Iraqi Dinar Exchange And Taxes
As I’ve mentioned in previous posts, I have researched and found two groups of tax and financial professionals plus a group of tax attorneys, all of which are either Iraqi dinar investors or knowledgeable about the dinar as an investment.
All are now preparing to handle new clients in this area before and after rv.
Right now, they are working to compile answers to the questions dinar holders have in the areas of tax mitigation, charitable giving, business entities, trusts, various types of investments and more.
Bit by bit, they are getting information to me and as they do, I’m posting it in appropriate categories on the “Taxes Q&A” page above.
To get started, I am posting the first question here and it is on the “Taxes Q&A” page for your future reference. I hope you find this and future information beneficial.
The first question and answer comes from a tax attorney located in the headquarters of the IRS in Washington DC, who consulted the National Taxpayers Association on behalf of a fellow dinar investor.
My client bought some Foreign Currency (Iraqi Dinars). There is a chance that fairly soon, the value will increase greatly. If so, I want to understand the tax implications when he cashes them back into USD. He is asking me if there is a way he can report them under IRC 1256 to take advantage of the savings using the 60/40 rule?
ANSWER:
The conversion of foreign currency into US dollars is subject to the foreign currency provisions under §988. Gain or loss on the conversion is generally treated as ordinary gain or loss. The individual is not dealing in foreign currency contracts, and electing the end of year mark-to-market provision each year. IRC 1256 could be applied if dealing in foreign currency contracts as opposed to a currency exchange.
This summary is applicable only for the facts as presented at the time and cannot be used as a precedent for any position for which the facts vary.
——————-
Feel free to leave any questions this information brings up below in a comment. I am certain that your questions are being covered for future updates, but to make sure we don’t miss anything you are welcome to comment and we will update accordingly.
In addition to providing general information and answers to common tax and investment questions, these professionals are also setting up to offer free consultation on an individual basis, as well as other provisions unique to dinar investors.
Contact information for these professionals will be available when these provisions are in place.
To receive contact information at that time, simply sign up using the form in the post, “Are You Prepared For Dinar Revaluation?”.
If you have already entered your information in this form, you are on the list and don’t need to sign up again to receive contact information.
Cherilynn www.dinarinfo.net Technorati
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January 19th, 2010 at 1:23 pm
Thank you for this post.I have heard that there might not be any taxes on currency exchange but from what I have read it will fall under capitol gains tax.I have owned mine since 05 so that would fall under 15% right?Thanks
January 20th, 2010 at 10:21 am
I really would like to know about tax shelters.I would like to retire and just collect intrest and live off that.Any ideas?
January 20th, 2010 at 10:28 am
I also would like to know about any investments that produce monthly income to individuals nearing retirement.
January 20th, 2010 at 11:06 am
One of the best ways to get GOOD return monthly is to invest in Life Settlements,-as compared to annuities or anything else. They have been proven to return the highest interest rate— anywhere between 13-and 16%.Oh and by the way ,,I dont sell them.
January 20th, 2010 at 2:58 pm
What proof do we need to provide to the IRS that we’ve had dinar over a year in order to get taxed at the 15% capital gains rate as oppose to the higher income bracket if the investment was less than a year?
January 20th, 2010 at 5:46 pm
I’m gonna trade my Dinar for gold . . . no tax !
January 20th, 2010 at 6:07 pm
Spede67 thanks I will research that good to know your not a pumper.Peter I think we will need to provide the receipt from when we purchased.Witch sucks I haven’t seen mine in afew years since before I moved.I have to go digging threw boxes and find them.
January 20th, 2010 at 7:37 pm
Cherilynn, do you have the tax form we need posted on this site. I can’t seem to find it. Or do you know how to get one? thanks!
January 20th, 2010 at 10:00 pm
Thank you Spede67, I will check it out and do you know who sells them and what is their price.
January 21st, 2010 at 4:08 am
“Butterfly”, It is called the “Fin Cen Form 104″. You can download it from the IRS website.
January 21st, 2010 at 1:07 pm
I paid taxes on all the money I invested already.Are they going to want more for not reporting my investment.Or will they owe me back taxes for those years?(right like that would ever happen.)
January 21st, 2010 at 1:16 pm
Thanks George and Pam
January 25th, 2010 at 11:30 am
Anyone got any news today?
January 25th, 2010 at 11:51 am
Hey I probably misunderstood or don’t understand but the form 104 is for people that are cashing out in a different state than where they live? Can someone clear that up for me? thanks
January 25th, 2010 at 8:28 pm
I hope there is no form for what we are doing.I hope for no taxes.NO TAXES that will not ever happen.If theres no form then all we should have to do is show a receipt to show how long we have had it and pay capital gains.
January 26th, 2010 at 5:47 am
It is my understanding that the “Fin Cen 104″ is for reporting any transaction over $10,000.00 that takes place in the United States. Since it is an IRS form, stands to reason that it is federal. This is one of the changes that the “Patriot Act” made to be able to track funds that might be used by terrorists. The problem is, we who are not terrorists are caught up in the web of deception. Small price to pay for the security of our nation, especially compared to those who have given their lives for the same protection. Any military personel who might read this, I suddenly feel that I should tell you,” Thank you from the bottom of my heart for your service”. No matter where or when you served, we owe you “BIG TIME”.
January 26th, 2010 at 5:36 pm
Well said G&P I would have to agree and also give a big thanks to our troops.And on the tax form,so if it’s under 10,000 we are good with no form?
January 27th, 2010 at 5:02 am
I found this
I donno maybe it means something:
FINALLY some good news for us Dinar Currency speculators! I’m extremely interested to hear what the number crunchers in the crowd are going to have to say about this one, for several reasons. The Iraqi federal budget has been held up by debates for several weeks, primarily for political reasons.
I mentioned months ago that the budget was going to be a big issue, and not for economic reasons… for political reasons. Political reasons such as Prime Minister Maliki’s upcoming electoral opponents wanted to make sure he was not able to use any state resources to fund his March 7 election campaign… the plot thickens, as always!
After what seems like a hundred years of sissy-footing around, the Iraqi parliament passed a 2010 federal budget earlier today (Tuesday January 26 2010) that puts federal spending at $72.4 billion (84.7 trillion Iraqi Dinars). The budget also sets a deficit this year of $19.6 billion (22.9 trillion Iraqi Dinars).
Iraqi government income is estimated at about 62 trillion Iraqi Dinars ($53 billion), 95% of which is from crude oil exports. Here’s where the number crunching comments should start: Iraq’s current and projected crude oil exports.
Also of note, the approved budget allows Iraq to seek a $4.5 billion arrangement with the IMF. This has been discussed before, and several times the IMF loans have fallen by the wayside. A trend I have noticed, however, is that when the IMF loan falls through, sometime in the near future an agreement is reached with one country or another that Iraq owes money to. Some debt is forgiven, investment opportunities are arranged for the country that forgives the debt, and Iraq walks away with a stronger foundation upon which to build a secure and financially successful future.
I’ll be keeping an eye on things, stay tuned!
-Adam Montana
January 27th, 2010 at 2:34 pm
Adam always has something good to say.He pretty good about not spending BS.
January 29th, 2010 at 9:09 am
This just might be the best read next to the announcement of the RV. If this investment is subject to capital gains, (as it appears to be)…. this may turn out to be a windfall for those who may qualify for this. Google or search for: capital gains law for 2010 and you’ll find a wikipedia link. read it……..all of it. You may notice a few surprises in there based on your income bracket. Good reading! It may actually “help” you keep more money if you quit your job (even if highly paid) the moment it RV’s for reasons listed in the article.
January 29th, 2010 at 9:24 am
Thanks jj I will read that.
