Discussion on the CBI law

[rockfl9]

The CBI LAW says:

1. The CBI shall have the exclusive right to issue banknotes and coins INTENDED for CIRCULATION in Iraq. Banknotes issued under this Article shall be the first charge on the assets of the CBI. The CBI shall make appropriate arrangements for the issue of its banknotes and coins for circulation in Iraq. Banknotes and coins issued by the CBI and INTENDED FOR CIRCULATION in Iraq are NOT: PROMISORY NOTES, Bills of Exchange, or any other type of commercial document under the applicable commercial law, and the CBI is obligated to HONOR them ONLY as provided for in this Law.

What this says to me is that the CBI is prohibited from transfering dinar outside of Iraq. We know that dinar exists outside of Iraq , my concern is was any shipment legal in international terms? Could this be the reason Banks no longer deal in dinar? Look at the last sentence.

Edited November 5, 2014 by rockfl9

[sq2]

Looks like they dont have any obligation for notes outside of Iraq that were intended for circulation inside Iraq only!!! Are our notes intended for circulation inside Iraq only???

[rockfl9]

Looks like they dont have any obligation for notes outside of Iraq that were intended for circulation inside Iraq only!!! Are our notes intended for circulation inside Iraq only???

They only printed and released ONE series. YES

[sq2]

So our dinar does not have to be honored??

[rockfl9]

So our dinar does not have to be honored??

That's the way I read it , but only my interpretation. I think it strangely suspicious wording. I am just putting it out to solicit comments. Is this the reason legitimate banks no longer deal in dinar? Their lawyers must have looked at it. If and when they expect to use the dinar in the international market at any rate , I think they will have to amend this part of the law.

[FlintNPebbles]

I do believe that all countries issue bank notes and coins to be used within their country. Do they generally end up in other countries...yup.   Depending on each interpretation you could understand it to be that CBI does not or will not honor any dinar outside of Iraq.  My interpretation is that CBI is the only entity that can or will print bank notes and coins that are legal tender for Iraq. That it is the countries money and is not the money for Kuwait or any other country.  I don't interpret it as not being honored outside of Iraq. Although each country has that option...such as when they changed from the Suddam dinars to the IQD.

[ewingm]

I have been quoting the CBI laws to dinarians on this forum for a year now.  It doesn't matter to them, Rockfl9.  The gurus can soak the wording in koolaide, making it sound less threatening.  The bottom line is this.  Iraq does not have to honor out of country dinar as Promissary Notes.  Period.  That means they don't have to LEGALLY redeem them for dollars.  I have always said that that was their ACE in the hole, when it came to stiffing speculators.  Buying iraqi dinars outside of iraq itself is a very risky business.  Does anybody REALLY trust the iraqis to be fair to out of country speculators who are simply waiting to swoop in and drain the nation's reserves of all dollars should they RV?  I think not.  The big dinar RV has always been, IS today, and will continue to be the SCAM of the century.   

[Nelg]

Most countries have the same type of law.  I travel to Central and South America often.  I make an exchange of USD to their currency when I arrive and exchange it back into USD when I leave the country.  Or, as the case many time, I leave the country without making an exchange.  When I arrive back in the US I will take the money to the bank and make an exchange to USD.  I can do the same with the IQD today.  I can take it to the bank and exchange it for USD at the going rate + an exchange fee.  But if I want to go to the local McDonald's and purchase a hamburger, forget it.  I need to have USD.  By the way, when I am in other countries, because the USD is an international currency and traded internationally, I can usually go to the McDonald's and pay for my order with USD.  They do the exchange. If I am in Iraq, when I pay in dollars I will be given IQD as change.  When I leave the country, I can exchange the IQD for USD.  

The law is pretty much the same all over the world.  But it also gives them the right to reject any currency other than the IQD or even to reject the IQD being held if they decide to remove the bills from circulation.  If that happens a time schedule would be given for honoring the currency and for the exchange to take place.  

[ewingm]

That is very true, Nelg.  There is one glaring difference however.  At no time in monetary history, has there ever been a nation's currency bought up and Physically HELD out of country like the Trillions of dinars owned by US speculators.  Never before.  This is a unique event, and the iraqis are COMPLETELY aware of you people sitting out there just waiting for a big RV of the dinar to cash in.  The CBI KNOWS about this threat to their fiscal sovereignty.  And that is what it is.  With an estimated 25-30% of printed dinar in the hands of speculators overseas, it is a big threat to iraq's monetary stability.  They will NEVER RV 90 TRILLION dinar without first performing a three zero lop REDENOMINATION.  Never.  I fail to see why dinarians simply cannot understand this.  You people are in for a tough time coming.

