(a) program is specifically intended to support terrorist financing/terrorism and/or significant money laundering investigations, there may also be instances where a request tangentially references a suspected corrupt foreign official(s) who is implicated in the suspected money laundering activity. In this manner, the use of the 314(a) program may also, ultimately, turn out to be helpful in combating foreign corruption. That is to say, provided the overall investigative request meets the necessary core criteria of significant money laundering and/or terrorism/terrorist financing, the 314(a) system may reap benefits in combating significant money laundering cases premised on high-level or otherwise significant instances of foreign official corruption.
Based upon its proven track record of success and pursuant to international treaty provisions, FinCEN is proposing to expand the 314(a) program to international and domestic State and local users.
International Users: In order to satisfy U.S. treaty obligations with certain foreign governments, FinCEN is proposing to extend the use of the 314(a) program to include certain foreign law enforcement agencies. On June 25, 2003, the Agreement on Mutual Legal Assistance between the United States and the European Union (U.S.-EU MLAT) was signed. Article 4 of the U.S.-EU MLAT (entitled Identification of Bank Information) obligates a requested Signatory State to search on a centralized basis for bank accounts within its territory that may be important to a criminal investigation in the requesting Signatory State. In negotiating the terms of Article 4, the United States expressly envisioned that the 314(a) program would be utilized to meet our obligations under this treaty and thus, EU member states would be able to submit case requests to the 314(a) program under these stringent guidelines. Expanding this process to include certain foreign law enforcement requesters will greatly benefit the United States by granting law enforcement agencies in the United States reciprocal rights to obtain information about matching accounts in those countries.
State and Local Users: FinCEN is also proposing to extend the 314(a) program to domestic State and local law enforcement users. Money laundering and terrorist-related financial crimes are not limited by jurisdiction or geography. Detection and deterrence of these crimes require information sharing across all levels of investigative authorities, to include State and local law enforcement, to ensure the broadest U.S. Government action. Access to the 314(a) program by State and local law enforcement agencies will provide a platform from which they can more effectively and efficiently fill information gaps, including those connected with multi-jurisdictional financial transactions, in the same manner as federal law enforcement agencies. This expansion of the 314(a) program, in certain limited circumstances, to include State and local law enforcement authorities, will benefit overall efforts to ensure that all law enforcement resources are made available to combat money laundering and terrorist financing.
Building on its continued advancement of robust information sharing, the Egmont Group of 116 financial Intelligence Units (FIUs) has forged a consensus among its members regarding an increased focus on the fight against corruption9. The FIUs will continue to work with their law enforcement partners in individual cases as well as in partnership with other international stakeholders including the United Nations, the Financial Action Task Force (FATF), and the World Bank to contribute information and expertise on various anti-corruption projects, studies, and initiatives
http://www.fincen.gov/news_room/testimony/html/20100204.html
OT-IF a currency is DEVALUED=Vietnam to Devalue Dong 3.4% - WSJ.com /what does it mean. Time to buy or not?
Oh, so you are the same person, think I hit a nerve. I can read between the lines.
You know, I think you guys all have good points for both sides of dinar discussion, and I enjoy considering all the possibilities. But why has it gotten sooo nasty sounding & angry?
You are wrong Aerospace!
They said the 2 currencies will coexist TOGETHER and at the end of this year it will be over!
So you do not have 10 months to save up.
If you plan on investing it should be done ASAP!
If you would like to invest I suggest you contact your local banks for details.
Snooze ya LOSE!
IQD in at .0009 HOLD!
If this is not a lop, then why are these two statement included.
monetary reform after hitting a currency issued in circulation now 25 trillion dinars, while in 1990 was about 25 billion dinars and this in itself calls for the deletion of zeros
Why would they point out the 25 Trillion dinars as a reason needed to do this. If they were just taking the big bills out as some have claimed, that would not reduce the 25 Trillion. A 3 zero lop, a 1000 old for 1 new exchange, which is what this is, will reduce the 25 Trillion to the 25 Billion figure he talks about.
many countries replaced their currency and benefit from their experiences in this area, including Turkey, Russia, Brazil and others
Those countries all lopped, nobody made a penny off of any of them. Why o why would they use those countries as an example?