January 29th, 2010 at 6:01 pm
WOW jj thats a good read.Me be so dam broke might really work to my favor.:)
0%-5% capital gains.It might turn out great for all of us that have lost jobs or the work just isn’t comeing in fast enough anymore.Thanks jj
January 29th, 2010 at 6:01 pm
Heres the link for everyone.
http://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_States
January 30th, 2010 at 5:42 pm
Heres a link to the IRS site and it is a little vage.The wiki link says alot more but why is what I would like to know.Shouldn’t the IRS site have all the info?
http://www.irs.gov/taxtopics/tc409.html
January 30th, 2010 at 8:19 pm
As a C Corp can I elect to have my FCE (IQD to USD) under Section 988 Transactions be trated as ST or LTCG?
If the Corp exchanges IQD for CHF, does Section 988 apply also?
Since this is a C Corp, if the books balance out to less than the total of the exchange because of asset purchased; does that reduce the tax libility?
January 31st, 2010 at 5:57 am
Don’t know if this means anything but the words “increase the value of the Iraqi Dinar always excites me……………
Saturday, January 30, 2010
Use of US Dollar to Be Eliminated in Iraq
Use of US Dollar to Be Eliminated in Iraq
01.30.2010
CONTINGENCY OPERATING LOCATION BASRA, Iraq – United States currency.. may soon become difficult to find in Iraq as part of an effort to protect Soldiers and increase the value of the Iraqi dinar.
Sgt. Brittany A. Raimer, a dispersing manager with the 368th Finance Management Company, out of Wichita, Kan., 36th Sustainment Brigade, 13th Sustainment Command (Expeditionary), said eliminating the use of U.S. currency on the battlefield will help to stimulate the economy of Iraq.
“One of the main focuses of finance is to ultimately eliminate U.S. currency from the battlefield,” said Raimer, a Lake Charles, La., native. “Our government is implementing the use of the Iraqi dinar, to both undermine the dependency the Iraqi nationals have on American currency and to back the Dinar, greatly increasing its weight on the market.”
The use of electronic fund transfers to pay vendors and contractors, and urging service members to rely on the Eagle Cash Card, rather than cash, are two major changes that have been implemented in Iraq to eliminate the use of cash, said Raimer.
“The Eagle Cash Card enables personnel to have a direct link to the bank account without the hassle of hard cash,” said Raimer. “The stored value card has been instrumental in effectively moving toward a cashless battlefield.”
Sgt. Toni M. Guillery, a dispersing agent with the 368th FM Company and a Lake Charles, La., native, said the Eagle Cash Card is designed to help prevent service members from losing money or being robbed while in country.
“Carrying a single card is better than carrying a wad of money in your pocket, but one concern that I do have is … on the kiosks, you have to use a pin number in order to access the money, but when you go to vendors, you do not,” said Guillery. “If you [fill the card] up to the max, and you lose that card, and somebody picks it up and finds it and they are a dishonest person, they can go and spend that money.”
Guillery said the unit only disburses U.S. cash to service members who are about to go on mid-tour leave or re-deploy.
Guillery said the unit disburses less than $10,000 in U.S. cash per month, but disburses more than ع.د351,000,000 (IQD), the equivalent of roughly $300,000, per month.
The current exchange rate is ع.د1,170 to $1, said Guillery.
Raimer said the transition away from the U.S. dollar has aided the progression of the banking industry in Iraq.
Raimer said, “The progression [away from U.S. currency] has greatly supported the modernization of the banking system, thus improving and instilling trust in the local economy.”
http://www.dvidshub.net/?script=news/news_show.php&id=44644
January 31st, 2010 at 7:59 am
Just a thought ,,,, Why couldnt the gov. in Iraq just increase the value of the Dinar without ever having a total overnite RV? Especially since ,Ive never read any news info. from any M.E. source that it is in the future for them?I have purchased Dinar myself already.
Like I said its only a thought. Any logic is appreciated. ThANKS IN ADVANCE.
January 31st, 2010 at 11:45 am
Spede 67, The idea sounds good, but iraq is dealing with other entities to make sure that rv of the iraqi dinar goes without a snag. It may be time consuming but I feel we will prosper soon.
January 31st, 2010 at 7:26 pm
Guz I thought they was suppossed to have turned in all doolars for dinar by the end of Oct.09.But then again when have they ever done anything on time.So 3 or 4 monthes after they where suppossed to makes since.lol
February 3rd, 2010 at 8:31 pm
Where did everyone go?
February 4th, 2010 at 8:34 am
they are all cashing in their Dinar . . .
February 4th, 2010 at 9:52 am
shoot!, i missed it again……
…..maybe next time…..
there will be a next time,…..right?
February 4th, 2010 at 11:37 am
Pipe dreaming Bubba I like that I’m a pipe dreamer myself.
February 4th, 2010 at 11:38 am
I found this article today and thought you all might be interested. It starts out with, “United States currency may soon become difficult to find in Iraq as part of an effort to protect Soldiers and increase the value of the Iraqi dinar.” You can read the full article at: http://www.dvidshub.net/?script=news/news_show.php&id=44644.
February 4th, 2010 at 6:32 pm
Hey , I haven’t a worry in the world . . . I heard that Monday will be the day.
February 4th, 2010 at 7:21 pm
LOL bubba I heard that Monday is the day too.Every week for the last 2 monthes.lol
February 5th, 2010 at 6:13 am
Its Monday,Its next week, next month blah blah blah… I for one am patiently waiting. I expect 2011 when our troops pull out. lol… That too I dont see happening on that time line but hey we will just have to wait for the big IRAQI ANNOUNCEMENT wont we.
We have seen a lot of progress and as long as we keep buying they keep selling they dont need to RV. Life goes on as normal just like here.
February 5th, 2010 at 8:48 am
I have to agree with James.That is what I said 5 years ago and it still is true today.We need our troops out.
February 5th, 2010 at 9:02 am
Today is the 5th and no announcement of rv. It is tiresome to wait on the annoucement that may or may not come as soon as you may think. So if it is on monday, where is the verification. Who stated it will be monday? I do not think it will be monday. When monday comes, we will see who is right or who is wrong.
February 5th, 2010 at 3:25 pm
When it doesn’t come Monday they will find a new reason why.There all wrong until it happens and then they who where wrong for so long will say(see I told it would happen today).lol If you always say tomarrow oneday you will be right.
February 6th, 2010 at 1:38 pm
Iraq Planning Currency Redenomination
February 06, 2010
BAGHDAD — The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money, RFE/RL’s Radio Free Iraq (RFI) reports.
Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year.
Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation. He did not specify when the new notes would be issued.
Both will be legal tender in Iraq until the old notes are completely withdrawn.
Iraqi officials have had a long-running plan to redenominate the Iraqi dinar. In 2006, the Finance Ministry recommended to the Central Bank that it carry out such a plan.
Salih pointed out that banks are having a hard time accepting cash savings and deposits, but by dropping the zeros it will make it easier for both the banks to deal with their customers and for the general public to carry money. He said some 80 percent of Iraq’s money supply is cash in circulation.
Salih added that in 1990 the value of banknotes in circulation was about 25 billion Iraqi dinars but is currently some 25 trillion dinars.
Economic analyst Hilal al-Tahhan told RFI that the bank’s move is overdue. He said he expects the currency change to go smoothly because of the decision to allow both the old and new banknotes to coexist, leading to less turbulence in the economy.
The current exchange rate is 1,167 Iraqi dinars to the U.S. dollar.
http://www.rferl.org/content/Iraq_Pl…n/1950504.html
February 6th, 2010 at 9:36 pm
Yep I have been seeing that everywhere today Pete.Everyone is split on if it’s for real or not.I pray it’s not.Thats what we get for listening to our gov. invest in Iraq.
So they can use your money to stableize there and get shit in return.Please let it be propaganda.
February 7th, 2010 at 2:39 pm
I hope it is true.
there is only one way both can co-exist.
