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REMEMBER, no one really knows what will happen, or when. They're simply stating their opinions based on what they perceive to be happening in Iraq... So, take everything with a grain of salt ... RON MarkZ ...JP Morgan (Jaime Dimon) made a statement that “Iraq will be the savior of the world economy” ...That tells you the importance of what is going on in Iraq right now. There is a tremendous amount of effort and hope around this event.
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REMEMBER, no one really knows what will happen, or when. They're simply stating their opinions based on what they perceive to be happening in Iraq... So, take everything with a grain of salt ... RON Frank26 The potential of the Iraqi dinar once it starts floating is ridiculous. That's why they' going to have to keep a + or - 2% to 3% and put a cap on it. And that's why, IMO, I think the cap should be somewhere around $4.25. It would be nice..! Angle1 In February there was a massive delegation from Iraq who went to DC to talk about the economic reforms. Here's what we know for a fact. DC told Iraq they have until June 1 to execute everything. To revalue their currency, to make them international and to move forward with their monetary reform. June 1 passed. Let me backtrack. May 30th was absolutely massive...there was a decision in which Kurdistan Regional Government was dissolved. Iraq was like a two headed monster... Baghdad... Kurdistan...that was unconstitutional...On May 30th the judge ruled, and now the KRG has been dissolved. Their power and authority has been taken from them...that was a requirement in order for them to move forward. [Post 1 of 2] Angel1 May 31 the highest level delegation arrived in DC and the purpose of that visit was to ask for an extension. Remember June 1 was the hard date...they were in DC for less than 24 hours...they got their extension ...commands... orders...That same day the CBI stops all transactions from Western Union. The purpose of that was to take full control of the IQD...June 1 was another huge day. They launched the electronic platform with great success...now we're going to see and we have been seeing lightening speed because of the decisions and agreements that these Middle Eastern countries have made and continue to make together...they want to see the Middle East explode. That is what's happening right now. [Post 2 of 2]
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Remember, no one really knows what will happen, or when. They're simply stating their opinions based on what they perceive to be happening in Iraq... RON *** Kaperoni Article XIV under the IMF Charter is a necessity first and foremost before any bank would even consider doing business with Iraq. All this talk about ISO 20022 is nonsense at this time...and has nothing to do with Iraq's exchange rate. Iraq isn't even an IMF Article XIV...
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Good Morning Dinar Vets, here's an opinion & comment by Kaperoni that might be of interest to you. Remember, no one really knows what will happen, or when. They're simply stating their opinions based on what they perceive to be happening in Iraq. RON *** Kaperoni *** ...Frank26 keeps talking about a sovereign currency, as if Iraq doesn't have one. They introduced the Iraqi dinar in 2003 they are a sovereign country with their own currency, he just doesn't like the value LOL. But 1190 is the value. There is no RV. The Iraqi dinar is globally recognized. Oh, they do follow the IMF Charter. It just isn't really accepted internationally because they haven't moved the banking system from Article XIV to VIII. Part of the charter of the IMF is that countries that have developing banking systems are always aspiring to engage with the world financial system and be in Article VIII. If you read the Article IV Consultations with Iraq you will see that they have encouraged Iraq to meet the obligations of Article VIII and move to Article VIII to send a positive message to the global investment community...(Post 1 of 2)....stay tuned for Post 2