TY Sportfisher eom.
Aerospace, are you and Joey De the same person?
Isn't it so nice of the Iraqis to give us this heads up. Give everyone in the world about 10 months notice to save up and buy all the dinar they can... then we'll increase the value of it over 100,000%.
What a swell bunch o guys those Iraqis are.
And those dealers... who are sitting on Billions... they could be Trillionairs. But out of the goodness of their hearts. They will continue to sell us over $1,000,000 worth of dinar for a measely $850.
I'm almost brought to tears.
They did not....you can go into many on that list today and buy Iraqi Dinar. Yes some have stopped but most have not.
Why did all those banks stop dealing in dinar?
The banks here didn't break any american laws.
It is an Iraqi law that controls their currency.
I notice you went after that part of my post and didn't address the fact that your post clearly says Iraqi citizens will be allowed to exchange abroad.
How many speculators have their Iraqi citizenship papers?
Thank you RJ
Yes sure does look like we will see something in the near future.
Hoping for the best all involved.
Go Dinar!
Thanks for all that you have added to the I-box, I appreicate that. Also I really enjoy your post, very interesting to see that speculation appears higher than ever. Here we are in the middle of a recession, yet we appear to have a winner investment here with the dinar. Either way LOP or Reval, it appears we COULD know something by the EOY. I know I am ready to see how this investment is going to pan out. For me, I have my dinar and I am happy with my investment here. Best of luck, and to all the board...KEEP THE GREAT POSTS COMING! I enjoy reading each and every one of them.
Cashing in your IQD investment.
As soon as the announcement is made that the official exchange
rate for the IQD has been set we may well see instructions in the
media in the form of a PSA (public service announcement)
instructing the public on the redemption of the Iraqi Dinar
investment notes.
It appears from the articles we are seeing that a time limit on
redemption will be set and that appears to be the end of this
year, no later than December 31st 2010.
Redemption of our Iraqi Dinar Investment notes will be done at
the major banks in the U.S.
It is rumored and reported that these could possibly be the following:
Chase Bank.
Bank of America.
Citi Bank.
TD Bank.
Wells Fargo ( selected branches).
5th 3rd Bank.
Compass Bank.
HSBC.
Now it is being reported that there are currency dealers who also
will be doing exchanges of the Iraqi Dinar.
I personally will use and support my local bank and have not nor
never will plug for any private currency dealers.
We at one time upon starting this board had a generic list of
currency dealers listed on the I-Box above that was placed there
by one of the moderators who is no longer with us.
I removed all currency dealer information from the I-Box weeks
ago upon find that it was still there.
We do not nor never have promoted any personal currency exchanges
and will never do so.
So that is it...we should soon see upon the announcement of rate
changes complete instructions for IQD investment note redemption
at out local banks and that information will be posted here on this board.
~Best of luck to ALL!~
ema -266
IQD in @ .0009 HOLD!
~Rumor!~
There are some interesting rumors going around.
One says we will be seeing the RV soon and that all investors outside of Iraq
will see an exchange rate of .75 to .80 cents per 1 IQD
Which means 1 million IQD @ .80 would = $800,000.
They are giving this high initial rate to draw in all IQD from
over seas to help with the remove of these notes from circulation.
They as we have read plan to have this all done by the end of 2010.
This will go hand in hand with the issue of the new currency.
There will be no LOP but a flowing redenomination that allows
both currencies the new and the old to exist side by side as the
larger notes are drawn in and removed from circulation as the
lower denominations are introduced.
Now this RUMOR fits hand in hand with something I was told over a
year ago and makes perfict sense.
I will be so stoked to see that rate!
After my initial DD I hoped and planned on a future rate for the
IQD of .30 cents with a projected loss via taxes and fees of 45%.
All of my planning has been based upon the .30 cent rate with the
45% loss so anything higher than .30 cents is just cream!
GO DINAR!
IQD in @ .0009 HOLD!~
Ok I will see what I can do it seems that linked to the front page and the news has rotated off of the front and has been replaced with todays news.
BS Areospace!
So are you saying that Chase bank..Bank of America Regions Bank 5th 3rd Bank and all of the other American banks SMUGGLED illegal currency?