AN RV !
The US had large bills and we got rid of them in the Nixon years.
The big bills will just be fazed out over time when they are cashed in.
On a lighter note . . . I went to Hogwaller this weekend.
I had a blast! I even met a cute lttle “Dirty foot”
Check out their web site just add dot com .
February 7th, 2010 at 9:31 pm
I willcheck it out.I hope you are right and everything goes smooth.
February 7th, 2010 at 9:34 pm
Nice is that your site?I own MyDatingDesires I just got it started.I could use some of that there on my site.
February 8th, 2010 at 2:45 am
no hogwaller.com is some nice folks down the road from me that has 5000 acres that they have a mud pit on that (yah you got to pay to go) you bring the whole family out and camp, BB-Q , and play in the mud with your quads, 4×4 and your golf carts . . . I’m the one with golf carts.
My web sight is onestopcarts.com
February 8th, 2010 at 3:13 am
oh and it is hogwallermudbog.com
February 8th, 2010 at 12:16 pm
> Before I press on, please feel free to review my posts in order to get
> an idea of my position on the IQD investment.
> http://dinarvets.com/forums/search.php?searchid=144062
>
> I think I can fairly characterize myself as a hopeful skeptic, or
> least I was; until today that is.
>
> This early afternoon, I had just logged onto Dinarvets and had the
> chat window running, while I was getting ready to head out for an
> appointment. That’s when I received a phone call from the person that
> introduced me to this opportunity. This individual is the owner of the
> company that I contract for and has SEVERAL MILLION Dinar (I announced
> the amount in the chat room earlier, and probably should not have, so
> I will not repeat the figure here).
>
> I am going to try and convey the information that I received while
> being as vague as possible in the identity category. I know, I
> know……another he said, she said report without specific names to
> back it up. And if you think about it, why in the world would ANYONE
> reveal names and specific sources when dealing with this type of
> information? So while I can appreciate the skeptical mind, as I have
> one too, I will discount and ignore the typical “no names” response
> that I know this thread will illicit.
>
> NOW LET’S GET EXCITED!!!!
>
> It went down like this:
>
> When I received that phone call, I was told that someone contacted
> someone VERY close to them, with the FDIC, in regards to the Dinar.
> THAT person told that “someone” that he didn’t have any information on
> the Iraqi Dinar and that he wouldn’t because the FDIC doesn’t deal in
> that sort of information. He did say however, he had a friend from the
> military that held a high position within the Federal Reserve and that
> he would ask him. *Side note* Disproving the legitimacy of the Iraqi
> Dinar story was the motivating factor in all of this.
>
> So, that “someone” received a phone call, at approximately 8:00 AM
> today, with news that he did NOT expect to receive. He was told that
> the Iraqi Dinar story IS TRUE. He was told that the Dinar ACTUALLY
> RV’ed back in September of last year and that they did not release it
> because their election law had yet to pass and that there were
> multiple economic and security concerns that were being dealt with. He
> was told that the RV would be released in March and that this whole
> scenario ACTUALLY is the “PLAN”, as laid out by the Bush
> administration, in order to cover the cost of the war effort AND to
> help spur economic growth in the United States and elsewhere. The rate
> that was given was not a SPECIFIC rate. Instead, he was told that the
> Dinar has already RV’ed (to reiterate) and that it’s value will be “on
> par” with the EURO. Now I don’t know if that means the trading range
> of the EURO back in September or if that means it will open at
> whatever the EURO is trading for in March.
>
> lets look at a couple of
> things……
>
> 1.) Does everyone remember when multiple quote sites (6-8 of them)
> unexpectedly, and without clarification as to why, quoted the IQD at
> $1.49 back in November? And does anyone remember what the EURO was
> trading for in November of 2009?
> Take a look>>>> http://www.chinapost.com.tw/business…Euro-slips.htm
>
> 2.) How many times have we been told via “RUMOR” that the RV is DONE?
>
> 3.) How many times have we been told via “RUMOR” that the rate is
> $1.49? The vast majority have speculated this figure, In fact, the
> most recent Sonny1 “RUMOR” was that a POST RV interview has already
> taken place and that the Dinar will trade at, or near, the Euro.
>
> 4.) How many times were we told the Election Law must be passed BEFORE
> the RV would be released?
>
> 5.) How many times were we told the “Security and Economic Files” must
> first be reviewed before the RV?
>
> Keep in mind, as you read this information AND ask yourself the
> aforementioned questions, that the individual seeking this information
> knew NONE of this stuff prior to the phone call he received this
> morning AND his original intent was to DISPROVE the Iraqi Dinar RV
> altogether.
>
> I think all of this ties up very nicely if you ask me.
>
> I can tell you this! I HAVE YET TO BE THIS EXCITED ABOUT MY DINAR
> PURCHASE TILL TODAY!!!!
>
> Love it, leave it, bash it….I really don’t care. I KNOW this
> information is REAL and RELIABLE! HAPPY RV!!!
>
> **** interesting.. I remember last September when it was “supposed”
> to have been done. I actually had an IT buddy of mine that’s been in
> Dubai for the last few years mention that to me right after I invested
> in August of ‘08.
>
> another claim that indicates the exchange rate to be around the
> Euro….. I’m not so convinced that this guy has the sources he
> claims he has, but the idea behind it parallels a lot of similar
> theories.. Unfortunately for us, the $3+ exchange rate we were
> hoping for seems to be losing out no matter who you talk to. We
> won’t know til it happens, but I’m not counting on it.
>
> THE CBI IS READY TO MAKE THE ANNOUNCEMENT,AND THE RATE SHOULD COME OUT
> BETWEEN (1.13-1.50)
> AND THE GOOD NEWS IS THAT WE WILL HAVE NO TIME LIMIT TO EXCHANGE THE
> HIGH DENOMINATI0NS, THAT THEY WILL TAKE THEM OUT OF CIRCULATION AND
> THAT WILL TAKE UP TO TWO YEARS. HE SAID ALSO THAT CBI WILL START A
> CURRENCY EXCHANGE PROGRAM AS SUGGESTED BY THE WORLD BANK & IMF.
February 8th, 2010 at 12:19 pm
I like the rolls.hogwaller sounds fun I’m in Az tho.We got lots of desert to ride our quads in.Anyone got any good news today?
February 8th, 2010 at 12:51 pm
I have some interesting news but it’s waiting moderation. I thought it was interesting anyway.
February 8th, 2010 at 3:32 pm
Re: Iraqi Dinar and Taxes
IRS Publication 525 states under “Foreign Currency Exchanges” that any profit of more than $200 on an exchange is to be considered as “income” and reported as a “Capital Gain”. Note: this is separate from Forex transactions. Here, they are referring to those of us that actually hold the physical currency.
February 8th, 2010 at 3:44 pm
In a good way butter?
February 8th, 2010 at 6:32 pm
I’m not sure what everyone is smoking, but the IRS answer says the gain on foreign currency exchange is treated as ordinary income (gain or loss), NOT as capital gains.
Now while that is NOT a good thing, neither is the dropping of three zeros if it is being interpreted properly as in lopping. Hopefully not. But if so, at a $1.50 RV, we’ll be lucky to get our money back.
Personally, I don’t think that will be the case because nobody wins, including the US Government. But if we do, we’ll be paying ordinary taxes on the gain according to the expert’s response, not capital gains rates.
February 8th, 2010 at 7:07 pm
Well butter that sucks.Won’t that be like 30%-40% in income taxes?
February 8th, 2010 at 7:58 pm
Sorry butter that was tom that said that.lol
February 8th, 2010 at 8:02 pm
Sorry, Tom, but I’m not smoking anything. Go to irs.gov and look it up yourself ! It’s in Publication 525. BTW . . . . by accident you are actually partially correct because “Short-Term Capital Gains”, i.e. Dinar owned for 12 months or less before exchanged . . . ARE taxed as “Ordinary Income”. If you owned your Dinar, and can prove it, for 12 months and a day . . . . then, it is a “Long-Term Capital Gain” which is currently at taxed at 15 percent for 2010.
