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If you are waiting on the Iraqi RV


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OK friends, I'm breaking my silence on the Iraq Dinar.

My heart breaks as I see a spirit of distraction that has overtaken God's people via an obsession of reading internet gossip and untruths about the Iraqi currency and it's revaluing. This has caused confusion and chaos, and unfortunately a spirit of gossip, which is a sin against God by the way, among Christians as they speak to each other things that just are not true.

As you know, I was an Inspector and Auditor for the US Government over Iraq, overseeing the money being spent to rebuild the country, investigating financial matters, and writing reports to the US Congress. I lived and worked in the Baghdad Embassy a long time. My friends there helped establish the financial and banking system in Iraq. Those who know me personally, that have asked me, I have told you that yes, I believe in Iraq, the future economy and I believe in the people of Iraq and their long term prosperity; but investment in Iraq currency, or the stock market, should be treated as a long term investment. The Dinar, like any currency, is a very risky investment, and importantly, a long term investment.

Most grievous, is the amount of time I hear people spending online constantly reading all the latest gossip and (excuse me as I choke) news. Think what would be accomplished if that time was spent in Bible study or serving the Kingdom. It is just another distraction from the enemy. A big one. What part of "Thou shalt not put any gods before me" don't we understand. Obsession with quick money, and money in general, is against God's will. You must think about where your focus is. And I will give you the truth to break the spell of the Dinar. Treat it like a normal investment, which it is, and not some crazy get rich quick scheme, which it is not.

It doesn't matter what you have read, or what you have heard. The Iraq Dinar will not, or was it ever, going to revalue until the agreement with the International Monetary Fund (IMF) comes to a close and new agreement issued. (more on the actual agreement below)

The agreement between the IMF and the Government of Iraq, and Central Bank of Iraq (CBI), which are 2 different entities, was set years ago and established and set a stable currency, the Iraq Dinar, at 1170 per dollar. Locked at that rate. Period. Not moving. The stability of the Iraq currency is essential, per the agreement, for the long term development of the banking sector and private financial and business markets within Iraq. The World bank and the IMF are overseeing the long term structure building of Iraq's economy, and the stabilization of the currency is key.

Also critical, per the agreement, is the independence of the Central Bank of Iraq (CBI) from the government. The CBI is solely responsible for any decision related to banking and currency. Those of you watching every Iraq government meeting thinking it had anything to do with the currency revaluing are very mistaken.

The agreement is called the "Stand By Agreement" (SBA) and is between the Iraq Government, the Central bank of Iraq and the International Monetary Fund (IMF). The Agreement has been extended to July 24, 2012.

The "Stand By Agreement"

Section I-8

"The CBI will continue to be independent in the pursuit of its policy objectives. The CBI's monetary and exchange rate policies will continue to be aimed at keeping inflation in

the low single digits and safeguarding international reserves. We believe that the policy of

maintaining a stable exchange rate continues to be appropriate, as it provides a solid anchor

for the public's expectations in an otherwise uncertain environment and in an economy with a

still very low level of financial intermediation."

Section II-8

"For purposes of monitoring under the program, a program exchange rate will be

used. This program exchange rate will be set at ID 1,170 per U.S. dollar. The program exchange rate will be used to convert into Iraqi dinars the U.S. dollar value of all CBI foreign assets and liabilities denominated in U.S. dollars, as required. For CBI assets and liabilities denominated in SDRs and in foreign currencies other than the U.S. dollar, they will be converted in U.S. dollars at their respective SDR-exchange rates prevailing as of December 31, 2010, as published on the IMF's website."

On March 3, 2011 a 'Letter of Intent' was issued from the Director of the Ministry of Finance (Iraq) and the head of the Central Bank of Iraq, to the Managing Director of the IMF. Iraq requested an extension of the Stand By Agreement five months to July 24, 2012.

You can read the Letter of Intent and the complete agreement here-

http://www.imf.org/external/np/loi/2011/irq/030311.pdf

Program note issued March 2011 -

http://www.imf.org/external/np/country/notes/iraq.htm

December 13, 2011 Press release by IMF after their meeting with Iraq President Al-Maliki The proposed budget would allow the current Stand-By Arrangement (SBA) to continue to provide a safety net to the budget in case oil revenues were to fall sharply. "Promoting policies that lead to more inclusive growth is central to our engagement with Iraq. We are working closely with the Iraqi government to rebuild its essential economic institutions to help improve economic management and public service delivery. The current SBA offers a framework for Iraq's structural reform agenda, by promoting better public financial management, including the management of Iraq's hydrocarbon resources, and developing a financial sector that can support private sector activity and job creation. We look forward to further progress in these areas."

