Luigi1

Rumor? Dinar dealers must cease IQD VND sales by 27th.

57 posts in this topic

A currency dealer is always a currency dealer...They will just change the price of the currency once the currency changes. No need to close shop..

 

We are in uncharted territory here and it is not quite so straightforward.

 

To licensed dealers and banks, currency would be 'stock', an asset, and as such cannot change in value because of variation on exchange rate. Assets are valued on a historical cost basis and may be subject to depreciation.

 

In the event of a very large change in the rate it would not be out of the question for dealers to be offered a credit on holdings with the option to repurchase at the new rate before any further sales. In effect they may very well have to stop selling old stock until free to do so. There would be no restriction on selling dinar acquired through exchange at the new rate. 

 

Obviously dealers and money changers without audited accounts will not face the same restrictions.

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Assume, for conversation, it RV's at 1 to 1. And the anticipation is it will go to 3 to 1 or 4 to 1 over the next couple of years. Why would they stop selling?? Theres still  money to be made. Common sense should prevail...not rumors.

In reference to your last paragraph....Easier said than done.

Edited by umbertino
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Well...here it is the 28th and they are still selling...Hmmmmmm..did one of the gurus have bad info or was he flat out lying?? :eyebrows:

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Here it is June 29th and I just bought some Dong from Travelex.com. I don't know if their good or bad but they have over 200 locations and are in San Francisco International Airport. Seemed like a fair price. Sorry if I'm offending anyone but I'm NOT!!! a pumper. I plan to go to Vietnam soon and wanted some VND.

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If a currency who dealt with IQD saw that the currency would RV from IQD 1160 = US$1 to IQD 1 = US$1, wouldn't he want to buy as much as he could and wait for the RV?

 

Why sell any more currency?  The Profit of $200-$400 per million IQD is beans compared to the RV.

 

If the RV is around the corner, then all IQD traders would stop all selling of IQD and would buy for themselves every last IQD note.

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If a currency who dealt with IQD saw that the currency would RV from IQD 1160 = US$1 to IQD 1 = US$1, wouldn't he want to buy as much as he could and wait for the RV?

 

Why sell any more currency?  The Profit of $200-$400 per million IQD is beans compared to the RV.

 

If the RV is around the corner, then all IQD traders would stop all selling of IQD and would buy for themselves every last IQD note.

Agreed........Usually the standard reply for this would be something like " business is business"........

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I believe there are tight restrictions on currency dealers. They are audited closely so that they are not buying from the Central Banks at a steep discount only to keep it themselves. Great idea though on making even bigger profits, but it's not legal.

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