Should I notify the legal departments of all these banks to let them know you are making public claims that they are all guilty of currency smuggling?
where is the article listed on the site, sorry I could not find it. I had it translated in English too.
You might want to look into NBK has a branch in New York, maybe they can transfer some of your 15 mil dinar that you already have to a warka account for you, and reduce additional risk exposure while adding some diversity.
I couldn't find this news article on the site this link provides, can you provide a link to that one web page? thanks
The right of a citizen is to remove the $ 200 thousand dinars and he could only replace it like any ordinary citizen here in Iraq
So... how many here holding dinar are Iraqi citizens?
This says NOTHING about foriegners holding cash outside of Iraq.
I think they's used the term "smuggled" in the past to describe currency that left Iraq.
Banks in the States to Honor IQD Exchange
Two currencies coexist together and gradual replacement
Central Bank (time): Delete the zeros start end of the year
BAGHDAD - Ahmed Saleh Khyoun
CBI begins the end of the year and gradually replace the currency now in circulation a new currency which zeroes deleted within the strategy to reform the monetary system started in 2005.
Bank consultant and announced the appearance of Mohammed Saleh told (time) on that (the bank has completed 50 percent of a strategy switch in and out, delete the zeros of the nominal value of the new currency while retaining the cash value and purchasing power), said that (the replacement process will be gradually and spontaneously high and without fanfare, as will be There are two currencies to trade at the same time go hand in hand), but (that the purchasing power of the new currency will remain fixed).
Saleh said (there are multiple advantages of this strategy, including ease of trading between the citizens and facilitate the work of banks, counting, sorting, and stand on the counterfeit currency and to facilitate transactions of the citizens with the banks on the deposits and withdrawals in addition to facilitating the process of monetary reform after hitting a currency issued in circulation now 25 trillion dinars, while in 1990 was about 25 billion dinars and this in itself calls for the deletion of zeros).
In the answer to a question by (time) whether the Central Bank has set a deadline for the replacement of the currency said (we did not define this ceiling until now that the matter is still under study and the reality of work at that time will decide how long the replacement process).
Responding to another question about the Iraqi currency held abroad and how to replace it "(The right of a citizen is to remove the $ 200 thousand dinars and he could only replace it like any ordinary citizen here in Iraq, either from abroad, the banks in the States would be responsible to us of the assets of our currency),
He pointed out that (a media campaign will precede and guide the process in order to raise public awareness of the importance of this and that our banks and our will all be ready to provide all facilities to the citizens and emphasize once again that the process does not affect absolute quiet in the market also note that many countries replaced their currency and benefit from their experiences in this area, including Turkey, Russia, Brazil and others).
http://www.azzaman.com/index.asp?fna...htm&storytitle=
Thanks to all the outstanding DD on this board!! eom
Nice! Thanks Marcelno! eom.
Iraqi Dinar Redenomination and Exchangeability
There have been a tremendous number of inquiries about the recent news that Iraq will be increasing the value of their currency and, at the same time, introduce new denominations into the Iraqi economy sometime in 2010 (currently planned). Specifically, it has been reported that the Iraq Finance Minister issued a statement saying they have prepared a plan to increase the value of the dinar against the dollar and will introduce 25, 10, 5, 1, 1/2, ¼, and smaller (possibly 1/10 or 1/20) dinar banknotes and/or coins. He said that successful fiscal policies pursued in Iraq have contributed to increasing the value of theIraqi dinar against the dollar, noting that the U.S. Dollar dropped significantly in value during the current year. Of note, he also said in a press statement that the bank has been following with great interest the phenomenon of low demand for the U.S. Dollar in the local Iraqi currency exchange markets.
Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, said by the end of 2010, new banknotes will be fully introduced while the current banknotes will be gradually removed from circulation. He did not specify when the new banknotes would be issued. Both (current and new) denominations will be legal tender in Iraq until the current banknotes are completely withdrawn over a period of time.
Economic analyst Hilal al-Tahhan was quoted as saying “the bank's move is overdue.” He said he expects the currency change to go smoothly because of the decision to allow both the current and new banknotes to coexist during an extended exchange period, leading to less turbulence in the economy.