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This is a very interesting article - insightful, and well worth reading....RON Investors all over the world following dinar updates are waiting for the Iraqi dinar to revalue. Many have pinned their hopes for a change in the value of this currency on the example set by the Kuwaiti dinar. Although the value of the Kuwaiti dinar fell after Saddam Hussein’s invasion of Kuwait, it is now the strongest currency in the world. Is it possible that the Iraqi dinar will rebound similarly? 3 REASONS THE KUWAITI DINAR SURGED AFTER THE IRAQI INVASION The Central Bank of Kuwait re-issued the Kuwaiti dinar after the country regained its independence The Central Bank of Kuwait enforced a strict policy of currency control to protect the value of the currency The Central Bank of Kuwait controlled the currency because Kuwait is an oil-rich country with a stable economy The Kuwaiti dinar, the currency of the country of Kuwait, is the highest valued currency in the world. What this means is that a currency converter showing the Kuwaiti dinar-to-dollar ratio shows 1 Kuwaiti dinar currently equals 3.29 United States dollars. Essentially, a foreign exchange transaction favors a Kuwaiti investor over an American investor. In other words, it is easier for a Kuwaiti company to make an investment in US assets than for an American company to make an investment in Kuwaiti assets—because a money transfer of Kuwaiti dinar to USD transaction would be inexpensive for Kuwaiti investors. However, a USD to Kuwaiti dinar transaction would be expensive for American investors. What astonishes currency investors is how Kuwait’s economy recovered after the Iraqi invasion of Kuwait led by Saddam Hussein devastated that country. The invasion of Kuwait also depreciated the value of the Kuwaiti dinar. After the liberation of Kuwait in 1991, the Kuwaiti dinar surged in value for a few important reasons. 1. The Central Bank of Kuwait Re-issued the Kuwaiti Dinar after Kuwait Gained Independence in 1991 A new series of Kuwait dinar was issued because Saddam Hussein had stolen a large quantity of the country’s currency. This redenomination invalidated the value of the previous series of the currency. The old issue of the national currency no longer had any value, and the Kuwaiti government now only considered the new Kuwaiti dinar denominations to be legal tender. The people of Kuwait used the third series of the Kuwaiti currency before the invasion of Kuwait. The Central Bank of Kuwait had issued this in 1980 to honor Emir Jaber al-Ahmad al-Jaber al-Sabah’s crowning. It is this series that the Iraqi government declared as illegal legal tender, substituting the Iraqi dinar as the new national currency. After Kuwait’s liberation, the Central Bank of Kuwait introduced a fourth series with enhanced security features. This restored the lost conversion rate of the third series and became the only Kuwaiti dinar that people could use to buy anything. The Kuwaiti people could not use denominations from the third series for trading, market transactions, exports or for any other purpose. A brief history of the Iraqi invasion of Kuwait can help explain how redenomination works and why the Kuwaiti government considered it necessary. In 1990, Saddam Hussein’s military invaded Kuwait in a two-day operation from August 2nd to the 4th in 1990. After Iraq occupied the country, many Kuwaitis fled, taking as much money as possible. Since Kuwait was no longer a sovereign nation, the value of the currency plummeted, forcing those in exile to exchange their Kuwaiti dinar for other foreign currencies at a far lower rate than the dinar had been worth. In October 1990, Saddam Hussein declared the Kuwaiti dinar illegal and ordered that all Kuwaiti dinar be exchanged for the Iraqi dinar currency. As a result, the Kuwaiti dinar in circulation fell to its lowest monetary level. The next year, a US-led military coalition liberated Kuwait. The large air campaign lasted four days, starting on February 24th. However, before fleeing the country, Iraqi soldiers drained Kuwait’s currency reserves by looting the Kuwaiti Central Bank, stealing $1.2 billion worth of Kuwaiti dinar and $950 worth of gold bullion. After the US-led coalition liberated Kuwait on February 28, they put the Kuwaiti government back in power, and the new government restored the Kuwaiti dinar to its original value before the occupying Iraqi forces had shut down the Kuwaiti Central Bank. The Kuwaiti government and senior banking officials of the Kuwaiti central bank then decided that a redenomination was necessary to invalidate the entire supply of dinars stolen out of Kuwait. 2. The Central Bank of Kuwait Enforces a Policy of Currency Control The Central Bank of Kuwait pegs the Kuwaiti dinar to a weighted basket of currencies. This undisclosed basket of currencies, linked to Kuwait’s financial and trading partners, has low volatility and high value because the dinar exchange rate only fluctuates within a small range. Since the currency is not pegged to other global world currencies—like the United States dollar, the Euro, the Pound Sterling, the Japanese yen, the Swiss franc, or hundreds of other global currencies traded in the Forex market—the value of the Kuwaiti dinar is not affected by the volatility of the supply and demand of the world money market. The Central Bank of Kuwait can control the current monetary worth of the Kuwaiti dinar because it doesn’t float freely. They are free to issue any policy that increases the currency’s stability and decreases the risk of inflation. 