Exchange rate change?

[yota691]

Thus the IQD will remain a exotic currency & not tradeable until such time.

That means we will go through a facilitator or currency trader instead of a bank to cash out.

The RV can still happen, we'll just pay a bigger spread with a facilitator.

  well said 

[Luigi1]

Will it be possible to go back to dealers that some have bought from and exchange with them?

 

 

Yup. Most dealers are there to make money on the sale of the IQD. Most dealers will be there to make yet another profit off of us as we cash in. It's a win win if you are a dealer.

[skitealwedrop]

Most of the seasoned veterans on this site understand that the rate posted on the CBI site is gospel, as Fly and others noted.

[keepmwlknfny]

I don't see anywhere in this article what you state Luigi1..unless I'm missing another article for obligations to be met.   United States of America and the Republic of Iraq Announce Progress on Entry into Force of Trade and Investment Framework Agreement

03/06/2013

 

 

Baghdad – The United States and Iraq today announced that the bilateral United States-Iraq Trade and Investment Framework Agreement (TIFA), first negotiated in 2005, is likely to enter into force later this year, providing a bilateral forum devoted to fostering greater trade and investment between our two countries. The announcement follows the Iraq Council of Representatives’ recent ratification of the TIFA text and bilateral meetings in Baghdad this week.

After an exchange of diplomatic notes brings the TIFA into force later this year, the first meeting of the Joint Council for bilateral consultations on trade and investment issues can take place in 2014. Intended to continue efforts to improve the economic relationship between the United States and Iraq, Joint Council meetings will provide a permanent forum for annual senior-level discussions on trade and economic issues including services, transparency, worker rights and intellectual property.

Two-way trade between the United States and Iraq in 2012 was $21.3 billion, with U.S. exports to Iraq at $2.04 billion, and Iraqi exports to the United States at $19.3 billion. Over the past several years, U.S. companies in the energy, defense, information technology, automotive, and transportation sectors have become increasingly active in Iraq.

Its just stuff Kap made up.....

[army03]

Willy1der +1 to you and GO MICHIGAN.

Hey army03, I'm from Bay City and yeah baby, GO BLUE
 

+1 GO MICHIGAN

Hey army03, I'm from Bay City and yeah baby, GO BLUE
 

I live in Beaumont Texas....but born and raised in the BEAUTIFUL state of Michigan!!!  How bout the MAIZE AND BLUE!!!!!

[gainesm]

I don't see anywhere in this article what you state Luigi1..unless I'm missing another article for obligations to be met.   

 

That is because there is nothing in TIFA that says anything about the IQD becoming internationally recognized.  

 

What I have not been able to find - anywhere - is whether or not TIFA going into force depends upon IQD recognition; whether or not IQD recognition depends upon TIFA going into force; or any other connection between the two where there is dependency of any kind in relation to the IQD recognition.  I have read through TIFA, the SFA, and all the other articles Kaperoni says, collectively, lay it all out.

 

Well, to be blunt, no it doesn't.  There is nothing in the articles cited that does this, nor do they "paint the picture" that this is how it will need to be for that to happen.  TIFA is not a proof-point for anything other than progress being made on cooperative trade between the US and Iraq - it has no dependency or causative effect upon international recognition (i.e. ability to exchange on the open international market) for the IQD.  I honestly wish I could agree with Kaperoni's assessment, but I just can't until I see something that is actually definitive rather than mistaken, if not misrepresented, summarization.

[Luigi1]

That is because there is nothing in TIFA that says anything about the IQD becoming internationally recognized.  

 

What I have not been able to find - anywhere - is whether or not TIFA going into force depends upon IQD recognition; whether or not IQD recognition depends upon TIFA going into force; or any other connection between the two where there is dependency of any kind in relation to the IQD recognition.  I have read through TIFA, the SFA, and all the other articles Kaperoni says, collectively, lay it all out.

 

Well, to be blunt, no it doesn't.  There is nothing in the articles cited that does this, nor do they "paint the picture" that this is how it will need to be for that to happen.  TIFA is not a proof-point for anything other than progress being made on cooperative trade between the US and Iraq - it has no dependency or causative effect upon international recognition (i.e. ability to exchange on the open international market) for the IQD.  I honestly wish I could agree with Kaperoni's assessment, but I just can't until I see something that is actually definitive rather than mistaken, if not misrepresented, summarization

 

 

 

GOI passed the Tariff Bill last October. Maliki failed to impliment the law into action. The Tariff Bill sits on the self & is part of the hold up.

Research it in archives.

[dontlop]

The New Iraqi Dinar (NID) - a free floating currency - was introduced in January 2004 together with a new monetary control system. There are no restrictions or taxes on the purchase or sale of currency; the CBI carries out a regular currency auction in order to stabilize the exchange rate, which now stands around 1300 NID to the US $. The NID is fully convertible and there are no restrictions on capital flows.

 

http://www.iraqitic.com/iraqiTIC_policyEnvironment_ar.php 

 

that link its a little old but says the dinar is a free floating currency .......under monetary policy on the link  

 

ive heard people say it was pegged ...

 

 and it says fully convertible

maybe in iraq ?
 

Edited April 8, 2013 by dontlop

[gainesm]

GOI passed the Tariff Bill last October. Maliki failed to impliment the law into action. The Tariff Bill sits on the self & is part of the hold up.

Research it in archives.

 

Nope.  NOTHING in it says ANYTHING about dependencies or requirements per Kaperoni's assertion that this is a matter of record - as if it is all laid out in a detail planned and that it is somehow a guarantee.  It is not.  

 

From my reading, it appears Iraq could join the WTO at some point - which would bring with it (logically) international recognition for their currency...but the WTO won't bring Iraq in until they see them make the right political and economic steps.  It's been this way for over a decade.  TIFA, SFA, and even that Tariff Act can all help to stabilize and secure Iraqi interests economically as well as politically - and if Iraq were to successfully implement all of those in the right way, they might create the right kind of environment that would justify inclusion in the WTO.  But simply fulfilling those steps does not mean they have done so in the right way for the WTO.

 

If the WTO does ever include them, however, it is reasonable to assume international currency recognition for the IQD will have already happened or would happen shortly afterward.

[countryroads]

I don't think the Iraqis know how to change their underwear, let alone the Dinar rate.

[Luigi1]

Nope.  NOTHING in it says ANYTHING about dependencies or requirements per Kaperoni's assertion that this is a matter of record - as if it is all laid out in a detail planned and that it is somehow a guarantee.  It is not.  

 

From my reading, it appears Iraq could join the WTO at some point - which would bring with it (logically) international recognition for their currency...but the WTO won't bring Iraq in until they see them make the right political and economic steps.  It's been this way for over a decade.  TIFA, SFA, and even that Tariff Act can all help to stabilize and secure Iraqi interests economically as well as politically - and if Iraq were to successfully implement all of those in the right way, they might create the right kind of environment that would justify inclusion in the WTO.  But simply fulfilling those steps does not mean they have done so in the right way for the WTO.

 

If the WTO does ever include them, however, it is reasonable to assume international currency recognition for the IQD will have already happened or would happen shortly afterward.

 

 

 

There are several articles over the last three days on other sites explaining why Iraq has not met the basic minimum requirements to enter the WTO.

 

You need to do some more research. Go to CN for a starter.