February 9th, 2010 at 1:25 am
It’s post number 48 and this morning it still says: Your comment is awaiting moderation. What’s up with that?
February 9th, 2010 at 2:54 am
> We’ve been saying this for almost 18 months that this was going to
> happen and here you see it.. awesome news for us.
>
> http://www.rferl.org/content/Iraq_Planning_Currency_Redenomination/1950504.html
>
> The small denoms and coins are now announced…. we’re watching
> this like a hawk.
February 9th, 2010 at 10:33 am
Now Dennis thats what I tought I have owned mine for 5 years and payed taxes on the money I invested.I would be pissed if I have to pay income taxes on it again.I am hopeing for capital gains.And Butter is that what you were waiting for to get posted?I have been seeing that for days now and I have heard it’s BS.Some say it’s real and good news some say it’s bad news and we will only get what we put in and not get rich like we have been hopeing for.I don’t know what to think at this point.Some even said it’s BS and in the same breath said it says there releaseing the smaller notes.WTF how can it be fake and real?
February 9th, 2010 at 11:47 am
I’m so happy I ran across this site! I am a new investor in this and just got word that it’d going to go through this week. Now reading all of these post I see that’s nothing new. I guess I will just patiently wait til I see it come on the news that it has gone though.
February 9th, 2010 at 3:47 pm
Can anyone see post number 48? I can’t believe it still stays awaiting moderation!! I posted this yesterday.
February 9th, 2010 at 8:17 pm
Yes 48 is there and thank you for shareing that info with.That all sounds good to me and no bashing about the no names thing,I wouldn’t give them either.I found something today too.
February 9th, 2010 at 8:18 pm
Iraqi Finance denies intention to delete the zeros of the national currency
Iraqi Finance denies intention to delete the zeros of the national currency
09/02/201009:0209/02/201009:02
. 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.
(آكانيوز)ت: وز9/2/2010 (AKnews) T: and g 9/2/2010
February 10th, 2010 at 4:04 am
I am starting to see that just as in the King James version of the bible, the Iraqi language can be mistranslated into meaning something totally different than was intended by the author. Some words have multiple meanings and can be used out of context, which changes the whole meaning if what the author is trying to say. Very confusing sometimes.
February 10th, 2010 at 6:17 am
Hey Joe, You need to post your source… it is getting old asking. If it is a true news bullinton, then post it. Also, if it is true… What the heck is all that supposed to mean? it sounds like they are deleting zeros and and not deleting zeros…huh?! I am very confused, am I alone, or is anyone else confused?
February 10th, 2010 at 6:27 am
I found this on the same site that I saw the “denies intention” post above….? Wussup?
Tuesday, February 9, 2010
In Depth Explanation about Iraq’s Currency Redenomination and Exchangeability …
Iraqi Currency 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 lower denominations .
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
February 10th, 2010 at 11:22 am
Here we go again . . .
Chill people.
I’m not getting all bunched up till I see something good.
This has all been said before.
and as taxes go . . . I’m trading Dinar for gold and sitting on it.
February 10th, 2010 at 12:58 pm
Sorry for the no link,it says right at the bottom where it came from.(AKnews) I found it at nenosplace and it gave a different side of the deleteing thing.That I liked a lot more then the other one.Personaly I feel it is all propaganda just to make people jump out of the investment.Atleast thats what I’m hopping.I will find a link for you and post it.
February 10th, 2010 at 1:45 pm
Sorry Alberta I could find the thread again.I googled the aknews and it comes up but you have to search the site for it.I share what I find when I can take it for what it is.I don’t give a %^^&& either way what anyone thinks.I really try to play nice and not bash others for shareing with or without a link.
February 10th, 2010 at 3:54 pm
Its funny that in the beginning of the last post you said sorry to me, and then ended with %**&&… and then went on to say that you try to play nice… I like this site for many reasons, peoples opinions or other peoples opinions posted I am glad for. I also like it when people have a source and can post it. But, when that’s not possible they at least explain why they canot get the post. Thank you for explaining why you couldn’t find it… I wasn’t trying to bash you, if i do bash it would be more obvious.
February 10th, 2010 at 5:26 pm
thats alright Joe ,
people like Alberta were hammering me last month.
None of us are real investors and we find “stuff” and repost it . . . thats what we do.
We come together and try to make sence of all this “stuff” that we really don’t understand.
If there wasn’t any “intel, and rumors” all we would have is :
Feb, 10 2010 IQD=USD 1170=1
February 10th, 2010 at 7:38 pm
Not tryin to yell at you Alberta sorry if it came off that way.Thats just how I feel I just seen people jump all over people in here for shareing something they find.
February 10th, 2010 at 8:14 pm
No problem, its all good, sorry if I upset anyone.
February 11th, 2010 at 11:50 am
Alberta is that where you live?I am half Canadain,I used to live in B.C. for about 5 years and when and if when we see the RV my goal is to make it back there.I plan to move back to the Island hopefully Sooke B.C..
February 11th, 2010 at 12:37 pm
I just saw this and it kinda sounds exciting….. I know when you take an Iraqi article and run it through Google-Translate it can sound confusing as many words can be transalted different…but the part about……
“Noting that the Iraqi dinar would be offset dollar or slightly more than after the application of this proposal.”
It sounds to me like they are saying…If they remove the zeros, 1170 Dinars to the Dollar becomes 1.17??? Thus, the “Dinar would be offset or slightly more than”(the dollar?)
Does anyone else interperet it this way??? See full article below…..
Minister of Finance: raise zeros from the Iraqi currency against the dollar will be supported by
Conscious / Baghdad / G. E
11/2/2010
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 Noting that the Iraqi dinar would be offset dollar or slightly more than after the application of this proposal.
case in many countries
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 قوة نقدية امام جميع العملات . Strength of cash against all currencies.
(main page – article heading is on the left)
واع/ وزير المالية : رفع الاصفار من العملة العراقية سيدعمها امام الدولار
Conscious / Minister of Finance: raise zeros from the Iraqi currency against the dollar will be supported by
http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http://al-iraqnews.net/new/siaysiah/47898.html&rurl=translate.google.com
February 11th, 2010 at 12:56 pm
>A theory discussed tonight.. dinar coming out under a buck, but
>once back in-country, a secondary RV that puts it at the $3 we have
>always suspected would return. Like what is said here, it’s an
>ingenious plan that gets Iraq where they want to be…… without
>killing themselves enriching the speculators and foreign governments
>that have hoarded dinar over the years..
