CBI may not have to honor RV notes outside of country...

[drc85260]

from another news source...

CBI completes steps necessary to remove zeros; Awaits signal from executive, legislative branch to implementPosted:

June 27, 2012 in Iraqi Dinar/Politics, Top Headlines

Tags: Baghdad, bank, Central bank, Central Bank Iraq, Directorate General, Iraq, Iraqi dinar, London source reveals there will be a criteria for acceptance or rejection of banknotes.

06/25/2012 10:58

A source at the Central Bank “of the Iraqi gate” Today, ethnic, criteria for acceptance or rejection of banknotes in transactions to facilitate the circulation of cash within the banking system and the rest of Iraqi institutions and the public.

Give your views on this matter. Scooter's last conference call also stated the above article, CBI may not be obligated to cash out IQD RV notes ouside of country. Could we be left holding the bag?

I believe the law they were talking about is #32 at the CBI site ( see below)...it was not this article.

I couldn't copy and paste it because it is a PDF.

Go to the CBI site / laws: http://cbi.iq/index.php?pid=LawsRegulations

Section 7 Currency

Article 32

It states that Banknotes are intended for circulation in Iraq...etc

I believe that all Central banks create their currency for use in their country.

Also we are already using it outside of Iraq.

DrC

[doctor robbins]

I believe the law they were talking about is #32 at the CBI site ( see below)...it was not this article.

I couldn't copy and paste it because it is a PDF.

Go to the CBI site / laws: http://cbi.iq/index.php?pid=LawsRegulations

Section 7 Currency

Article 32

It states that Banknotes are intended for circulation in Iraq...etc

I believe that all Central banks create their currency for use in their country.

Also we are already using it outside of Iraq.

DrC

Have you made any purchases lately with IQD?

[umbertino]

Quote

Give your views on this matter. Scooter's last conference call also stated the above article, CBI may not be obligated to cash out IQD RV notes ouside of country. Could we be left holding the bag?

End Quote

That would be in line with my usual Luck.

[rockfl9]

forget International , Think just multinational. Exchanges "CAN" exclude IQD..If the guarantees are not there. .Only need to disclose to Bank of International Settlemnts.(BIS). Maybe only to those Muslim countries they trust ! US is not one , Yet! Hmmmm

[katie45]

All that changes when the CBI switches position in the IMF. Those who read the CBI law and jump to conclusion need to open up the brain capillaries. There is a great website called the Iraqi Institute for Economic Reform that has a report on the CBI and dinar and refers to the sale of dinar as a 'controlled leak'. I would bet to guess the CBI knows exactly how much is being sold outside Iraq. This is not elementary school here.

Edited June 27, 2012 by katie45

[coolbeans]

The IQD can still be traded. CBI don't have to honor the RV outside of country. Listen to Scooter's last CC about 20 min into the call. Iraq has banking agreements with most nations. The USA is not one of them.

The USA is not one of them?

Right.

You can find the agreement and many news article about that very agreement all over the news section here in DV.

In the NEWS section, not here in the RUMOR section.

[sandstorm]

Another thread of just baloney. Anything of the sort is completely ridiculous and counter productive to the desires of Iraq. Investment, WTO, International banking, ISX trading, etc. Iraq will honor the old notes as stated for as long as 10 years. And if my friend is right, and the dinar becomes a foreign currency reserve, the dinar could end up being a one heck of a strong currency. Oh that's right, they said that too. lmbo Some of these gurus need to go bye bye for sure for scaring people with sillyness.

Read more:

It is common for boarders to be closed during currency redenomination. nothings yet to be a guarantee.

[cashman54]

If Iraq doesn't accept our dinars, we will just go bomb and destroy their country all over again

[smee2]

The IQD can still be traded. CBI don't have to honor the RV outside of country. Listen to Scooter's last CC about 20 min into the call. Iraq has banking agreements with most nations. The USA is not one of them.

According to my Canadian banker, Canada does have an agreement with Iraq. In fact, there was one bank major Canadian bank slated to handle the Iraqi Dinar. That meant that other banks in Canada could also deal in the Dinar but that it would all go to the other, designated, Canadian bank to be returned to Iraq. When the bottom fell out of the Iraq dinar that designated bank stopped dealing in dinar, as it had at that point become a non-tradeable currency.