3. The Central Bank of Kuwait Has Preserved the High Value of the Currency Because Kuwait Is an Oil-Rich Country with a Stable Economy The Kuwaiti dinar has maintained its growth and stability because the country of Kuwait is one of the most prosperous in the world. An oil-rich country with a petroleum-based economy, Kuwait is the fourth most prosperous country on earth per capita and the second richest Gulf Cooperation Council (GCC) country per capita after Qatar. After Kuwait was liberated from Iraq, its GDP was less than $20 billion dollars. However, by 2014, it had risen to $174 billion dollars. It then experienced a decline because of a drop in global crude oil prices during the next two years, and its GPD fell to $110 billion. Kuwait’s economic stability allows the Central Bank of Kuwait to issue monetary policies that minimize the impact of inflation, encourage economic progress, and progressively improve national income growth. WHAT DOES THIS MEAN FOR THE IRAQI DINAR? If you have been following dinar recaps, then a dinar guru may have led you to believe that what happened to the Kuwaiti currency will happen to the Iraqi currency, too. Unfortunately, many dinars gurus have convinced investors to have confidence in the Iraqi dinar for the wrong reasons. One of these includes confusing the concept of the revaluation of a currency with the concept of the redenomination of a currency. This is not the first time that gross inaccuracies show up during dinar updates. Some dinar gurus have also misled investors by implying that Donald Trump bought Iraqi dinar. But nobody knows whether he did as news stories only speculate that possibility. Although a revaluation and a redenomination may seem similar on the surface, they are two distinctly different concepts. The Kuwaiti currency surged in value because of a redenomination, not a revaluation. A redenomination changes the entire series, resetting the entire financial system in one go. A central bank will not issue new units, denominations, dinar coins or devise any other ways to change the value of a currency. During a revaluation, a central bank will change the value of a currency. However, during a redenomination, the value of a currency is not changed. Instead, the old series is invalidated, and a new series issued. In Kuwait, this was necessary because Hussein’s government forcibly pegged the Kuwaiti dinar to the Iraqi dinar and because Iraqi forces had stolen Kuwaiti dinar out of the country’s central bank. In summary—in a redenomination, there is no change in value. One series is voided and replaced by another, thus restoring the lost value. In a revaluation, the currency has not changed but its value has increased. Another major difference between the Kuwaiti dinar and the Iraqi dinar is that the Kuwaiti dinar is pegged to an undisclosed basket of weighted currencies while the Iraqi government pegs the Iraqi dinar to the world money market. Consequently, the value of the Iraqi dinar is not tightly controlled by a central bank. Instead, the world market determines the value of all floating currencies. Economic Growth The parallel between Kuwait and Iraq also breaks down when you consider economic growth. While military invasions devastated the economies of both countries, they both responded to this invasion in very different ways. Kuwait chose to rebuild its economy despite the damage inflicted on its oil fields by the Iraqi invasion. Many fires had to be extinguished because Iraqi forces set oil wells ablaze during the invasion. Iraq has failed to rebuild. The reason for this is not clear. Different sources claim different reasons. Senior Iraqi government officials claim that the US occupation did not follow through on its promise to rebuild Iraq. Contractors misspent millions and wasted a year on ill-conceived engineering projects that accomplished little after ten years. These bungled projects cost Iraq about $1.5 billion in lost oil revenues. However, other sources claim that the fault lies with Middle Eastern sectarian divisions that make it difficult to unify the country under a federal government stable enough to rebuild Iraq. New Hope for Iraq The big takeaway here is that if you’re interested in an Iraqi dinar RV, base it on the likelihood of an Iraqi reconstruction. Don’t do it because you imagine there are sufficient parallels between Kuwait and Iraq to suggest that Iraq might achieve an economic comeback similar to Kuwait. With the election of Barham Salih as the new president and Adel Abdul Mahdi as the prime minister after the 2018 Iraqi parliamentary election, the reconstruction of Iraq appears far more probable than ever before, as both these leaders are determined to end the political partisan and the Islamic sectarian squabbles that have prevented Iraqi reunification until