>
>
>AND TOMORROW COULD BE A MAJOR ANNOUNCEMENT FOR US
>AS MANY MAY KNOW OR I HOPE YOU ALL PAID ATTENTIO TO THIS
>BUT IRAQ HAS SAID THAT THEY HAVE A MAJOR ANNOUNCEMENT FOR THEIR
>COUNTRY TOMORROW OR ACTUALLY TONIGHT
>TODAY NOW
>TOMORROWS ANNOUNCEMENT MAY BE ONE OF TWO THINGS
>EITHER THEY REALLY ARE OUT OF CHAPTER VII
>AND THEY ARE GOING TO ANNOUNCE IT
>OR THEY ARE FINALLY GOING TO ANNOUNCE THAT THE IQD WILL BE TRADEABLE
>AND THE NEW RATE AND FACTS OF THE REDENOMINATION
>PM THOSE TWO ITEMS HAVE FLOODED THE MEDIA THE LAST TWO WEEKS
>NOW WHAT I SAID ABOUT THE RATE BEING UNDER $1 THAT IS WHAT THEY ARE
>TRULY DISCUSSING WITH THE IMF AND WORLD BANK
>ALSO I WAS EXPLAINED THIS TODAY
>NOW HERE IS WHAT I WAS TOLD AND THIS IS INGENIUS
>THAT IF IRAQ BUYS BACK THE IQD FOR .80
>AND THEY GET BACK LETS SAY 5-8 TRILLION IQD
>AND THEN AFTER THEY GET IT BACK AND THEN REVALUE OR INCREASE THE RATE
>OF EXCHANGE AGAIN
>TO LETS SAY $2 – $3 BUCKS
>JUST HOW MUCH DID PROFIT DID IRAQ JUST MAKE ON THE BUYBACK TO US
>TRILLIONS
>THEY CAN THEN SWAP CURRENCIES WITH OTHER COUNTRIES AND SUPPORT THEIR
>RATES OF EXCHANGE
>AND THEN REBUILD IRAQ AT A FEVERISH PACE
>IF ANYONE HAS LOOKED AT THEIR BUDGET THEY HAVE
>WHICH IT IS POSTED ON THE WEB
>THERE IS ABSOLUTELY NO WAY THEY CAN DO THIS UNDER THE CURRENT VALUE OF
>HE IQD OR UNDER THE CURRENT REVENUES GENERATED BY OIL.
>OK WE ARE SO FRIGGN CLOSE
>TO BEING OUT OF THIS PARTY
>NOW IF IT IS THE CHAPTER VII
>BUT FRANK MAY HAVE GOT IT RIGHT
>BUT NOT FOR THE REASON HE SAID
>I WAS TOTALLY RIGHT ON WHAT I SAID THIS MORNING
>THE GOLD TRANSFER IS ALLOWED UNDER THE DFI PROGRAM
>UNDER THE IRAQI CURRENCY EXCHANGE PROGRAM
>
>_____________________________________________________________________
>
>
>For those of us who have followed dinars for years, it has been a
>brutal roller coaster ride. Believing it is just a few days off……….
>waiting and hoping each day for years. Studying everything……. trying
>to understand. It has been stress city for so many of us and it has
>taken its toll on each of us. But……… we are still here waiting………..
>hoping and believing. The odd thing is………… now with so many good and
>positive things happening……….. for many of us………. it is difficult to
>stay positive. We are to a point where we are saying………… if it does
>not happen this week or this month or when ever…………we will give up!
>When before last week………….. did they admit they had printed lower
>denominations? Never! We have known it for over 18 months.. I believe
>Adster on iif was the first to get that information. When have they
>said they were doing a specific act to support an increase in the
>value of the dinar? NEVER………. before this weekend with buying in three
>tons of gold (to support an increase in value of dinars)! When have
>they had the oil contracts all signed and final? Not before the last
>few weeks. While the oil won’t flow for awhile………… oil companies
>spending billions upon billions to build infrastructures and get the
>oil in production is about to start. That will cause a huge demand for
>dinars to pay people with and buy things locally. But their total
>value of dinars in circulation are not enough for this new demand. It
>is barely enough to run the economy now.. The only answer has to be to
>raise the value of the dinar or release more three zero notes. Iraq’s
>stock exchange wants to be traded worldwide.. But, stock exchanges
>don’t want penny stocks (stocks worth less than $1.00) on their
>boards. Many of Iraq’s stocks aren’t worth a penny, until after an RI.
>So their stock exchange and their stocks won’t be accepted or
>respected until they RI. Do you think they want their economy and
>stocks respected? Their budget is in the red. An RI would fix that. As
>it is………. they may run out of money. Do you think they want that? They
>want to be a full member of the WTO. Having a currency that isfully
>convertible worldwide is a condition of membership. An RI would set
>them up to have that!
>They want to end the violence and bombings. Don’t you think an RI or
>RV would do more to end that BS than anything else would?
>I believe every day looks wonderful for the RI…… but if it doesn’t
>happen as quickly as we expect it to……….. we are still so close………..
>because it cures so many problems and improves so much in Iraq! They
>aren’t going to RI for you and me (investors) but they have to do it
>for themselves very soon. The alternative is looking at a bottomless
>pit their economy is sliding into.
>So take heart! Stay positive! Our day is coming! I know hope doesn’t
>pay the bills or the mortgage……… but soon our dream will be made
>real.
>
>A few days ago I showed you the interest rates over the last three
>years how they have decreased. It decreased because PIP movements in
>the auctions steadily had the IQD growing in value since December ’06.
>So it was natural to take away interest value when you are already
>rewarded with currency value. I told you I was looking for interest
>rates that would fall between 1 and 4%………..like the banks in the US. I
>said that it would be a very good indication that their currency was
>about to go up in value a significant amount if we had a very low
>interest rate reported. Please enjoy the following article ………
>
>
>PUKmedia ليلى الشمري/ بغداد 19:07:43 2010-02-10
>PUKmedia Laila Al Shammari / Baghdad 19:07:43 2010-02-10
>
>أكد وزير المالية باقر جبر الزبيدي أن نظام البطاقة الذكية استطاع كشف
>العديد من حالات الفساد المالي ، وقال” لقد اكتشفنا عن طريق البطاقة
>الذكية ان احدى النساء كانت تتقاضى رواتب تقاعدية لعشرة اشخاص بصورة
>واحدة، وكانوا وهميون.
>Finance Minister Baqir Jabr Al-Zubaidi smart card system that could
>detect many cases of financial corruption and said, “We discovered
>through the smart card that one of the women were paid pensions for
>ten people in one, and they and Humayun.
>
>وأوضح الزبيدي في مؤتمر جمعه مع ممثلي المصارف الحكومية، ببغداد اليوم
>الأربعاء، ضرورة فتح باب الاستثمار للمصارف الحكومية لفرعيها الرشيد
>والرافدين في دعم الحركة العمرانية في العراق، لافتاً الى أن مصرف
>الرافدين وصل الى مراحل متقدمة من النظام المصرفي الشامل الذي ادخل
>المكننة الحديثة الى النظام المالي .
>The Zubaidi in combination with the representatives of the Conference
>of State banks, in Baghdad on Wednesday for opening the door to
>investment banks, government branches governance and Iraq in support
>ofthe construction in Iraq, pointing out that the Bank of Iraq arrived
>in the advanced stages of the global banking system was admitted to
>the mechanization of modern financial system .
>
>من جانبه قال وكيل مدير عام المصرف العقاري حسين هادي صالح ان وزراة
>المالية خفضت نسبة الفائدة على القروض العقارية الى اثنتين في المائة بعد
>ان كانت ستة في المائة، مشيراً الى أن عملية منح القروض الميسرة الى
>المواطنين كما يراه المراقبون يعد خطوة للتخفيف من أزمة السكن التي يعاني
>منها العراق منذ فترة طويلة .
>For his part, Deputy Director of Real Estate Bank Hussein Hadi Saleh,
>said that the Ministry of Finance reduced the interest rate on real
>estate loans to 2% after it was 6% indicating that the process of
>granting soft loans to citizens as observers see as a step to
>alleviate the housing crisis has plagued Iraq since a long time.
>
>
>Yesterday I told you to keep an eye on banks meeting worldwide……..this
>pattern would start ………and many of you did a wonderful job showing me
>a variety of banks holding meetings. Today I was going to tell you to
>study projects that are being proposed in Iraq because they are
>gateways in helping us calculate the RI rate in their budget program.
>BUT ………..our dear friend CSOTO beat me to it. Around 2am last night he
>came up with this post and I want to share it with you because it can
>teach you to do exactly what I was going to explain today. Please
>enjoy and keep your eyes out for more projects that you can use as a
>template to formulate a possible rate.
