Goodlife

This exert originally sourced from Assabah 16.12.12 seems to indicate the UN is intending to wait until the payments are completed in 2015 before lifting chapter 7. (Unless Iraq stumps up the balance). The implications of this regarding any impending increase in the value of the IQD could be rather interesting. As Dinar investors we need to be more cautious about what we say regarding this investment and resist receiving one eyed hype which really has never had any substance of reality associated with it. People have got hurt because of this and reputations damaged. Confirmed the Secretary General of the United Nations Ban Ki-moon’s commitment to Iraq its international obligations, but he is no longer directing the country quickly from Chapter VII. Comes at a time announced a UN that the year 2015 will see the closure of the file of compensation after commitment Baghdad all its obligations.

I blame the dysfunctional parents. Difficult environment to grow up in.

The edit facility would not accept the a colour change from yellow so here is the exert The overall amount of compensation made available to date by the commission is USD 38.8 billion. Approximately usd 13.6 billion remains outstanding to two oil sector claims which were awarded compensation for damages to Kuwaits oil field assets. Based on current levels of income to the fund and recent projections, the report said, it is still estimated that the commission will pay the outstanding balance in full by April 2015

The following exert outlines a reason why Iraq may not escape chapter 7 as quickly as we would like. If Iraq is excused from Chapter 7 before the the remaining claims are repaid then there isnt the same motivation to repay Kuwait. Iraq has a bad reputation for paying contractors and other creditors on time so I would say the UN would be considering this as 13 Billion isnt small potatoes. My question is - if you were on the UN would you vote for Iraq to be excused from Chapter 7 before the claims are paid. Would you trust Iraq to keep their end of the bargain without the incentive and leverage currently held. I personally dont see the UN releasing Iraq from Chapter 7 for awhile yet. The overall amount of compensation made available to date by the Commission is USD 38.8 billion. Approximately USD 13.6 billion remains outstanding to two oil sector claims which were awarded compensation for damages to Kuwait’s oil field assets – oil wells, pipelines and related equipment – and associated production and sales losses. Based on current levels of income to the Fund and recent projections, the report said, it is still estimated that the Commission will pay the outstanding balance in full by April 2015.

Reminds of a joke but it could happen - The rich greedy husband makes his wife promise that all his money will be buried with him when he dies. She dutifully agrees. The time comes for the man to be buried, she faithfully follows her promise. Her friend said to her why did you do that! he was a greedy old man. The wife replied I wrote out a check gave him all his money and placed it in the coffin, if he can cash it he can have it.

What I meant by the debit card is "useless to us in Iraq" is because of the extremely low amount that can be withdrawn. The max daily withdrawal amount wouldn't even cover the cost of being there so its useless to us. We would effectively loose money trying to withdraw. That was my point.

I received a couple of replies from Warka on 2 questions. Both as follows 1 ) - Debit card - Reply from Warka[/b] Unfortunately Debit cards currently working on Warka Bank ATMs only in Iraq. You can issue Electronic Prepaid Card which you can use it with maximum limit $100 cash withdrawal & $200 purchases per day. Notice; Issuing fees $25 Replenishment fees $5 for each $500 you fill your card with. The card is working on any ATM with master card logo inside & outside Iraq. If you are in Iraq please visit the nearest branch you can reach. If you are out of Iraq please contact 3313@warka-bank-iq.com Best Regards Warka Bank for Investment & Finance Customer Care Team 2) Current situation regarding withdrawals Please note that the CBI has assigned KPMG has to perform their due diligence on our bank to set a get well plan that will be used by both the CBI and Ministry of Finance coordinating their fine efforts and resources in strengthening the financial core of our bank to meet the demands of our fine clients. Once the plan has been announced by the CBI a notice will be posted on our website www.warka-bank.com where all the fine parties are very optimistic and keen.. Best regards, Customer Services Department Warka Bank for Investment and Finance So the debit card is useless even in Iraq. looks like the Govt is keeping Warka deliberately under control , maybe because of RV. Makes sense for them to obtain control to limit funds exiting Country. I am not expecting the ability to withdraw money even after any RV until things settle down.

Isnt that the same as giving someone 5 life sentences. Sending someone to prison for a few hundred years doesn't make any sense either.

That comment was unwarranted and insulting. No need for it .

The $325 loss you are expecting is the cost of impatience not the failure of the investment. The investment hasn't failed. The very same information that you would have read when you entered the investment concerning pre -conditions for a manged float or RV haven't happened yet so events like exiting out of chapter 7 and other relevant important benchmarks have to waited upon. Your impatience doesn't constitute a failure for the complicated financial recovery of a country.

