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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 4-19-2023 Newshound Guru Sandy Ingram How to protect your exotic currency profits... Step 1: Treat taxes like an expense...In the United States you...can buy exotic currencies all day everyday and never be taxed, until you exchange the currency for US dollars (or any currency) and earn a profit...You may say, 'I travel all the time and exchange currency... without paying taxes.' While this is true, I dare you to bring back $10,000 of that country's currency and exchange it in the United States..[Post 1 of 3...Reposted] 4-19-2023 Newshound Guru Sandy Ingram If you are trying to exchange 100,000 Iraqi dinar, in the future, for .25 cents or even 1 dinar to 1 US dollar there will be a lot of questions asked. This information would be forwarded to the IRS and 2 or 3 years later if this transaction did not show up on your tax return you would receive a letter from the Department of the Treasury. This letter could be the beginning of your path to prison if you do or did not comply. Step 2: The wealthy have stock and they borrow against their stock for living expenses, most times...we have to do things a little differently..[Post 2 of 3] 4-19-2023 Newshound Guru Sandy Ingram A way to stay wealthy is finding a way to provide a monthly cash flow so we do not spend our initial profits...hiring a financial advisor is recommended... Step 3: Is NOT for everyone...many ex-pats live extremely well on $2000/month outside of the United States . If you do anything else except pay for medical insurance...you are on your way to being broke. This is not a mistake you can afford to make..[Post 3 of 3]..[NOTE: Consult your tax and financial experts at the appropriate time to build plans for your unique circumstances.] Clare Trade Bank of Iraq tweet: "It was decided that the approved cash currency in all ATMs affiliated to the Iraqi Trade Bank shall be in the dinar currency only, and the dollar currency shall be canceled from those devices, as well as the national currency shall be adopted in all electronic financial services, in implementation of the decision of the Council of Ministers and the directives of the Central Bank of Iraq." Frank26 [Iraq boots-on-the-ground report ] FIREFLY: The CBI governor is talking more of this program rate plan and the alert that they put us on. They are telling us this is all part of the restructure of Iraq 's banking... FRANK: It's important for you to understand. They are not trying to stabilize the program rate. They are trying to stabilize the discrepancy between the Iraqi dinar and the American dollar. To close the gap. That is the internal float...This gap is too big right now...They have to narrow it to reach 1 to 1 in order to float internationally...They are moving like a bunch of ants quickly to accomplish their goal.
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