>
>
>Originally Posted by csoto
>ok here are a few examples what we are talking about:
>There are many interconnecting pieces of infrastructure that make up
>the Western Power electricity network – taking the power from
>generators, such as coal, gas or wind power stations, and delivering
>it through to your homes and businesses. Substations and their
>transformers are two of the most common pieces of infrastructure used
>within the Western Power network.
>
>Electricity created by power generators is delivered to you via your
>local zone substation. A piece of equipment housed within the
>substation, called a transformer, then converts the electricity to a
>lower voltage, making it compatible for distribution into your local
>community and through to your homes and businesses.
>
>A transformer can only convert a limited amount of electricity,
>therefore more transformers installed at your local community
>substation means greater network security and overall electricity
>capacity for your local area.
>
>In today’s economy an average zone substation in a metro area might
>cost around( ten to fifteen million dollars to build, not including
>the cost of the land and other ancillary works), and would house only
>one transformer. Additional transformers may cost in the region of two
>to three million dollars each and as you might imagine, they are very
>big which means that they can only be installed if there is enough
>physical space available within the substation site.
>10,000,000.00 almost impossible today divided by 7,000,000.00 =1.43
>value of iqd
>15,000,000.00 this is a light number divided by 7,000,000.00 =2.15
>value of iqd
>25,000,000.00 this a realist amount divided by 7,000,000.00 =3.58
>
>
>Sunday I broke down an article that was talking about removing the
>000’s. It confused a lot of people and I gave you my 2 cents worth.
>Now here is the beauty of the whole thing. As much as I told you what
>I interpreted I also mentioned not to concern yourself about a LOP. It
>is beyond stupidity to even consider it. Well………..check out this
>article that is suggesting they too think ……….it’s beyond stupidity.
>Do not pay attention to what they say………pay attention to what they
>do……….that’s economics Frank26 101.
>
>
>Iraqi Finance denies intention to delete the zeros of the national
>currency
>09/02/2010 09:02 09/02/2010 09:02
>
>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 thezeroes 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 starting 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.
>
>(آكانيوز)ت: و ز 9/2/2010 (AKnews) T: and g 9/2/2010
>
>
>There were coins put on the CBI website today. I want you to know they
>are not the three new fils. The two coins that they are displaying
>have been around since ’04. I have these coins in my possession.
>Close……..but no RI.
>
>I am not ready to report to you about the Toledo, Ohio office. As I
>told you both Ali and I are very busy. When we are done with our
>discussion of the office I will share with you. Tomorrow I hope to
>have JT who will be running the Las Vegas office with us in the
>evening.
>
>end
>
February 11th, 2010 at 12:59 pm
Guzo555,
Didn’t say the same thing a couple of weeks ago.
and now its in print from Iraq . . . mmmm
interesting very interesting
February 11th, 2010 at 3:23 pm
Guzo they zeros not zero.sorry I like your idea tho.lol
February 11th, 2010 at 5:14 pm
That was a lot of reading guys.What do you all think about it.I hope it is all put out just to make people scared to buy it up on speculation.Tell everyone there is no way to make a profit buying up dinar and the next day( Lord I wish it happen that fast) raise the value.Wouldn’t you do the same.Just a thought.
February 12th, 2010 at 7:26 am
Anyone have any news this morning?
February 12th, 2010 at 9:07 am
I can’t talk right now, I’m cashing in my Dinar . . . yah . . . right !
February 12th, 2010 at 9:35 am
What happened to the big news (they) said would come out yeasterday.Now knowone is talking.lol
February 12th, 2010 at 1:35 pm
It happens like this all the time , don’t it?
February 12th, 2010 at 4:50 pm
Yep yep all the time
February 12th, 2010 at 6:20 pm
It Friday where the big weekend rumor?
February 13th, 2010 at 5:43 am
You are right. No one is talking because they are either shame or thinking of something else to say to cover up the info they said.
February 13th, 2010 at 5:51 am
It’s frustrating to constantly hear “it’s tomorrow, it’s tomorrow and then it never happens. Someday it has to happen but until then I don’t beliew much that is said in any dinar formum about RV. In this hard economy we all need this to RV. In the meantime, if anyone is interested in saving 30-50% on their grocery bill send me an email and I’ll give you more info. My email is corywhiting@yahoo.com or you can call me at 801-372-2458. Good luck everyone.
February 13th, 2010 at 10:52 am
Well maybe tomarrow…..lol just kinding.I think nothing will move before the elections are over.
February 13th, 2010 at 5:46 pm
Anyone else get this today? The blog I found it on always has the stories translated already….this one, I had to translate…..Sounds like a done deal? (soon)
Saturday, February 13, 2010
حذف الأصفار من الدينار يحوله إلى منافس للدولار The deletion of zeros from the dinar converts it to a competitor of the dollar …
Sat, 13-02-2010
The deletion of zeros from the dinar converts it to a competitor of the dollar …
Baghdad / term
Officials at the Central Bank that the bank has prepared a plan to drop three zeros from the Iraqi currency with the nominal to maintain its purchasing power. Officials at the Central Bank since the beginning of February that the bank has prepared a plan to drop three zeros from the Iraqi currency and thus smaller nominal value, while maintaining the purchasing power and value of real.
The adviser said the appearance of the central bank governor Mohammad Saleh: that the switch will be a gradual long-term co-exist during which the old currency and the new currency so as not to be affected by the market and commercial transactions.
He said Finance Minister Baqir Jabr Al-Zubaidi said such a resolution would put Iraq in the ranks of the Gulf states and calling it the action is heartening.
And re-remembered that other countries did this step, such as Turkey and Brazil.
However, as is expected in every step of such a large, central bank’s decision to delete three zeros from the national currency rumors about increasing the value of the Iraqi dinar.
However, Finance Minister Bayan Jabr denied that a process of change to any shocks.
Advisor of the Central Bank the appearance of Mohammed Saleh For his part, stressed that dropping the three zeros of the draft Strategy in line with the development which is expected to be witnessed by the Iraqi economy in the next phase.
Mohammed Saleh assured citizens that the process of switching the currency will be easy and convenient, but noting its benefits in facilitating business transactions.
The consultant noted the appearance of Mohammed Saleh said the new Iraqi dinar will remain when it was put on the symbols of Iraq and holding the Ghtyh Co, Arabic and Kurdish.
Expert financial and economic as Abdul Hadi welcomed the orientation of the Central Bank decision to delete the zeros of the Iraqi currency ruling out any negative effects on it.
Pointing out that the decision to drop the zeroes on the currency that would, among other benefits, the proliferation of ATM machines that are still unknown in Iraq because they can not mobilize such devices in Iraqi dinars at the present time.
http://translate.google.com/translate?prev=hp&hl=en&js=y&u=http://almadapaper.net/&sl=ar&tl=en&history_state0=
February 13th, 2010 at 10:01 pm
Way does this scream LOP to me?It sure sounds like there going to make everyone trade 25,000 notes for 25 notes.You really have to twist this to make it sound good in any way.Am I alone here?
February 14th, 2010 at 3:21 am
Your all alone joey . . .
sitting in a dark room with only your dinar to comfort you.
and as you sit there looking at all its glory, it says to you .
don’t worry Joey , it will be all right . . . I’m going to make you rich and powerful one day soon . . . maybe tomorrow , yes maybe tomorrow.
As you drift off to sleep, you hear the sounds in the back ground and it scares you as you pull the covers up tight . . . LOP . . . LOP . . . LOP
February 14th, 2010 at 6:11 am
Bubba that sounds like a nightmare for joe. Sitting in the dark with only the dinars to protect him. If I were in joe’s shoes, I would think of my dinars as sheep jumping over the USD. To me, that means the dinars are $3.00 + in value to the USD.
