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About phlip

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  1. NMP2017 Thanks very much for your response. I'm the person using Firefox and Windows 7 with a security exception in place as mentioned in the letter and so have always been able to access Warka's sites as long as they were up and running. However, your advice is very much appreciated as I have friends who are having troubles accessing and I will direct them to your reply. I'm committed to retrieving my funds from Warka and will hang on to my access as long as I can. I've held IQD for 16 years now and have had a Warka account for 12 years. Between the fall of 201
  2. Somehow, part of this letter got deleted when I originally posted it. Here is the full version: Dear Mohammad K Issa Please, be advised that many Warka Account holders are no longer able to access the Warka Bank website at . Also, many Warka Account holders are now unable to access Warka Bank’s Online Banking at . The reason is that Warka Bank’s Online Security Certificate is not valid and is viewed as a security risk by most popular browsers, including Firefox,
  3. Dear Mohammad K Issa Please, be advised that many Warka Account holders are no longer able to access the Warka Bank website at . Also, many Warka Account holders are now unable to access Warka Bank’s Online Banking at . The reason is that Warka Bank’s Online Security Certificate is not valid and is viewed as a security risk by most popular browsers, including Firefox, Internet Explorer and Chrome. These browsers will not allow a user to name an exception in order to bi-pass the browser securi
  4. I absolutely agree with Yendor in that an overnight RV of the dinar to $0.10 would be quite the shock for an Iraqi citizen and the Iraqi economy. Here are my questions to further define Yendor’s question: If oil is at about $70 per barrel before an RV would the price have to go to $8750 per barrel to keep up with the new purchasing power of the dinar? If the purchasing power of the IQD 2500 banknote goes from $20 to $2500 overnight what does that do to the exchange rates between the USD and the Euro, or the USD and the British Pound, or the USD and the Japanese Ye
  5. It is my understanding that once the CBI implements this 2 year IQD Redenomination plan the Iraqis will have only those 2 years to turn in their large denomination banknotes. According to the plan, after the 2 years is up all large denomination IQD banknotes would become null and void as currency ~ and would no longer be accepted anywhere in Iraq to pay for anything. They would become souvenirs only. The same thing happened in 2004 when the Coalition Provisional Authority sent Paul Bremer to Iraq as the person in charge. He brought with him the charter for the newly e
  6. I’m glad that y'all feel that this post raises your spirits about IQD speculation; but just so you understand that the CBI Redenomination plan I mention is well known to be a 2 year plan ~ and it hasn’t even started yet. The CBI plans to make a very public recall of all the big denomination IQD banknotes (with 3 zeros) now in circulation and trade them out for smaller denomination notes (without the 3 zeros) ~ which would bring the 40 Trillion IQD in circulation down to 40 Billion IQD. The 2 years allows ample time for all Iraqis to get rid of their current banknotes an
  7. I last accessed Warka’s website and logged in successfully on 26 November 2017, but as of at least 30 November 2017 my browser gets an error message which says it cannot access the Warka server. Hopefully, it means the Warka staff is busy up-grading their security certificate and is getting ready to up-grade our accounts with another 6 months of interest earned. Just a little while ago, Warka expired my account password 7 months early. I had not logged in until 5 months after I had renewed my password in June of 2017. This early expiration makes me feel strongly that the Warka staf
  8. IMO, with a reported 40 Trillion IQD in circulation backed up by a reported 39 Billion USD Reserve the CBI could potentially declare an “actual” IQD/USD exchange rate of 1025.64 IQD per 1 USD. That would extrapolate to $0.000975 USD per 1 IQD or to $975 USD per 1 Million IQD ~ if a private bank or a speculator buys directly from the CBI. Using its “Fiat Currency” prerogative it appears as though the CBI is choosing to minimize its current USD Reserve exposure by keeping the IQD pegged to the USD at an artificial “Fiat” rate. IMO, this fiscal policy makes sense, es
  9. Right now the USD/IQD exchange rate is $.0008467:1, the USD/EUR exchange rate is $1.21:1 with the price of crude oil selling around $50/barrel or 59,053 IQD/barrel or 44.57 EUR/barrel. If the IQD were to RV from $.0008467:1 to $0.10:1, that would deflate the value of the USD by 1000% and cause the USD/EUR exchange rate to drop to $0.00121:1 and raise the apparent price of a barrel of crude to $50,000/barrel or IQD 59.05/barrel or 44,570 EUR/barrel. Alternatively, if the FED, the IMF and the other Central Bank’s demanded that the price of crude oil remained the same at $50/barrel
  10. What will happen to the other major currencies when the CBI RV’s the IQD/USD exchange rate? The countries using the EUR, the GBP, the CHF, the JPY, and the CNY all have international corporations invested in Iraqi oil with contracts based on today’s exchange rates. How will a radical upward IQD/USD RV (which effectively decreases the value of the USD against the IQD) affect the EUR/USD and the GBP/USD and the CHF/USD and the JPY/USD and the CNY/USD exchange rates? Will these other major global currencies also be devalued and what in your opinion will that do to an already stress
  11. rockfl9 What makes you think I don't agree with you? My recent thread is simply asking for opinions on what CBI "fiat" exchange rate WOULD be acceptable to the Central Banking community yet still work inside Iraq. IMO, answers should prove interesting.
  12. DoD I share your frustrations. After I first opened my Warka account and before they initiated the shut-down of services I was able to successfully wire transfer funds back to my home account 4 separate times ~ approximately once per quarter. Each time became more and more difficult as Warka approached the final shut-down. The first time went off without a hitch and the funds landed in my account in less than a week after the email request (even though I think it should have taken only 48 hours). From then, however, it was downhill with the
  13. Thanks for the positive tags given. Actually, this thread is meant to garner opinions about what the international banking community (led by the Fed and the IMF) might tolerate as an acceptable IQD/USD exchange rate before coming to the conclusion that it would be best not to trade with Iraq anymore because of the increased costs in USD’s. An exchange rate is a ratio between two numbers and if you raise the value of one then you effectively lower the value of the other. No getting around it mathematically. For example, if the board of directors o
  14. DoD Thanks for the input, but I’m already well aware of the news announcement that you are referring to. In fact, the announcement that you are referring to is much older than January 2016. Check out Warka’s own news announcements on the same subject posted on these (6) previous dates: November 7, 2015 The Central Bank of Iraq expresses its warm greeting, We would like to inform that as part of the Warka Bank rehabilitation plan the Central Bank of Iraq hereby approves the practice of all your banking activities in accordance with your banking
  15. IMO, the CBI is already exercising its “Fiat Currency” prerogative by keeping the exchange rate between the IQD and the USD artificially high at 1180:1. According to long established internationally accepted guidelines and Central Bank transparency rules, the exchange rate between one currency and another is usually “guided” by the ratio between the volume of the home country currency (IQD) exposed to trade versus the volume of an internationally accepted reserve currency (USD) held in reserve. With those transparency rules and guidelines, the international banking comm
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