This was spoken again in March 2012 in a press briefing by the IMF.

I did verify with 'real' sources, Bloomberg and others, that an agreement has been reached with Kuwait on reparations from Saddam's invasion. The head of Kuwait and the UN secretary General were in Iraq for the Arab Summit. This is good news as far as the lifting of the UN sanction possibly in June. But it all comes down to the Stand by Agreement with the International Monetary Fund.

The SBA dictates the Iraq Dinar at a value of 1170. Until the IMF supports a revalue, it won't happen. It doesn't matter all the other factors you hear people talking about, and chatter you hear. The SBA is extended until July 24, 2012. What happens then is up for prayer. Much depends on the growth and development of the banking structure and financial markets. It could be extended another 2 years, or it could be fall 2012. Don't take this date to mean a 'revalue' will happen on July 24. It's just a start of a decision date.

So, now you all can shut down the 'dinar chat lines' on your computer and get on with your life.

Love and Blessings,

Robin Rowan

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We all have different beliefs my good man, This is a belief like your religion is yours. Now think of what you just said. If you spent your time reading your bible instead of sounding off on here you would have felt better about your self. If this motivates folks and gives them something to believe in like getting some extra cash then so be it . I don't feel its your place to judge others for what they do. And then i have to ask, Why are you here any way if your a non believer. To each his own. :rolleyes:

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I agree that as a Christian I am doing wrong by spending so much time on here reading about the dinar but I disagree with the rest.....first of all the 1170 is NOT locked in, it has already changed from that and there have been several articles lately about strengthening the dinar to the dollar....I don't know exactly how they are gonna do this yet but it seems like they feel it IS an option for them so I don't think they have to wait like this says.......

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Never really thought of that.....makes sense....I mean of course we have been waiting for this program rate to be lifted off, but I was not aware it could be part of this SBA.....

And if it ends this summer then that would be an indicator of change coming whether it be good or bad.....

Doesnt sound like this person is a non-believer at all actually....just trying to stick to some facts to get an idea of when we could see some movement in the dinar....

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Never really thought of that.....makes sense....I mean of course we have been waiting for this program rate to be lifted off, but I was not aware it could be part of this SBA.....

And if it ends this summer then that would be an indicator of change coming whether it be good or bad.....

Doesnt sound like this person is a non-believer at all actually....just trying to stick to some facts to get an idea of when we could see some movement in the dinar....

agreed. My take as well

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Never really thought of that.....makes sense....I mean of course we have been waiting for this program rate to be lifted off, but I was not aware it could be part of this SBA.....

And if it ends this summer then that would be an indicator of change coming whether it be good or bad.....

Doesnt sound like this person is a non-believer at all actually....just trying to stick to some facts to get an idea of when we could see some movement in the dinar....

The guy sounds like he has a little first hand knowledge and some supporting documents to boot.....I like it. He just might be on to something? Must investigate this SBA ;)

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Sheepdog, I think that most of the Christians on this site understand your concern about going overboard on the dinar. However, it is not the ability to get wealth which is sinful, but the LOVE of money and making it your god. Certainly there needs to be restraint and control on becoming obsessed with the IQD. I don't feel this has taken over the lives of believers. Most are learning what they can about their investment. It is called "do diligence," which is a must in any business transaction. Apparently you have been doing the same.

Most of your information can be learned off this website or a few that are similar. In other words, we have read this before. The majority of people here are patient and understand that this investment is not a "get rich quick" plan. Some have been around for years. Some have calluses on their finger-tips from typing responses to posts and sharing information. Yep, we get a little frustrated with the GOI, CBI, IMF, and all the rest of the 3 letter entities who are stalling and throwing out smokescreens. And, we let those frustrations fly from out fingers and it is a little bit of release. But very few are obsessive.