However, the designation still exists. So that particular Canadian Bank, and I am hedging here because I don't remember if it was the BOM or ScotiaBank, but whichever one it is, it is still designated as the "go to" bank for Iraqi Dinar. When the RV happens I suspect more, perhaps most, banks in Canada will again deal in Iraqi Dinar. Seems the reason they didn't want to deal with it before the bottom fell out had something to do with Saddam and the insecurity of getting anything back that was given out in a dollar/dinar trade. When it was told to me it sort of sounded like they got together and drew straws and the one that came up short had to be the designated bank for Iraq Dinar trading.

So ... when the RV happens, if you still feel that you cannot cash out in the US, you might want to come north to Canada, your friendly next door neighbour, and bring your dinar with you. Plan to stay awhile. Call first to find out what the banks require to cash out dinar for an out of country customer. There may be some time regulation ... so ... as I say, plan to stay awhile.

smee2

[easyrider]

LMFAO @ this thread. Hey Luigi you should work for Fox news they love to put the fear in people. They cannot go international if they cannot honor notes outside of Iraq. Simple as that and the goal is for the Iraqi dinar to go international is it NOT?

Im seriously about to call Mario and have a talk with him about Luigi

Edited June 28, 2012 by easyrider

[WorkerBee]

I realize they can close their borders during the exchange period, it's been done before. My question is, how does this fit with the news articles of the two currencies existing together for a year or more? Smoke and mirrors? A false sense of hope that the old dinar outside their borders are safe? Hang on to it all you infidels, we'll honor it up to ten years, not. If they decided to not honor currency existing outside their borders, do you realize how much liability they can get rid of in one fell swoop? What do you guys think? These articles proclaiming a prolonged exchange period only apply if you are inside their borders?

They can't keep the border closed for too long, and I do not believe any banking agreement with other countries would amount to a hill of beans during an official RD/cash in period. These guys aren't stupid. Is it a longshot to think the articles surrounding an extended cash in period would apply to in country only? Just looking for some opinions. And maybe some hope.

[skitealwedrop]

The CBI has to back all currency that is in circulation assuming it can be verified via the the De La Rue system as being non counterfeit. We can cash in today. The IQD not being an internationally trade able currency is not an issue.

[tandy]

since opinions are like something else everybody has ...

i'm calling in a proctologist to help sort out things

[GotSix]

I realize they can close their borders during the exchange period, it's been done before. My question is, how does this fit with the news articles of the two currencies existing together for a year or more? Smoke and mirrors? A false sense of hope that the old dinar outside their borders are safe? Hang on to it all you infidels, we'll honor it up to ten years, not. If they decided to not honor currency existing outside their borders, do you realize how much liability they can get rid of in one fell swoop? What do you guys think? These articles proclaiming a prolonged exchange period only apply if you are inside their borders?

They can't keep the border closed for too long, and I do not believe any banking agreement with other countries would amount to a hill of beans during an official RD/cash in period. These guys aren't stupid. Is it a longshot to think the articles surrounding an extended cash in period would apply to in country only? Just looking for some opinions. And maybe some hope.

WorkerPee...I suggest you slam some of your own natural honey...perhaps it will turn you from bitter to sweet regarding your "personal investment" in the dinar

[WorkerBee]

WorkerPee...I suggest you slam some of your own natural honey...perhaps it will turn you from bitter to sweet regarding your "personal investment" in the dinar

[/quot

Ok, that was a well thought out opinion. Next? Here, let me add some emoticons ummm

[sandstorm]

LMFAO @ this thread. Hey Luigi you should work for Fox news they love to put the fear in people. They cannot go international if they cannot honor notes outside of Iraq. Simple as that and the goal is for the Iraqi dinar to go international is it NOT?

Im seriously about to call Mario and have a talk with him about Luigi

Yes, but if they issue a new iso code for the new dinar, only the new dinar may become internationally traded. We just dont know yet.

[firemans35]

I can tell you from being in the middle east for 9 years and in Iraq for 6 years, Iraq didn't want their money to leave the country. At first it was smuggled out of the country, now I don't know. Last I was told, you couldn't take it with you when you fly out of here. If customs found it they would take it and you couldn't mail it from a U.S. military post office so I could see Iraq not exchanging currency that is out of the country. Most of mine is in a Warka account for this exact reason. Is Warka a sure thing? No I don't think so.