Yes of course most of them have something to hide - millions of Dinar. Most of it in cash (apart from the warka account holders.) That answer alone should tell you why a smart person wouldn't give their name out to total strangers.

There is no legal reason why Iraq has to recognise notes outside Iraq. It is my understanding they didnt during the last banknote change. It was redeemable in country only from my recollection. Thats one reason why I dont hold notes apart from other factors. Iraq can hold any position they like. They are looking after their own self interest and wouldnt give a hoot about anyone holding their notes outside Iraq. Look at the current position - Customs will seize large amounts of Cash IQD coming in across the border and Warka will no longer accept cash Dinar coming by courier. The clamp down came about 18 months ago. This is all by Govt directive. What does this tell you about the situation set up. Iraq has been exporting Dinar without upsetting their internal economy and because it cannot be spent inside Iraq it doesn't create inflation. In Theory they can print and sell Billions of Dinar and never have to redeem it simply by not recognising the currency outside its borders. Thats one reason why they confiscate the cash at the borders. Then they can sell it again or just destroy it . Good business for them.

Make sure you can access your account. have you applied for online renewal. This has to be done each year. Warka does not remind the account holder, they just stop access. Information is on this site on how to do this. I have never been charged the 15000 IQD Interest is deposited twice a year into your IQD account at end of June and Dec unless you have a term deposit. very important to maintain access to your account.

It was effectively the Iraq govt through the CBI that placed Warka in trouble in the first instance by removing significant govt business from them which caused a run on funds and a loss of confidence. Now the CBI have control over Warka. Sound like a very old business tactic to me. Iraq doesnt play fair and are one of the most corrupt countries in the world. The Iraq govt does not deserve any sympathy if they bail out Warka. However, I do not believe they will have to. No guilt trip here, no place for it. Its not Afghanistan.

Its not the site thats an issue or any lack of appreciation its the fact that the stalking green box distracts from enjoying the site, its content and the people. Thats the point people are trying to make I believe. Thats my view point anyway.

I dont think I would have used a Macdonalds cheeseburger ( limp, over preserved imitation of a burger that doesnt look anything like the picture)to compare to VIP.

I agree. I do not think that Iraq is Babylon. It doesn't line up or make sense. Many will not receive Jesus unfortunately.

Its bad business to annoy your customers. Thats the point.

If the point of the annoying green Black Friday box box is asking people to buy it is having the reverse effect of driving me off the site. I also question the decision to promote such an occasion. Get rid of it

The constant disappointments with the dinar being so limp for so long and with all the heated expectations it has been a real let down, so the pumpers try and romance us with the Dong Its going to take a lot of hard work to get the Dong to rise. Personally I think that people are going to get disappointed again when all this pumper talk results in another deflating experience.

Why buy Dinar - prospect of a better financially equipped life faster than could have been otherwise achieved. But it hasn't been fast, its been frustrating. However, Iraq appears to be in a better position than 3 years ago apart from the goings on at the CBI. Its still hope that keeps people in this. Unfortunately the scammers and pumpers prey on this. Iraq is going forward month by month. Right direction over all.

I doubt it. I suggest that you be the account holder in Warka as a trustee for your family trust if you have one. Or all of you sign up as account holders. Warka is under the guardian- ship of the CBI and is is likely to stay that way until after it RVs. Then it may take some time to get any money out as they would be protecting the bank from a run on funds. So be prepared to have your investment non with- drawable for awhile. If you are going to do it I wouldn't muck around time wise.

No we cant But I dont want to either. Warka investors have not lost any money at all. Its still the best place for my investment as far as I am concerned. I ditched cash a few years ago and very pleased I did. Dont regret it all. Doing just fine in Warka, making good compounding interest. I'm there for the long haul and the trip isn't over. The money isnt coming out until there is a significant improvement in the rate and that hasn't happened so it doesn't matter that I cant get it out. The investment is there for reason. And if i have to wait a bit, thats ok. I do not see Iraq letting the biggest private bank in Iraq fall over. The CBI took it over for a reason. If they didnt care about Warka then why would they bother in the first place? It is a good thing that the CBI took guardianship. Doesn't get much better than the govt looking after a bank in any country. The scenario has to play itself out but lets have some good reasoning on the subject.

Dosent necessarily look like a fault in materials but looks like someone has laid the beams on their sides. Which is a really dumb thing to do. Its not rocket science but its Iraq.