What does all this mean? Overall, this news appears to be very positive and possibly points to some significant changes in the value of the Iraqi Dinar. It has long been the opinion of many Iraqi Dinar investors that the Iraqi Government must introduce new lower denominations into their economy before the value of their currency increases. If the value (buying power) of the dinar increases significantly or rapidly, the largerdenominations currently in circulation would be impractical for use during everyday transactions in the Iraqi economy. If the Iraqi Dinar increased in value to 10 cents (.1 USD), the smallest banknote in Iraqi would have a value of $5 USD. There would no practical way to purchase everyday items inthe economy and no way to make change---the currency would be impractical and unusable. If a soda in Iraq has a value of 50 cents now, it will still have a value of 50 cents if the value of the dinar increases---there has to be a denomination in the Iraq economy to pay for it. The current problem is that Iraq doesn’t have any currency in circulation to pay for normal day-to-day products if the dinar rises significantly in value---Iraq must have smallerdenominations moving forward.
Also from the recent news, it appears as though all denominations (current and soon to be issued) will be in circulation at the same time and no immediate exchange will be necessary. Hopefully, theIraqi Dinar will be on the world exchange market soon to allow for even easier exchange in the near future. Expectations are that Iraq is moving as fast as they can to rebuild their economy and wealth, and join the international economic community.
There have also been rumors about the future exchangeable value of some current Iraqi banknote denominations, and limited time periods for exchange of current Iraqi banknotes. It has been falsely rumored that perhaps the 25,000 dinar banknote will be exchanged at a different exchange rate than current smaller Iraqi banknotes. Another false rumor suggests there will be a very short period (days or weeks) of exchange for the current Iraqi banknotes after a significant change of value and introduction of lowerdenominations . Well, to address these rumors, let’s look at currency from a basic level: Countries issue their own currency. They issue their currency with a responsibility to honor it and redeem it. The currency must be accounted for. When a country issues currency (the US as an example), they borrow against the currency and issue debt to support it. The US recently printed a significant amount of currency in order to finance stimulus funding. In order to do this, the US government had to borrow the money with an obligation to pay it back.
One of the main functions of the US Treasury Department is to manage the U.S. national debt (the amount of money which the federal government owes to its creditors). China owns much of our debt as do US citizens and other countries---we must honor our issued currency and our debt. If a country doesn’t honor its debt, creditors (other countries and investors) lose faith in the defaulting country and a country will end up in financial ruins. Iraq, as a responsible member of the world economic community with a goal of getting their currency online with the rest of the world currencies, has issued currency with an obligation to honor it----all of it---not just certaindenominations. Throughout modern history, I can't think of one instance where a country honored some denominations , but not others---it doesn't make sense---people and other countries would lose faith in that country's responsibility to respect their debt and honor their issued currency---who would trade with them, exchange with them, or conduct business with them? To limit the time period for currency exchange in order to force the de-valuation of currency in circulation in order to reduce debt doesn't happen and wouldn't be tolerated by the world financial community. Countries have to be accountable for all of their currency and they can't play games with exchange timelines to try and prevent people for exchanging. Remember, in addition to individual investors, large governments and banks outside of Iraq hold Iraqi currency. Money from all over the world has flowed into Iraq through the purchase ofIraqi Dinar . The Iraqi Government will honor that investment in their economy, or there will never be faith in their economy and they will never be accepted by the world financial community.
DinarBanker.com owns a tremendous amount of Iraqi Dinar---we buy (any denominations) and sell our dinar. We see the introduction of the new lower denominations as a very positive sign. Furthermore, we expect to continue to trade the Iraqi Dinar no matter what happens to the value of it in the future. With our extremely large capitalization, we are prepared for any value changes in theIraqi Dinar and do not expect any exchange restrictions in the future or short time limits for exchange.
http://www.dinarbanker.com/informati...geability.html
Iraqi Finance denies LOP
February 9, 2010
Iraqi Finance denies intention to delete the zeros of the national currency
Arbil, February 9 (AKnews) – U.S. Undersecretary of the Ministry of Finance and the Iraqi economy ... the ministry’s intention to delete the zeroes from the national currency of Iraq, adding that the Iraqi economy, do not complain about inflation, there is no need for the implementation of this strategy.