February 14th, 2010 at 12:17 pm
Bubba thats funny.lol But come on that doesn’t scream LOP to you?Are you a member at nenos they have alot of articles all pretty official from Iraq and they all say lop some people(I being 1) are freaking out as there dreams are drifting away.And others are saying it’s all good news.WTF ?I always hope for the best out come.And ernest you are in my shoes.You have invested in this too right?Bubba I don’t pull up the sheets I lift my pillow and arm myself.lol
February 14th, 2010 at 12:35 pm
How much have you guys invested? I invested $40,000 USD. and Im not worried. We should all be buying more more more. If they LOP, Iraq would be blown off the map don’t you agree? Just the banks alone buy millions USD everyday of Dinar. They are more in the know than all of us. If we do what the banks do we will be just fine… that’s my opinion…but Iknow Im right.
February 14th, 2010 at 2:32 pm
Well this is my opinion and my opinion only:
On this wishy-washy deal and only the word of speculators that I have never herd of before this investment.
I feel you got to have “More Dollars then sense” to invest more than $1000 USD
I have invested in 500,000 IQD and thats it . . . no more . . . not getting caught up in all the hipe !
If it hits at the Euro I get around 450 grand
If it goes to the old dinar or even with the countries around it , I get 1.5 mil.
Hell, if it went to $.10 I get $50,000 .
I’m good with that.
I have been on this for about a year now . . . after all the hipe . . . I think we will get our money back . . . I hope I’m wrong ! Thats all I got.
February 14th, 2010 at 5:46 pm
Alberta I used to feel that way.I try to stay possitive somedays it’s hard to this rollercoaster has it’s up and downs.I just hope it ends on an up.
February 15th, 2010 at 6:35 am
what is an LOP???
VA´s last blog ..Iraqi Dinar Exchange And Taxes
February 15th, 2010 at 10:50 am
VA,
A LOP is when a country cuts zeros from their currency. For instance; if they decide to LOP 3 zeros from their dinar notes; a $50,000 dinar note becomes a $50 note, $25,000 becomes $25, and so on and so forth.
February 15th, 2010 at 3:31 pm
Just a random question, we hear all this talk about the RV and how will Iraq be able to cover even a $1.00 USD to 1NID, and people talking $2+. What effect that would have on the Iraqi people, and how there would be a bunch of millionaires. Were these same individuals not wealthy before the first RV, when they went from the previous ID to the NID? Just new at this, and trying to understand.
February 16th, 2010 at 9:21 am
newinpbg . . . . . The Iraqi’s wealth was taken from them overnight. Therefore, it is only right that it be returned to them overnight. They will not have to cover all of the IQD out there. The Big Govt.’s hold most of it and they will be keeping most of that in reserve to prop up their own currency’s value. We speculators only hold a very small piece of the pie outstanding. As for the effect on the Iraqi people, for most, it will improve their lives dramatically, but they will not become millionaires. Except, for those greedy politicians who have stolen and squirreled that money away.
February 16th, 2010 at 9:30 am
——————————————————————————–
“Ch7 will not be released until after the elections so the UN can work with the new government.”
Just in from the broadcast at the UN.. I am going to stick my neck out and “suspect” that this means we wait til afterwards.. could be wrong, but.. I am 95% convinced the RI and CH7 are to be done together.
What’s another month? Don’t take my comments for gospel.. just my opinion.. others don’t think so.
February 16th, 2010 at 4:57 pm
Oh great Bubba I hear your words.Sticking your neck out let me get the ax.lol Just fu%^&* around.More wrenches being thrown in our plans.Whats a nother month of waiting right.5 years in whats another month.
February 16th, 2010 at 5:44 pm
OK guys I found something for you.It looks good.They have paid Kuwait 27 Bill and owe them 25 Bill.If they ever lopped thats all they have?Other thing I have read is they have 52 bill in there forgein reserves plus 22 bill in cash and 3 tons of gold they just got back.This all made me feel the lop is propaganda.fingers crossed.
Anyways there should be a link with this,enjoy.Let me know if I missed something here if it’s old or something.
February 16th, 2010 at 5:44 pm
Iraq predicts “package deal” will be reached with Kuwait after elections
Politics 2/16/2010 11:51:00 PM UNITED NATIONS, Feb 16 (KUNA) –
Iraqi Ambassador to the UN Hamid Al-Bayati on Tuesday predicted that “a package deal” will be reached with Kuwait about “everything” after the Iraqi elections scheduled for March 7th.
Al-Bayati told KUNA following a Security Council meeting on the situation in Iraq that “a package deal about everything will be reached after the elections.” He did not elaborate.
He later told reporters that there are three outstanding issues with Kuwait: the missing persons and property, the compensation fund and the border.
He recalled that Iraq paid more than USD 27 billion in compensation to those affected by the 1990 invasion of Kuwait, and is expected to pay USD 25 billion more.
“This issue will not be closed until all the compensations are paid in full, ” he stressed.
“We are working to resolve all these outstanding issues. There are now good relations with the brotherly State of Kuwait. But this needs time and efforts, as there are newly discovered mass graves, and hopefully, we will find in them the remains of some Kuwaiti missing persons,” he said For the sanctions regime, he said Iraq is no longer a threat to international peace and security and does not possess weapons of mass destruction (WMD).
“We believe it is high time for the UN to lift all sanctions and restrictions imposed on Iraq,” he urged.
Ad Melkert, the UN Special envoy for Iraq, told reporters in answer to questions by KUNA “we are basically discussing the border issue with everyone, including the Iraqis. We are trying to come to a conclusion as soon as possible.” Asked what the Iraqi objection is to allow the UN to send experts to maintain the border posts, Melkert said “I cannot be specific on that. It has our attention because it is an important issue.” On what is needed for Iraq to do to exit Chapter VII, Melkert said “we hope very much that soon after the elections it will be possible to work with the new Iraqi Government on resolving all issues that eventually would enable that, that includes the relation with Kuwait.” He said he held talks with Kuwaiti officials in Kuwait last month and “I intend to continue those conversations to bring the parties together as quickly as possible.”
http://www.kuna.net.kw/NewsAgenciesP…54&Language=en
February 16th, 2010 at 6:55 pm
Heres another but I don’t know what to think of it.It makes my head hurt,I think it got twisted a little when translated.
February 16th, 2010 at 6:56 pm
Quarter-dinar a curse on the poor and a boon for speculators by it from the dollar
Basra Ali Al-Nasser
Currency represents the “quarter dinars,” a smaller piece of the financial transactions of peace, following the disappearance of small coins minted by the Central Bank, which is considered the most important episode in a daily trading, but it is also a weaker currency for the trade deal, and started creating many problems and opens the door to the exploitation of Astrezag and twisted, especially when some retirees receive monthly assistance or the elderly or the salaries of “all quarter of a dinar.”
The paper blue color barrier Kkherqp become obsolete after Atsrtha grip of the daily need long erased symbols and destroyed and become a burden on everyone, Vachiarvh refuse accepted only discounts deducted in advance, and the young sellers Itvhsunha well, and avoid big traders dealing in large quantities, but banks do not receive only rates specific ones.
Therefore emerged as people call them the name “dollar people”, who conduct a quarter dinar currency, in the galleries in. They are waiting for the banks, spend hours time and discipline as pro by the bank employees themselves, they do not leave their positions until the last close Treasurer window.
” Their job is to open them in a bank account and agreement with the parties in the bank by market and money changers and traders who accumulate their quarter-dinar currency on the other hand, a Vitolon amounts of such currency in the banking and credit is withdrawn, including similar amounts on the market called the “currency coarse “Any papers twenty-five thousand dinars, or” Red “and below. This is being done according to certain commissions between the parties.