As a believer in Christ and teacher of the Bible, I do study the Word of God everyday for at least six or seven hours preparing for my 3 Bible classes. When I take a break, I check in on the DV site, hang around a bit and get off to go back to my studies OF THE BIBLE.

Now, I don't know why I need to explain that to you, or to anyone else, except that your post made censorious judgment on all believers who read and post on dinar sites. You do not know the heart of those who post, nor their motive, nor their intention. If your words were meant for an admonition and caution, well and good. But if it was a rebuke for sin, your judgment of believers on this site is misplaced and wrong. You must be the judge of that.

"Conduct yourselves with wisdom toward outsiders, making the most of the opportunity, Let your speech always be with grace, seasoned with salt, so that you may know how you should respond to each person." (Colossians 4:5-6)

Peace my friend.

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I think the main point of all of this is that we all should keep our focus in check. Whether related to religious beliefs, or whatever. We all can probably use our time better. Plus I think this could also show that none us really know what is going on over there. So many of us bring different opinions and facts, but until we see something happen no one should ever be convinced of anything.

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Thank you Sheepdog

I read the same thing in the IMF report. All the pieces to this puzzle need to fit.

Sanctions lifted, debts paid,Carbon Law, etc...

I am very encouraged by what I read and realize that one must have patience with this investment.

The Dinar is not an Internationally traded currency "yet". It is the hope of Iraq and the IMF that this process will take place.

Building a Country takes time. The IMF rate is locked in at 1170...From what I've read the CBI intends to move the decimal 3 places to the left when the Country and the economy are stable, or raise interest rates so that the dinar can appreciate gradually.

This is a long shot at best. If and when this happens, it will certainly be bittersweet.

So many of Gods people have died in vain.

Dame

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Sheepdog, I think that most of the Christians on this site understand your concern about going overboard on the dinar. However, it is not the ability to get wealth which is sinful, but the LOVE of money and making it your god. Certainly there needs to be restraint and control on becoming obsessed with the IQD. I don't feel this has taken over the lives of believers. Most are learning what they can about their investment. It is called "do diligence," which is a must in any business transaction. Apparently you have been doing the same.

Most of your information can be learned off this website or a few that are similar. In other words, we have read this before. The majority of people here are patient and understand that this investment is not a "get rich quick" plan. Some have been around for years. Some have calluses on their finger-tips from typing responses to posts and sharing information. Yep, we get a little frustrated with the GOI, CBI, IMF, and all the rest of the 3 letter entities who are stalling and throwing out smokescreens. And, we let those frustrations fly from out fingers and it is a little bit of release. But very few are obsessive.

As a believer in Christ and teacher of the Bible, I do study the Word of God everyday for at least six or seven hours preparing for my 3 Bible classes. When I take a break, I check in on the DV site, hang around a bit and get off to go back to my studies OF THE BIBLE.

Now, I don't know why I need to explain that to you, or to anyone else, except that your post made censorious judgment on all believers who read and post on dinar sites. You do not know the heart of those who post, nor their motive, nor their intention. If your words were meant for an admonition and caution, well and good. But if it was a rebuke for sin, your judgment of believers on this site is misplaced and wrong. You must be the judge of that.

"Conduct yourselves with wisdom toward outsiders, making the most of the opportunity, Let your speech always be with grace, seasoned with salt, so that you may know how you should respond to each person." (Colossians 4:5-6)

Peace my friend.

Thank you Nelg for your words of wisdom. I agree whole-heartedly with your response. It is the LOVE of money that is the root of all evil. It is good as christians to learn and understand how tthis investment as well as any other investment works. The world would eat us up if we invested ignorantly. Thank you for taking the time to respond to this post.

Pappy

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Thanks you Sheepdog for your information. +1 I have read up a little about SBA now and it mirrors what you say.

The sinning part is where you lost me as that is your opinion, and your belief...there are many that might not share the same ideology.

I read the "gurus" here for comic relief, and will be happy when and if I get the call from Adam. Of course I hope sooner rather than later, but I am also realistic that I do not think there will all of a sudden be 100,000+ more millionaires in this world from this one investment...I will be pleasantly surprised, but I am optimistically grounded that if I make a few thousand I'll still be happy with my investment ;)

Take care~

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This totally overlooks the fact that a few years ago when Iraq moved the rate from about 1365:1 to 1170:1, they were also under a SBA with the IMF at that time. The term program rate is used only because Iraq is under an IMF SBA. It does not mean that the rate is controlled by the IMF.