The Prophet told Fadel Kurdistan News (AKnews) that the process of deleting the zeroes of the Iraqi currency has no economic gain, and any positive impact on the purchasing power of the process of Iraq, but will also create other problems, to issue coins of small denominations such as” 10 money “and “50? penny quarter of a dinar and a half dinars.
He explained that did not issue a formal decision on this matter, was not talking officially start work this fiscal policy to raise zeros from the Iraqi currency.”
He noted that “the only win for the deletion of zeros from the currency is issued in small groups only, either in terms of their purchasing power will remain the same as dollar against foreign currencies and the euro, and there will be any increase or improvement.
For his part, said the economist is capable Rizgar that “if the replacement of the Iraqi currency, Nabgy we work to maintain the stability of buying and selling rates of the Iraqi currency against foreign currency, for a limited period, so the process does not cause loss of citizens who deal in buying and selling foreign currency, often What is this period of six months.
He said the deletion of zeros does not help to increase the value of local currency, because the high value of the currency is linked to the security situation of the country, as well as the ability of local production and commercial activity and reduction of inflation rates in the country.
It is worth mentioning that the Central Bank of Iraq said in a statement issued on February 6 this year, announced a plan to delete the zeros of the Iraqi currency before the end of the year 2010, and has completed 50% of the preparations for the work according to this strategy. It is hoped to be completed this fiscal policy later this year.
http://translate.google.com/translate?hl=en&ie=UTF-8&sl=ar&tl=en&u=http://www.aknews.com/ar/aknews/2/112476&prev=_t&rurl=translate.google.com&twu=1
Central Bank Of Iraq: ... http://www.cbi.iq/
- XE.com (Currency conversion) ...... http://www.xe.com/ucc/ ...... http://www.xe.com/currencycharts/?from=IQD&to=USD&view=1D
- BAGHDAD Time ...... http://www.timeanddate.com/worldclock/city.html?n=27
- UN Meeting Site Page: ...... http://www.un.org/media/accreditatio ... mediaalert.asp
- UN Web Cast: ...... http://www.un.org/webcast/2010.html
<iframe src=" frameborder="0" width="82" height="18"></iframe>
- Iraqi Oil Photos - http://media.ft.com/cms/88df8636-0395-11dc-a931-000b5df10621.swf
- Up to the Minute RATES click here ...... http://www.gocurrency.com/
Inside Iraq - The media's role in Iraq's election. http://www.youtube.com/watch?v=m1Or6-KtIF0
THE IRAQ DINAR
The real Iraq Economy
http://www.cnbc.com/id/15840232?video=156657336&play=1
JUNE 15 … There is a rule, if they are going to LOP they need to PR it six months before it happens. June 15 is six months before December 31 2010.
SO! … It is appearing, if they DO NOT come out with a PR stating a LOP by June 16, 2010, then we are going into 2011 with our currency, this is, if we have any left because of the RV.This is WayneC777, If yo have more "ONLY SOLID POINTS" that can go in here ... LET ME KNOW
NEWS ARTICLES, Catagorized - IRAQ:
Iraq's - Debt Forgiveness : http://investorshub.advfn.com/boards/read_msg.aspx?message_id=49250302
Iraq's - Oil, Gas News: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=49250183
Iraq's - Banking News: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35943708
Iraq's - Inflation, Economy: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35943784
Iraq's - Political Elections: http://www.iraqdirectory.com/DisplayNews.aspx?id=12698
Iraq's - Positive Stories: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=49249436
Iraq's - Security Council Report: http://www.securitycouncilreport.org/site/c.glKWLeMTIsG/b.6115649/k.8807/July_2010brIraq.htm
Iraq's - Negative Articles, Fraud Cases: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=34465158
Iraq's - Air Ports: http://www.airiraqco.com/index.htm
Iraq's - Utilities, Power and Water: http://www.reuters.com/article/marketsNews/idUSL524628320090105
Iraq's - Posts to remember: http://en.aswataliraq.info/
These links below are from another board. They will be soon posted from this board. But They all share same info.