now. WHY DID THE KUWAITI DINAR SURGE AFTER THE IRAQI INVASION? Kuwait survived the massive shock to its economy, financial system, and banking industry after the Iraqi occupation because of the sound policies of the Central Bank of Kuwait. Before the invasion, the Central Bank of Kuwait had already established an excellent reputation among the banking institutions of the world because the exchange rate of the Kuwaiti dinar had already been pegged to a weighted basket of currencies. After Kuwait regained its independence, it could restore the value of its currency by rebuilding its economy and reissuing the Kuwaiti currency. Kuwaiti dinar did not surge in value because of a revaluation after an American-led military coalition ousted Iraqi forces out of Kuwait. Instead, the rebuilding of Kuwait’s oil fields and the re-denomination of the Kuwaiti dinar restored its value. The only parallel that can be drawn between Iraqi currency and the Kuwaiti dinar is that Iraq could follow the example of Kuwait. If Iraq develops a robust central banking policy and rebuilds its economy, too, an economically strong Iraq will then have the economic stability to sustain a stronger currency. LINK: https://treasuryvault.com/articles/kuwaiti-dinar-surged-after-iraqi-invasion/
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The links go with the bold words and of course in the order of their listing Passport 101: How To Apply, Renew Or Replace A Passport Caroline Costello, SmarterTravel.com 11:53 a.m. EDT April 4, 2013 The process of obtaining, renewing, or updating a passport is exactly what one would expect when working with a government agency: tedious, mind-numbing, and overly complex. While you'll find everything you need to know about the often befuddling process on the U.S. State Department website, we've made things a little simpler for you by breaking down the basics—from forms to fees to IDs—and providing helpful links to the appropriate forms and websites. http://travel.state.gov/passport/ Getting your first passport To get your first passport, you'll have to show up in person. Make an appointment at an acceptance facility or passport agency; search for the one closest to you here. You likely live near a facility where you can get a passport. Many post offices and even some public libraries can accept passport applications. Arrive at your passport agency with: • Your filled-in DS-11 application form. http://travel.state.gov/passport/forms/ds11/ds11_842.html • Evidence of U.S. citizenship. Find a list of acceptable documents here. http://travel.state.gov/passport/get/first/first_830.html#step3first • Valid identification. Find a list of acceptable ID here. http://travel.state.gov/passport/get/first/first_830.html#step4first • A photocopy of the front and back of the identification you're bringing on clean, white 8½" x 11" paper. • Your application fee. For a first-time adult passport, the total fee is $135. http://travel.state.gov/passport/fees/fees_837.html • Passport photos. You can read more about the specifications for passport photos here. But most major drug stores, such as Walgreens or CVS, will sell appropriately sized passport photos that comply with government standards; this makes things a little easier. http://travel.state.gov/passport/pptphotoreq/pptphotoreq_5333.html Renewing a passport You have two options here: Either you have your old passport or you don't. If the former's true, you can apply through the mail as long as your most recent passport is undamaged, was issued when you were at least 16 years old, and isn't more than 15 years old. If you are nodding "yes" to all of that, simply mail in your old passport with the required documents and photos, and you'll receive a new one in the mail in roughly four to six weeks. (Don't worry. You'll get your old passport back.) Here's what you need: Form DS-82, your renewal fee ($110 for an adult), passport photos, and your old passport. Get more information about renewing a passport through the mail here. http://travel.state.gov/passport/forms/ds82/ds82_843.html http://travel.state.gov/passport/forms/ds82/ds82_843.html Keep in mind that if you've changed your name since your last passport was issued, include an original certificate or court order that documents this; those without such papers must apply for a renewal in person. Don't have your old passport? Then you can't get a passport renewed by mail. Head to a passport agency in person. http://travel.state.gov/passport/get/where/where_4851.html Lost or stolen passports If your previous passport was lost or stolen, you'll have to apply for a new one in person. You'll need to bring two forms in this case: the standard DS-11 passport application and Form DS-64, which asks you to describe what happened to your little blue book. http://travel.state.gov/passport/forms/ds11/ds11_842.html