This is what the IMF say about SBAs:

In an economic crisis, countries often need financing to help them overcome their balance of payments problems. Since its creation in June 1952, the IMF’s Stand-By Arrangement (SBA) has been used time and again by member countries, it is the IMF’s workhorse lending instrument for emerging and advanced market countries. Rates are non-concessional, although they are almost always lower than what countries would pay to raise financing from private markets. The SBA was upgraded in 2009 to be more flexible and responsive to member countries’ needs. Borrowing limits were doubled with more funds available up front, and conditions were streamlined and simplified. The new framework also enables broader high-access borrowing on a precautionary basis.

This is a list of countries currently under a stand by arrangement.

http://www.imf.org/external/np/tre/activity/2012/040512.htm#tab2a

Antigua and Barbuda

Bosnia

El Salvador

Iraq

Jamaica

Maldives

Romania6

Serbia, Republic of

Sri Lanka

St. Kitts and Nevis

Ukraine

Not really a list of economic powerhouses.

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Thank you for the post. On the Dinar part, it makes logical sense. However, one thing I want to say about the Christian part is that, yes being a Christian I do spend some time on the site; however, in another perspective, this is the first year I actually have a Bible reading plan and I am sticking to it! (Thank you, New Year Resolution) So, just like everything else, you have to balance and figure out what is a priority or not in your life.

Thank you again for the post, so end of July is looking to be the vote of whether what to do with the currency. ok, thanks for the heads up!

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I agree that as a Christian I am doing wrong by spending so much time on here reading about the dinar but I disagree with the rest.....first of all the 1170 is NOT locked in, it has already changed from that and there have been several articles lately about strengthening the dinar to the dollar....I don't know exactly how they are gonna do this yet but it seems like they feel it IS an option for them so I don't think they have to wait like this says.......

I concur with you Bamagirl! I too spend more time on here than with my walk with God but at the same time I feel so compelled to watch this because IF and WHEN this does pop, God has mighty big plans for me to be useful to others and to do His service in a larger capacity.

Sheepdog, I think that most of the Christians on this site understand your concern about going overboard on the dinar. However, it is not the ability to get wealth which is sinful, but the LOVE of money and making it your god. Certainly there needs to be restraint and control on becoming obsessed with the IQD. I don't feel this has taken over the lives of believers. Most are learning what they can about their investment. It is called "do diligence," which is a must in any business transaction. Apparently you have been doing the same.

Most of your information can be learned off this website or a few that are similar. In other words, we have read this before. The majority of people here are patient and understand that this investment is not a "get rich quick" plan. Some have been around for years. Some have calluses on their finger-tips from typing responses to posts and sharing information. Yep, we get a little frustrated with the GOI, CBI, IMF, and all the rest of the 3 letter entities who are stalling and throwing out smokescreens. And, we let those frustrations fly from out fingers and it is a little bit of release. But very few are obsessive.

As a believer in Christ and teacher of the Bible, I do study the Word of God everyday for at least six or seven hours preparing for my 3 Bible classes. When I take a break, I check in on the DV site, hang around a bit and get off to go back to my studies OF THE BIBLE.

Now, I don't know why I need to explain that to you, or to anyone else, except that your post made censorious judgment on all believers who read and post on dinar sites. You do not know the heart of those who post, nor their motive, nor their intention. If your words were meant for an admonition and caution, well and good. But if it was a rebuke for sin, your judgment of believers on this site is misplaced and wrong. You must be the judge of that.

"Conduct yourselves with wisdom toward outsiders, making the most of the opportunity, Let your speech always be with grace, seasoned with salt, so that you may know how you should respond to each person." (Colossians 4:5-6)

Peace my friend.

Perfect:) thank you Nelg

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For someone who was involved in Iraq finances since the beginning this author shows an astounding lack of knowledge. In 2003 when the new IQD was introduced the value was 4000 IQD equals $1.00. It has risen in value several times over the years.

This is not the forum to air anyone's religious values or beliefs, it is a place to share news or opinions about the Iraqi Dinar.

http://www.edinarfinancial.net/history.php

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