[katersue]

I not buying that bunk. An internationally traded currency is just that, an internationally traded currency. I've heard it all now.

[Rayzur]

In reply to the Confewrence Call with Scooter et.al. my response to that specific call would be the same...... which is:

I'm in the middle of listening to the CC..... First time I heard so much discussion about having to possibly go to Iraq to exchange dinar.... What the discussion doesn't take into account is the Presidential Order in tandem with the Provisional Government, saying a US citizen has the same investment rights as an Iraqi citizen etc etc ....

"Presidential Order 13303: Allows US Citizens to invest in the New Iraq . Under this Order and the Coalition Provisional Government Order 39, a US citizen has the same rights to investments as an Iraqi citizen"

"

IRAQ (PRWEB) March 2, 2004 -- Investment in the new Iraq is guaranteed under the Presidential Order 13303 removing sanctions on investment in Iraq . The new order allows for a restructuring of the banking system in Iraq . US citizens are allowed to invest in Currency, Stocks, Bonds, Real Estate and Business in Iraq".

So maybe its a bit far reaching, but I'm wondering if the "Rule of Law" in the consitution referrred to, means those other than an Iraqi/US citizen per the recognition of the Iraqi government giving both the same rights.... for investment....

Understood the constitution was written after this Presidential Order and the Order of the Provisional Government.... but unless the Iraqi constitution specifically says US citizen no longer has the right of the Iraqi citizen for investment, and is specifically excluded in light of the Provisioinal Gov Order, I can't imagine that has changed.... that the Iraq constitution would specifically exclude a right extended by the Provisional Government....

DId I miss something that covered that? I was listening off and on...

Read more:

[imgesing]

If this is true I will personally take mine to Ex PRES BUSH's doorstep. Poop on it and light it on fire. LOL

Come on people, dont you see We put this all into play? YOU Seriously think they wont honor the notes? That would destroy their trade and industry over night.

Please use your common sense and dont believe everything you read. THE MORE CRAZY THE ARTICLES the CLOSER are are to the RV!

That was said long ago...

We must be close.

Peace all.......................

[R Veyron]

If they plan on having any sort of legitimate economy and wish to have foreign investments they will honor dinar outside their country.

[jon29]

What???

[umbertino]

Quote

If this is true I will personally take mine to Ex PRES BUSH's doorstep. Poop on it and light it on fire. LOL

End Quote

Probably the right thing to do anyway ( with a li'l part of IQD, not all) regardless of the final outcome.

Edited June 28, 2012 by umbertino

[Luigi1]

According to my Canadian banker, Canada does have an agreement with Iraq. In fact, there was one bank major Canadian bank slated to handle the Iraqi Dinar. That meant that other banks in Canada could also deal in the Dinar but that it would all go to the other, designated, Canadian bank to be returned to Iraq. When the bottom fell out of the Iraq dinar that designated bank stopped dealing in dinar, as it had at that point become a non-tradeable currency.

However, the designation still exists. So that particular Canadian Bank, and I am hedging here because I don't remember if it was the BOM or ScotiaBank, but whichever one it is, it is still designated as the "go to" bank for Iraqi Dinar. When the RV happens I suspect more, perhaps most, banks in Canada will again deal in Iraqi Dinar. Seems the reason they didn't want to deal with it before the bottom fell out had something to do with Saddam and the insecurity of getting anything back that was given out in a dollar/dinar trade. When it was told to me it sort of sounded like they got together and drew straws and the one that came up short had to be the designated bank for Iraq Dinar trading.

So ... when the RV happens, if you still feel that you cannot cash out in the US, you might want to come north to Canada, your friendly next door neighbour, and bring your dinar with you. Plan to stay awhile. Call first to find out what the banks require to cash out dinar for an out of country customer. There may be some time regulation ... so ... as I say, plan to stay awhile.

smee2

Agree. Canada does have a bilateral banking agreement with Iraq.

The USA may be working on such agreement.

If not, I'll be opening up a bank account in Canada.

[txwWrestling]

Yeah I heard Canada is nice this time of year! Go RV