[Shabibilicious]

Nelg was super respectful and you just had to throw in those last 3 sentences didn't you?......You just can't find a way to be cordial, can you?  I will bird hawk everything you say until you start treating people as they deserve to be treated....and I'm not talking about myself, caz or D-lop.  Nelg is a good person and does not deserve your kind of treatment.  You should check yourself.

 

Here you go.....my first neg for you ever.   

 

GO RV, and NO BV

Edited November 5, 2014 by Shabibilicious

[Nelg]

Wow!  Thanks for the kind words Shabiblicious.  What Ewingm said did not offend me in the least.

Ewingm has his/her opinion and will never change it; and that's all it is, an opinion.  

Ewingm has nothing invest in the IQD but time, and most of that is used to try and convince people that the IQD speculation is a fraud.  I understand that, and I really give very little attention to what is posted by Ewingm.

But thanks again for response.   

[ewingm]

I did not disrespect Nelg in any way, Shabs.  You're just looking for a fight.  I said I have never understood why dinarians can't understand this.  That is not disrespect, that is simply stating my opinion.  You people love to come to each other's defense.  Hey.  How about standing on your own two feet and having a debate with me instead of running to play the "race" card.  You all know my opinion about the dinar scam, so prove that I'm wrong with facts,policy, history, whatever.  Your problem is that ALL of those things point to a REDENOMINATION!  Nothing has ever pointed to a RV except when Saddam raised the dinar to $3 in 1999, and NOBODY accepted it!!  Read your history people.  Do your own research.  Stay away from known dinar pumpers.  Stand on your own two feet for a change instead of huddling together like a bunch of sheep.  

[Shabibilicious]

"Race" card?!     Is "incorrigible" a race?    

 

GO RV, and NO BV

[caz1104]

Shabs,

 

Scum will always be ..............Scum

[rockfl9]

Most countries have the same type of law.  I travel to Central and South America often.  I make an exchange of USD to their currency when I arrive and exchange it back into USD when I leave the country.  Or, as the case many time, I leave the country without making an exchange.  When I arrive back in the US I will take the money to the bank and make an exchange to USD.  I can do the same with the IQD today.  I can take it to the bank and exchange it for USD at the going rate + an exchange fee.  But if I want to go to the local McDonald's and purchase a hamburger, forget it.  I need to have USD.  By the way, when I am in other countries, because the USD is an international currency and traded internationally, I can usually go to the McDonald's and pay for my order with USD.  They do the exchange. If I am in Iraq, when I pay in dollars I will be given IQD as change.  When I leave the country, I can exchange the IQD for USD.  

The law is pretty much the same all over the world.  But it also gives them the right to reject any currency other than the IQD or even to reject the IQD being held if they decide to remove the bills from circulation.  If that happens a time schedule would be given for honoring the currency and for the exchange to take place.

Nelg, What you say is correct for travelling money. But even at that if you take any amount of IQD to a US bank they will not exchange it (even if you could prove it was travel money). You can use a Currency Exchage desk at airports but I'm sure there is a limit.The question has been asked many times where is a bank that takes IQD. I have traveled to many countries in the past and whenever I bought local currency was advised to keep the reciept for the change back. Although I think things are more open now.

I Dont know if the wording in the CBI law is unique, it just sounds strangely restrictive to me. They use the "for circulation in Iraq" phrase twice.

I post this just to solicit comment.

[ewingm]

The wording gives the CBI the freedom to act as they see fit.  That same wording may be in other nations CB laws as well, but it doesn't matter.  No other country IN THE WORLD has

25-30% of their printed currency held by out of country speculators.  That is a game changer.  Due to that fact alone, the CBI will NEVER revalue 90 Trillion dinar.  It is absurdly ridiculous to even think that way, but there lies the problem........dinarians don't do much in the way of thinking, when it comes to the dinar.  Its all just a happy game to them.

[SocalDinar]

 The big dinar RV has always been, IS today, and will continue to be the SCAM of the century.   

I disagree Ewingm

 

Social security taxes wins the prize of being the scam of the century

[ewingm]

Not for me, SocialDinar.  My check comes in each month.  Of course I paid into SS for about 48 years!  Lets pray that now the conservatives hold both Houses of Congress we can get some realistic adjustments to keep it solvent for when YOU get to the age.  Of course with 50 million Americans pulling Disability (has ballooned under Obama) it is draining reserves.  By the way, the dinar RV is a scam, and you will never see any money coming your way.    