The game fine and coarse
Bank employee, says Iraq favored anonymity correspondent of “the world” banks “do not receive only limited quantities of a quarter dinar, or about 500 thousand dinars per ten million dinars, that mediates the people to get rid of the dollar amounts greater than a quarter dinar any” soft ” in agreement with the staff in the bank and sell the currency in the market coarse profit margin of more than 5 thousand dinars for every $ 100 .. While ATM Iyad Bader says “We are facing problem in handling a quarter dinar, no one was in favor of the conduct of U.S. $ 100 for example, to coin a soft quarters, and JD .. The purchase price of $ 100 rising to 122 thousand Iraqis or more if the currency soft power, and this causes us losses, and that no one “Idok” his head after large amounts of small groups which have always been skeptical that a lack of money. ”
And adds a correspondent world “, there were persons acting as intermediaries between banks and money changers to walk the soft currency in exchange for a certain commission, and considers that the price of the dollar rises holidays, Friday and Saturday in particular, because a bank holiday and stop the work of the people of the dollar.” . Shows that their work requires careful there is a continuing hard currency counterfeit $ 100 chip, called the Israeli and there is also a reproduction and the Iranian Kalkhmoni currencies, and the like. ”
. Bader says that the victim first and foremost is the simple citizen and slide employees with limited income and retirees in addition to those dependent on welfare benefits, there are pumping large quantities of soft currencies of their wages, and a large portion of these currencies is damaged or torn.
All quarters of my salary!
Distributed network of social protection salaries or subsidies to eligible elderly and the sick once every three months. In the municipal council for the tax collector or the need Kazem a beneficiary of a network of social protection, where it had taken “a relationship of” full of money, what drew the attention of the mayor, who asked them about how much you received, she is shaking on his desk load of packages quarters of the dinar, ” This is my salary .. all quarters, and dinars. warrants to God. ”
Sheikh Hussein, head of the Central Municipal Council in the publican’s correspondent the world, “there is a problem faced by beneficiaries of social protection network Most of salaries allocated to them from the category of quarter-dinar and the dinar and this caused them big problems, as they always discover a lack of packages that give them money, and there are many of the damage. ”
Indicates Mr. Hamid goes bank manager investment that there are instructions from the central bank imposed to pay small amounts of currency with a view to finding drawdowns of cash.
He adds, “Of course there are those who do not want these currencies, especially accounting departments, so there will be agreements with the Trustees of the hidden funds in banks to avoid these currencies.” Needless to see that the first affected are the retirees, where currencies are translated to the small salaries, he says, “These are not trick them, they get salary after barely stand in queues cumbersome, so Palmksom satisfied, as they say.”
In the view of watchers that there are attempts by dealers in the market to overcome the quarter-dinar currency, Confronted with high prices this currency has lost its purchasing power.
. While taxi drivers began a gradual increase in wages.
Instead of whiskey, a quarter of dinars to 500 dinars and 750 In some fonts dinar took the lead. And also appeared in small coins class 50 100 dinars after the fall and disappeared quickly from there is expected to leave the quarter-dinar pockets.
http://translate.googleusercontent.c…GYb4IayZfwnW3g
February 17th, 2010 at 2:37 pm
Dang ! Joe are you sure Ben Stien didn’t write that . . .
February 17th, 2010 at 7:35 pm
So bubba what did you get out of that?
February 18th, 2010 at 7:10 am
Lop,isn’t that a kind of rabbit?
February 18th, 2010 at 6:55 pm
Hey Joe I ain’t that smart.
I did get , blaw blaw blaw, wa wa wa , mumbble mumble , zzzzzzzzz . . . Huh?
February 19th, 2010 at 8:58 am
Thats about what I got out of it.lol I like the one about the package deal.It made me feel better about the lop theory.If they lop they would owe Kuwait all there currency they would have.Heres hopping for the best.
February 19th, 2010 at 5:05 pm
Well looking for sometime at the end of march.
and I’ll be surprised when it RVs that it would be under $1.49 (euro)
February 20th, 2010 at 9:47 am
I would be happy with 1.49 I would be happy with anything over a buck.End of March sounds alright with all thats going on there right now I don’t see it happening soon.I just hope the new gov gets it done right away.We may endup with a bunch of new drama with the new guys.
February 20th, 2010 at 4:25 pm
Interesting reading I saw on another site……….
Good evening Family,
Normally I try to take the weekend off to be with my children. But I asked BRASS to do tomorrow’s posting for me in a Scriptural teaching because I wanted to touch on 4 or 5 subjects before the week starts.
First of all yesterday one of our team members reported from Baghdad that there were two rows of cars parked in front of a particular Warka bank. The significance of this intel is that banks are closed on Fridays and in all of last year I never once saw them open on a Friday nor even show up to do any type of work ON A FRIDAY! Their Fridays are like our Sundays but their beliefs are so strong that I have never seen them violate working on a Friday. As our source says it may be nothing and if it was one or two cars I would agree. We will monitor to see if a pattern develops.
I spoke with xxxxxx Friday regarding the Warka bank that we have our accounts with in the IZ (Greenzone) and how it was strange that there were cars in the drive way to the bank on a day that the bank is normally closed on Friday’s, it might not be anything other than off day business, but I know that these folks take their weekends off seriously…
I am going to give you an update on the investment company that I have been reporting to you about for the last three weeks. It is the company that I have refrained from revealing………it is not the Cullen Frost investment company that I told you about last week. This much larger company further trained their employees this week over three days. They trained them during business hours for the following:
1. They showed them circulated and un-circulated currency.
2. They taught them about counterfeits.
3. They practiced with an area code of 345.
4. They practiced on the De La Rue machine.
For many weeks now we are constantly hearing banks and investment companies training their employees not just on foreign currency……….but one particular foreign currency………..the IQD. The info we just presented about a Warka bank and this investment company seems to be hurrying something IMO. For activity to be present on a Friday is intel to me. How does this investment company reflect a sense of urgency as well? Like this Family………this major investment company has never worked its employees on a weekend for any reason according to the source. This year alone they have met as I have reported to you …………twice on a weekend to train their employees. This is some heavy duty training going on with a major investment company. They are being trained so that the moment the RI happens …………they will find you one way or another and invite you into their offices to cash in your dinars at their rate. I’m sure it will be competitive with the banks. Then they have plans of selling you their investment packages with your new found wealth. This is simply brilliant to be prepared before others. What’s the old saying………..the early bird gets the worm.
A dear brother of ours on our forum who gets up early in the morning to go to work had the thrill of his life today. He called his good friend who is also on our forum and said that at 4am this morning he saw on XE.com the IQD at 345. He was so excited to be able to see for himself for the first time what so many others on our forum have been claiming. Two days ago I reported to you our team found this number at 1am in the morning. I also told you it takes a good worm ………….to go fishing. Or ………….a good bird to find you a good worm.
Last night OKIE called me about the Bloomberg ticker that was saying the US wants to help Iraq with its trading by lifting all international sanctions against them. I gave you all a shout out and in less than 5 minutes we had a handful verifying the ticker and another handful delivering a morning article that came out explaining the very same thing. I was so proud of all of you becoming…………mini me’s. I smiled when someone suggested that I should ask you all for a date and rate. It was proposed that we would get an answer just as quickly………..LOL
February 20th, 2010 at 7:48 pm
Thats a nice bed time story Butterfly . . .
G’night
February 21st, 2010 at 10:57 am
Frank always makes you feel good don’t he.I would really like to see him be right and get credit for it.The xe.com was one of the sites that said 1.49 for awhile a few monthes ago.I’m sure everyone remembers that,had all of our hopes up for a min.My pipedreams say 3.45 too.lol Thanks for sharing butter.
February 21st, 2010 at 5:53 pm
You’re welcome guys. It will be the last time. goodbye
February 21st, 2010 at 7:34 pm
Butterfly where you going?I hope you didn’t take that wrong.I really like franks posts.And Bubba loves bed time stories.lol
February 22nd, 2010 at 3:10 am
some people do say I’m abrasive some times . . .