unirod

DoD, I'm not a Guru but just a accomplished Builder. The former glory comments come from the articles themselves. I'm just focused on what Iraq is stating about their intentions with their own currency. P.S. I don't smoke crack either

Latest articles are stating Iraq's currency returning to "It's former glory" When I read such terms it reinforces to me that it will come out as a reinstatement of It's former value of $3+ per Dinar. I know that it is a long shot to believe this but again money and vast fortunes change hands daily across the globe. Why not for holders of the IQD? An R/I would also mean no capitol gains for any of us as I understand the IRS tax law. Now that is what I'm looking for and I could just bet you so are the rest of the Big financial players on the global scene! Iraq is looking to be part of the global basket of currency's that won't have a negative effect on the other currencies in the basket, but will have a positive purchasing effect on the Iraqi people. So the only thing that I see accomplishing that is an R/I. When the Iraq currency was devalued vast fortunes in Iraq and globally were put on ice so as to speak. Do any of us really think that the Big boys are going to lose their fortunes for good? I think not! because we are talking infrastructure and real estate in Iraq. so something is going to take place in this nation building effort with Iraq that defies financial logic! but will in fact cause Iraq to enter the world scene in a debt driven economy like every other nation! IMO

This is a good thing for Iraq since the pipelines through Saudi Arabia have been shut down for years. The Saudi's don't want the competition with their market share.

Oh yes and now the monopolists and currency speculators are getting the heat!

While the CBI reserves have dropped. Amazingly the State Banks and now the private Banks are either fully rehabilitated financially or are near it. And we are talking $Billions unaccounted for. A coincidence? I think not, and yet the public is told that there is a laundering mafia using the auctions and counterfeiting groups etc. The Banks along with the CBI are the true Mafias.....IMO

There has been a budget emergency in Iraq for years now regardless of the current war in Mosil and the countryside. These people always cry Crisis!

Little difficult to grasp the translation. But for those of us that have followed the Warka issue there is many details that the journalist is not writing about. Like the fact that the CBI was responsible for the Warka bank being put into guardianship. It was because of sectarian divide that moved the GOI to withdraw deposits from Warka and concentrate over 80% of the GOI deposits with the State Banks. When reading the article I get the feeling that the CBI has encouraged Warka to take advantage of the auction process to rehabilitate their financial position. Articles have stated in the past that the Banks in Iraq have profited immensely by using the auctions because there is no risk, and laundering money has lost $Billions of USD no doubt enriching the pockets of the corrupt. The auctions have successfully rehabilitated the State Banks that were internationally underwater for Hundreds of Billions of $USD. Warka now has an IBN# listed for each depositor using the E-Banking system. They would only apply this number if they had the intentions of banking internationally. A depositor could then transfer funds internationally without a third party bank. Even though the editorial seems to be a one of complaint and conspiracy. I believe this is a very exciting article for any who have deposits with the Warka Bank!

Thanks all for the understanding on the IBAN#. I too saw this and wondered what the benefits were. There is a new Warka editorial hours old that I saw on the kaperoni site. Maybe someone can get it over here on DV? It's hard to disseminate but informative on the relationship between Warka and the CBI. Scratch that! it's just been posted on DV.

Thanks all for the understanding on the IBAN#. I too saw this and wondered what the benefits were. There is a new Warka editorial hours old that I saw on the kaperoni site. Maybe someone can get it over here on DV? It's hard to disseminate but informative on the relationship between Warka and the CBI.

The Jihadists were probably looking for treasure! who knows maybe they actually found artifacts now on the black market?

LGD, How i understand the entire issue is this way. The exchange rate will always be according to each individual Dinar. Regardless if it's in electronic form or 25,000 of them on a note. It makes no sense at all to me that any central bank would magically ignore 3 zeros in a bank account balance sheet, or on a currency note. Each Dinar is a single unit that has an exchange rate. When the time comes for a revaluation of the IQD, it is my speculation that it will increase from .0082 cents to .10 USD or even 1.00 USD. The entire paranoia of a 25,000 note magically divided by 1000=25 is stupid. Otherwise the CBI would have done that years ago to the IQD. An R/V of the magnitude that we are looking for may be a long shot by any normal financial standards. But huge concentrations of wealth move at an instant every day. Why not for holders of the IQD outside of Iraq? I'm not a trucker just a carpenter builder! LOL!!

LGD, I'm just a broken down old carpenter that has poured a lot of cement in my day. I was just figuring on the low side based on what I have to buy an 80lb sack of cement for here in Humboldt County California. Cement is an amazing commodity for sure!

lets say they can sell a ton of cement for only $50 in profit. Multiply that by 32,000,000 tonnes and you have well over $1.5 Billion in production. I would say that is a serious export even if only a fraction of it is used in the domestic market.

Yes lower categories with a higher exchange rate. The face value of the old notes remain the same but are effected by the exchange rate to our advantage for up to 10 years! This is why the CBI is so interested in collecting the chunky money off the streets! IMO

Interesting theory. But how would one determine the value of each individual electronic Dinar(IQD) on deposit with Iraqi financial institutions? remember Iraq is a very wealthy country worth Trillions of USD, and with the ousting of Saddam there no doubt has been a redistribution of wealth. I believe this is why they must take as many of the notes off the street because they will be doing something unimaginable, an R/V of each Dinar electronic and on the notes.

Still a dangerous place to be making a pilgrimage with cash on your person! And the prices on everything go up for pilgrims as the merchants and religious money changers are out to feed! IMO

The Iraqi people are not spenders on credit and this is well known. All these people do is save in preparation for the next crisis. To collect IQD into the banks further strengthens their(Banks) financial disposition and only further justify's an R/V. This is a country with nearly zero debt in comparison to their real world value. IMO

One needs to consider how the State Banks got back on their feet again financially. This may explain in part where the Billions went?

Maybe because there are limited Banks and branches in Iraq to serve the people? Maybe because Banks insist that the people open an account before receiving exchange privileges? Maybe because Banks have limited cash liquidity? Scalpers always have USD 24/7, no bank holidays and probably a better reputation for not ripping off citizens?

The text I tried to highlight is the establishing of private property rights. This has been a problem in Iraq as there has been no recorded property rights within their system in their history other than rumor or assumption of ownership. We have a record or Deed of ownership for which a loan can be issued. I remember in articles some time ago that until Iraq as a society can establish private property rights it would be very difficult for loans to be issued to anyone for residential or commercial purposes. Maybe they have solved this problem?

This cannot be excused as a bad article. These people are justified in their protest and we all know it! for too long the locals have been short changed. It is no wonder Iraq is a mess. They have a long way to go IMO

Still better interest than what you will get in any bank in the West!

Fact: CITI trades more foreign currency on a daily basis than any bank internationally.

Laid Back, nice post! Do any of us really trust our banks? our FDIC is only capable of covering $1 for every $100 on deposit. Our banks pay near zero interest and cook the books to look profitable. IMO we should be taking lessons from the Iraqi's!