[rockfl9]

Ewingm: What you say has merit. Would the Iraqi's knowingly give away millions of dollars to infidels? I dont think the 90% of dinars holders in Iraq would gain!

[ewingm]

Of course not.  TheCBI will never RV 90 TRILLION dinars.  Not gonna happen.  A person who believes they will, is severely deluded in how nations govern their currencies.  People get scammed because they don't have the knowledge to dispute the lies someone tells them.  Throw in a big slug of greed, and you have the perfect storm of scam.  But its been so long since the scam has been around with NO profit, I am amazed that there are still dinarians around.  By now they should have all sold out and moved on.  This dinar scam has weaved a spell over them.  They are "captives" without evening knowing it.  Quite a shame.

[SocalDinar]

Showing your age ewingm.

 

Glad you lived long enough to get a tiny piece of the tax you paid into for 48 years.  Nope its a scam.  I own two business's and i pay my 50% and the companies 50 % for both.

I have put in close to 1/2 a million dollars into it.  If i live a couple of more decades I might get a check every month. If I die today the House takes all the money, House always wins!

Now that  is one huge scam. 

 

As far as the dinar goes, maybe something will happen maybe not. I dont really think its a scam as currency is traded everyday,

Iraqs numbers do look bad IMO but I don't trust the Fed so why would i trust the CBI.

I personally don't really care anymore about the money.Its gone. I sold some off some of my dinar a while back for some fun money, And now thats gone LOL!

I still have some dinar so I could stay in this game

It's Kind of like Vegas playing a progressive slot machine.  No real chance of winning and i know that, but its fun. Darn wheels just won't stop spinning

 

If it is a scam its not really the gurus and the dealers who created it.

Who knows It might have been Gov Shabibi himself.

 

Now you can spout poo poo on the dinar community and thats cool if thats fun for you , ( which I think its is ) but know that some of us don't really expect to get rich, 

Now I think i need to go buy my lotto ticket as i am feeling kind of lucky!!

 

Have a good one and have fun.

[caz1104]

"sold out and moved on"......................sounds like SANE advise for ALL that have become disillusioned. Then of course we got LOPsters that fit the "captives"  description mentioned above to a "T".

 

One thing I agree with Ewingnut about is.............."greed".  And my response to that is.............................DUH. Greed is what makes the world go round

[gymrat76541]

_{All this will change WHEN it becomes international!}

[dontlop]

The CBI LAW says:1. The CBI shall have the exclusive right to issue banknotes and coins INTENDED for CIRCULATION in Iraq. Banknotes issued under this Article shall be the first charge on the assets of the CBI. The CBI shall make appropriate arrangements for the issue of its banknotes and coins for circulation in Iraq. Banknotes and coins issued by the CBI and INTENDED FOR CIRCULATION in Iraq are NOT: PROMISORY NOTES, Bills of Exchange, or any other type of commercial document under the applicable commercial law, and the CBI is obligated to HONOR them ONLY as provided for in this Law.What this says to me is that the CBI is prohibited from transfering dinar outside of Iraq. We know that dinar exists outside of Iraq , my concern is was any shipment legal in international terms? Could this be the reason Banks no longer deal in dinar? Look at the last sentence.

Lol

What you pasted above simply says only the cbi can issue currency in iraq

It says nothing at all about the use of iraq currency outside of iraq, so stop pretending it does

Iran cannot issue currency for distribution in Iraq

France can't issue currency for distribution in Iraq

Only the central bank of Iraq has that authority

Maybe you can show us where it says anything about iraqi currency outside of Iraq .

If you understood the imf articles you would know why the dinar isn't internationally traded

Try understanding imf article 8

And when iraq accepts the obligations of imf article 8 , then the dinar will be more openly accepted.

Read up on countrys currency's after they accept imf article 8 obligations

It's the transformation people are waiting for

The day iraq accepts imf article 8

Is the day ewingm shuts his head

You'll know when it happens because his head won't have that big hole flapping around any more

[ewingm]

Donlop, you sold out.  Period.  Why you continue to defend the scam is a mystery to me.  You obviously lost faith in getting rich and wanted some real cash back again, so you sold out.  So close your porthole.  You have no right to pump the RV when YOU sold out yourself.  What a moron.