US Banks that will exchange Iraq's Dinar
- Chase Bank - Bank of America - TD Bank - HSBC - CITI Bank - Wells Fargo (selected branches) - Compass Bank - 5/3rd Bank - Regions
Conferance Calls:
- http://dinarspeculation.com/2010/04/30/4-29-10-rv-intel-conference-call/
How to check exchange rate
- http://www.cbi.iq/index.php?pid=CurrencyAuctions
- http://www.xe.com/ucc/
- http://www.ameinfo.com/currency
- http://www.ameinfo.com/cgi-bin/cms/page.cgi
- You own local Bank representative
Iraq Dinar Possative Video's
- CNBC ................................................ http://www.youtube.com/watch?v=0m6E76f__20&feature=related
- CNBC ................................................ http://www.youtube.com/watch?v=fHnpSVRTCFI&feature=related
- CNBC Cramer .................................. http://www.youtube.com/watch?v=Eg98H_LYk5Q&feature=related
- CNBC Dinar Trade ..................... http://www.youtube.com/watch?v=kvKrqeOf9oc&feature=related
- www.JackDeangelisShow.com ........ http://www.youtube.com/watch?v=CWqtZjx1Lk0&feature=player_embedded
- ........................................................................................................................... http://www.youtube.com/watch?v=cEE3ac1i0EI&feature=related
- ........................................................................................... http://www.youtube.com/watch?v=xFa-VGI3APc&feature=related style="font-size: medium">
- ........................................................................................... http://www.youtube.com/watch?v=08wzRAj9KMs&feature=related style="font-size: medium">
- ........................................................................................... http://www.youtube.com/watch?v=1UicRAmO29A&feature=related
- UV Light Test ...................................................................... http://www.youtube.com/watch?v=--RA_6DiyVY&feature=related
- 5%, 70.................................................................................................................. http://www.youtube.com/watch?v=F-QA2rkpBSY&feature=related
- Embasitor Charles Reese, Economic Development in Iraq ................... http://www.youtube.com/watch?v=x9ZloxxC-ac&feature=player_embedded#!
- The War in Iraq and the American Economy ............................................... http://www.youtube.com/watch?v=FdsymLhCDbE&feature=related
- Jordan Questions Henry Paulson ............................................. http://www.youtube.com/watch?v=XlQeTFfdaPM&feature=related
- Hillary Rodham Clinton and Minister Hoshyar Zebari .......... http://link.brightcove.com/services/player/bcpid1705667530?bctid=111866364001
United States Department of State
http://www.state.gov/p/nea/rls/rpt/c34687.htm
Tax Links:
- http://www.moneychimp.com/features/capgain.htm
- http://www.moneychimp.com/features/capgain.htm
- http://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_States
- http://www.investopedia.com/articles/pf/07/capitalgains.asp?viewed=1
Iraq News:
< < < IRAQ'S NEWS SCOURSES: > > >
http://www.imf.org/external/country/IRQ/index.htm
http://iraq.usembassy.gov/iraq/20070214_iraqi_budget.html
http://www.imf.org/external/country/IRQ/index.htm
BANKING: http://en.wikipedia.org/wiki/Money_supply
Central Bank of Iraq: http://www.cbi.iq/index2.htm Exchange Rate: http://www.cbi.iq/index2.htm
New Iraq Currency: http://NewIraqCurrency.com
Iraq Stock Exchange / Daily Bulletin Sunday 7 September 2008: http://www.isx-iq.net/page/english/bulletins/day/2008/9/7-9-e.htm
Offshore Banking:
Currency Iraq's Dinar Venders:
The New Iraqi Dinar banknotes, printed by De La Rue, boast of the most up-to-date anti-counterfeit features, including watermarks, an embedded metallic strip, raised letters, an optical variable ink that can be seen only under ultra violet light, metallic ink and other variations to thwart off counterfeiters. In addition, it has high-quality paper that makes the colorful Dinar very hard to counterfeit. And of course there are other security features that have not been disclosed by the Iraqi Ministry of Finance.
Three of the easiest ways to verify the authenticity of the new Iraqi Dinar are:
1) Use black light to test for watermarks such as the horse head.
