first of all im not sure where chase gets dinar. i have read and heard they get them thru bank of america but i dont think it has ever been proven fact. i do know that jp morgan chase is majorly involved in the middle east region. chase has relationship with the already established trade bank of iraq. maybe chase supplies bofa w dinar and that info got turned around( that is if bofa has a surplus of dinars as reported but not proven). as far asking chase where they get dinar, they will tell you from their foriegn currency office or a different chase bank branch. i suppose it would be like asking dinar dealers where they get dinar. usual answer - from our contacts in jordan. it could be bofa is excluded in the dinar game for now pursuant to some previously made agreements with parties involved? or chase may have some exclusivity arrangement with cbi? maybe bofa thinks its to risky? etc. etc....etc.....
Rick, chase is directlt connected to the Tbi see following with link.
Licenses are required for anyone to open a bank in Iraq. Under CPA Order #40 the number of foreign bank licenses was limited to six with limitations on ownership of private banks, but this requirement was rescinded on June 7, 2004 by CPA Order #94. There is now no legal limit on the number of licenses that can be granted to foreign banks. Following a request for applications issued in November 2004, Iraq received fifteen applications for a foreign bank license. Originally, the Central Bank Governor announced the three licenses to be awarded – The Hong Kong Shanghai Banking Corporation (HSBC) and Standard Chartered Bank both from the U. K. and the National Bank of Kuwait (NBK). Later the Arab Banking Corporation of Bahrain was also granted a license. Most recently, HSBC purchased a majority share in the Iraqi private bank, Dar Es Salaam and has begun operations.
Trade Bank of Iraq and International Financial Institutions Iraq’s state banks are not yet in a position to do business abroad due to their insolvency and technical inefficiencies. Yet, trade finance and short-term credit was recognized early as essential to the growth of trade in Iraq. For this reason, the CPA established the Trade Bank of Iraq (TBI) as a separate Iraqi government entity and export credit agency to facilitate the import and export of a variety of goods and services to and from Iraq. The TBI (http://www.tbiraq.com/) provides expertise and a point of contact within Iraq for international firms. More importantly, it provides trade financial services that other Iraqi institutions are currently unable to offer in order to bolster the confidence of suppliers that payment will be received for the delivery of their goods and services. The TBI works with Iraqi commercial banks and the operating consortium, which is a group of international banks led by J.P. Morgan Chase. As of September 1, 2005, the TBI had issued 1740 Letters of Credit to 66 different companies, totaling over $6.52 billion. The TBI is discussed in detail in CPA Order #20. (http://www.iraqcoalition.org/regulations/index.html#Regulations)
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