http://travel.state.gov/passport/forms/ds64/ds64_845.html Unfortunately, a replacement passport isn't free. You'll have to pay the standard application fee—$135—when applying for your new passport. Refer to the "Getting your first passport" section above; it lists everything else you'll need to bring with you, including passport photos and identification. Remember to always report your passport as missing the moment you're sure it's gone. You can do this by calling 1-877-487-2778. Lost or stolen passports abroad First and foremost, be prepared! Always travel with a photocopy of your passport and other identification, such as a driver's license or birth certificate; this will make your situation much easier if (knock on wood) your passport disappears. The State Department advises that American travelers get in touch with the closest U.S. embassy or consulate if they lose their passports while abroad. You'll have to go there in person to get a new passport in order to return home. In What to Do If You've Lost Your Bag, Wallet, Everything, Rick Steves writes, "A replacement passport costs $140 and can generally be issued within a few days, or faster if you make a good case that you need it right away. If you don't have the funds, the embassy will help you contact someone at home who can wire money directly to the embassy." Adding pages to a passport Do you require additional passport pages? If so, we're totally jealous. Beef up your blue book by mailing in Form DS-4085 along with your almost-full passport and the required $82 fee. According to the State Department, it's the right time to ask for more paper when you have two to four empty pages left in your passport. So keep a close eye on the status of your visa pages if you're an avid traveler. http://travel.state.gov/passport/forms/ds4085/ds4085_2662.html Expediting a passport You can get your passport expedited in roughly two to three weeks (door-to-door) via the State Department when you pay an extra $60 plus $12.85 for overnight delivery in addition to the standard processing fees. (Processing times can vary, so check the State Department site for the most up-to-date estimate.) http://travel.state.gov/passport/processing/processing_1740.html Need it sooner? Schedule an appointment to show up in person at a regional passport agency if you require a passport for travel within two weeks. We don't normally recommend using passport expediting services, which sometimes charge hundreds of dollars to secure passports in as little as 24 hours, unless you're desperate. If you have enough time to get your passport directly through the traditional government channels, do it that way. It'll save you a ton of money. You can check the status of a pending passport application here. http://travel.state.gov/passport/status/status_2567.html Changing your name on your passport Good news: There's no fee for changing the name on your passport if your passport was issued less than a year ago. If the book's more than a year old, though, you must pay standard renewal fees. To change your name, fill out the appropriate form (use Form DS-5504 if your current passport is less than a year old and Form DS-82 if your passport is more than a year old) and mail it with your current passport, original proof of name change, a passport photo, and renewal fees, if necessary. Read more about tweaking your name on your passport here. And congratulations on your new moniker. http://travel.state.gov/passport/forms/ds5504/ds5504_2663.html http://travel.state.gov/passport/forms/ds82/ds82_843.html http://travel.state.gov/passport/correcting/ChangeName/ChangeName_851.html Passports for kids For children ages 15 and younger, the fees and requirements for getting a passport are a little different than those for adults. Essentially, parents need to provide identification in addition to proof that they are legal guardians for child applicants. Guardians in two-parent households must appear together with the young applicants or provide a notarized statement of consent from the absentee adult. Single parents must appear in person as well. And all parents must show proof of legal guardianship; this would include a birth certificate or a court order. http://travel.state.gov/passport/get/minors/minors_834.html#step4minor A passport for a minor costs $105. And the usual—Form DS-11, a standard passport photo, and the appropriate identification for parent(s) and child—must be brought to your local passport office. Read more about getting a passport for a child here. http://travel.state.gov/passport/forms/ds11/ds11_842.html http://www.travel.state.gov/passport/get/minors/minors_834.html SmarterTravel.com features expert travel advice and unbiased coverage of travel deals http://www.usatoday.com/story/travel/advice/2013/04/04/passport-101-how-to-apply-renew-or-replace/2051177/