2) Use a special pen to detect fake bills with changing color - available from your local office supply store.
3) Hold the 25,000 and 10,000 Iraqi Dinar up to a light tilting it back and forth, the color changing ink will look much like a hologram.
Q. What is it that allows American citizens to invest in Iraq?
A. Presidential Order 13303: Allows US Citizens to invest in the new Iraq. Under this order and the Coalition Provisional Government Order 39, a US Citizen has the same rights to investments as an Iraqi citizen.
Notes:
Iraqi Oil Photos:
http://media.ft.com/cms/88df8636-0395-11dc-a931-000b5df10621.swf
ISX hot links
http://www.investorshub.com/boards/read_msg.asp?message_id=15860234
When the Dinar first came out in 2003 it was 4000 Dinar to $1 (American). Since then it has increased to 1290 Dinar to $1 (American) even during all the conflict and destruction to the oil refineries.
Here are some keynotes about this unique opportunity:
Prior to the Gulf War, 1 million Iraqi Dinar = US $3,200,000.(1 DINAR=$3.20 to 1 American dollar)
Now you can buy 1 million Iraqi Dinar for only US $760.
Iraq is the second leading oil producing country in the world,
and since October, 2003 the Iraqi Dinar has already appreciated 25%.
Forecasters are predicting continued appreciation of the Iraqi Dinar.
You invest $760 to purchase 1 million Iraqi Dinar.
Profit of $9,240 if the Iraqi Dinar appreciates to 1 Iraqi Dinar = 1 penny.
1 million Iraqi Dinar will = US $10,000.
Profit of $3,199,240 if the Iraqi Dinar appreciates to the pre-Gulf War rates.
1 million Iraqi Dinar will = US $3,200,000.
Kuwait Example:
Prior to Saddam Hussein Invading Kuwait: 1M Dinar = US $2,790,000
After the Kuwait invasion by Iraq: 1M Dinar = US $100,000
Today 1M Dinar = US $3,423,000*
*That's a 34-fold increase
On 11/12/06 the Kuwait Dinar is worth $3.84
Potential Value increase of a 1 Million Iraqi Dinar holding if the value of Iraqi Dinar increases to:
The resulting value of your 1,000,000 Dinar would be:
$0.01=$10,000
$0.10=$100,000
$0.20=$200,000
$0.50=$500,000
$1.00=$1,000,000
History of Iraqi Dinar and Iraq Dinar Stock Exchange
1932 Currency unit consisting of 1,000 fils or 20 dirhams. When officially introduced at the end of the British mandate (1932), the Iraqi dinar was equal to, and was linked to, the British pound sterling, which at that time was equal to US$4.86.
1932–1949
1949–1971 Iraqi dinar (ID) equaled US$4.86 between 1932 and 1949 and after devaluation in 1949, equaled US$2.80 between 1949 and 1971.
1959–1967 Iraq officially uncoupled the Iraqi Dinar from the pound sterling as a gesture of independence in 1959, but the Iraqi dinar remained at parity with the pound until the British unit of currency was again devalued in 1967.
1971 One Iraqi dinar remained equal to US$2.80 until December 1971, when major realignments of world currencies began.
1973 Upon the devaluation of the United States dollar in 1973, the Iraqi Dinar appreciated to US$3.39.
1980 It remained at this level until the outbreak of the Iran-Iraq War in 1980.
1982 In 1982 Iraq devalued the dinar by 5 percent, to a value equal to US$3.22, and sustained this official exchange rate without additional devaluation despite mounting debt.
1988 In early 1988, the official dinar-dollar exchange rate was still Iraqi dinar (ID)1 to US$3.22; however, with estimates of the nation’s inflation rate ranging from 25 percent to 50 percent per year in 1985 and 1986, the dinar’s real transaction value, or black market exchange rate, was far lower-only about half the 1986 official rate.
1986–2003 1986–2003 between .33 cents to 1.32 to a dollar.
2001 Oil-production: 2.452 million bbl/day (2001 est.); note — production was disrupted as a result of the March-April 2003 war (2001 est.) 2002 GDP: purchasing power parity — $58 billion (2002 est.)
2002 Exports–partners:US 40.9%, Canada 8.2%, France 8.2%, Jordan 7.5%, Netherlands 6.4%, Italy 5.4%, Morocco 4.7%, Spain 4.4% (2002)
2003 In october 2003, the official Dinar-dollar exchange rate was ID1 to US$0.00027.
2004–2005 August 2004 till 2005, the official dinar-dollar exchange rate is ID1 to US$0.00068. Population: 25,374,691 (July 2004 est.) 2006 As of Jan 1st 2006, the official Iraqi dinar-US dollar exchange rate is ID1 to US$$0.00067.
Positive Changes in Iraq
Upon Saddam Hussein’s deposition in 2003, Iraq has undergone political and economic changes. Many believe that the re-building of Iraq’s infrastructure will stabilize Iraq socially, politically, and economically. With the new government establishing a new monetary system that encourages foreign investment, and the central bank of Iraq awarding foreign licences, many also believe that the value of the new Iraqi Dinar banknote is poised to escalate.
More Treasury Bills on the Way
The government of Iraq will issue more Treasury bills to the secondary market. For the first time in years, the central bank auctioned Treasury bills in July. Thus far, local banks have bought 900 billion Iraqi dinars ($628 million) worth of three-month bills with coupons ranging between 2.5 percent and 6.8 percent. To improve Iraq’s local currency, the dinar against the dollar, Iraq’s central bank also plans to build up its foreign-currency reserves.
Creating viable domestic capital markets will start the process of trimming the massive pre-war debt. Iraq’s path to debt reduction along with the generosity of the Paris Club by forgiving 80% of Iraq’s debt is good news for the Iraqi economy. Iraq’s growth-oriented policy, along with Iraq’s prospects of economic stability makes investing in the dinar potentially lucrative.
The Central Bank of Iraq
For the first time in decades, the central bank of Iraq awarded foreign bank licences to the following banks: HSBC, Standard Chartered, National Bank of Kuwait, Iranian National Bank, Commercial Housing bank, and Bahraini Arab Banking Institute. The Bahraini Arab Banking Institute is listed on the Bahrain, Kuwait, and Paris stock exchanges, and its major shareholders include the Kuwait Investment Authority, the central bank of Libya, and the Abu Dhabi Investment Authority. Granting foreign licences and liberalizing interest rates will create a vibrant free-market economy. Iraq’s re-invigorated banking policies will positively effect the value of the dinar in the near future.
The Potential of the Dinar
Prior to United Nations sanctions, the Iraqi dinar traded at 3.35 per U.S. dollar, and prior to the war in Iraq, the Iraqi dinar traded at .33 U.S. Dollars. During major combat operations, the Iraqi dinar declined to an all time low. However, after major combat operations, the value of the dinar increased 25%. Countries such as Germany (post WWII) and Kuwait (post Iraqi invasion) experienced a similar devaluation of their currency, but both countries recovered. Today, the dinar has increased from 3,500 against the dollar during the U.S. led invasion last year to 1,400 against the U.S. dollar. Imagine the growth potential of the Iraqi dinar once Iraq recovers and begins to enjoy the potential revenue of a country rich in oil and other natural resources.
The New Iraqi Dinar Banknote
Today, De La Rue, the world’s largest commercial security printer and papermaker based in Great Britian, prints the new Iraqi dinar banknote. The new Iraqi dinar banknote has various security features making the dinar very difficult to counterfiet, and the dinar banknote is now available in 50, 250, 1000, 5000, 10000, and 25000 bills. With the re-building of Iraq’s infrastructure and with the prospect of stability at hand, the Iraqi dinar is quickly becoming a very attractive investment opportunity.
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Here is a list of acronyms that are commonly used in Iraq.
http://investorshub.advfn.com/boards/read_msg.asp?message_id=27652141
Currency Transaction Report
http://msb.gov/pdf/fin104_ctr.pdf
Understanding Currency Terms (M0, M1, M2, M3 etc.)
http://en.wikipedia.org/wiki/Money_supply
Do yourself a favor, watch this video;
http://video.google.com/videoplay?docid=3340274697167011147&q=lindsey+williams&total=806&start=0&num=10&so=0&type=search&plindex=0
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