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


Luigi1
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What you people are missing is that the banks have quit dealing with the dinar and after Iraq lops nobody in the forums will be buying and nobody on ebay will be buying. The dealers might be buying but only if they have a means of exchanging it for dollars themselves. Sure, before the redenomination you have options, but once it goes down what will your options be? That's the question. It could very well turn into a game of musical dinars where whoever is holding it when the music stops is the loser.

LOL its amazing how you are so concerned with so many what IFs did you buy too much? I sure didnt. If one needs to sell then do IT!!!! why complain constantly? no one knows what will happen, they are all assumptions. IF you feel your gonna lose then sell out now.

Dinarbanker is advertising $860/M and private sales, at least up to a couple of months ago when I sold mine, were $900-$1050/M. There seem to be folks in the buy/sell forum still doing so for roughly that range.

and your still here after being banned because?

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What you people are missing is that the banks have quit dealing with the dinar and after Iraq lops nobody in the forums will be buying and nobody on ebay will be buying. The dealers might be buying but only if they have a means of exchanging it for dollars themselves. Sure, before the redenomination you have options, but once it goes down what will your options be? That's the question. It could very well turn into a game of musical dinars where whoever is holding it when the music stops is the loser.

Good grief... :rolleyes:

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What you people are missing is that the banks have quit dealing with the dinar and after Iraq lops nobody in the forums will be buying and nobody on ebay will be buying. The dealers might be buying but only if they have a means of exchanging it for dollars themselves. Sure, before the redenomination you have options, but once it goes down what will your options be? That's the question. It could very well turn into a game of musical dinars where whoever is holding it when the music stops is the loser.

The RD articles say that IQD will be exchangeable at the CBI (other banks as well?) for ten years, I suspect the dealers will be happy to buy it back from you for $600, fly it to the same banks they are using now, exchange it for $840 or so (i.e. less then the $860 official price so the bank profits too) and make the same gross profit they make now going in the other direction. Maybe something will prevent that, and then indeed as you say folks will get stuck with a 100% loss. I think its more likely folks will lose 50% or so of their money (once you include fees and shipping and so on).

and your still here after being banned because?

Because this account was only under mod review (an effective ban) and that was released. I would like to prevent folks from making the same bad decision I made, and generally find it an interesting subject. Note that in forums on stocks or bonds or real estate or forex etc you never see anyone say something like "if you are not positive why are you here?". Only in dinarland do you hear that. Why is that?
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Because this account was only under mod review (an effective ban) and that was released. I would like to prevent folks from making the same bad decision I made, and generally find it an interesting subject. Note that in forums on stocks or bonds or real estate or forex etc you never see anyone say something like "if you are not positive why are you here?". Only in dinarland do you hear that. Why is that?

Great question.....

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When they RD both IQD and new (call it NID) currencies will exist in the market for one year and IQD will be exchangeable at the CB (or maybe any bank) for several years (ten?) then the borders can not be closed. The risk to current IQD holders is that the dealers that now are paying the CBI rate (DinarBanker for example advertises $860/Million) do so only as they can resell them for $1100/M. So once the RD is in full swing no one is going to be buying dinars at all, let alone at $1100/M. So the dealers will likely lower their offers to buyback to something like $600 or $700/M . But I don't see any reason that the dealers will not be able to just reverse the flow they are using now to get them back to Iraq. So getting stuck for a 100% loss seems very very unlikely to me.

I'm not even sure the borders were closed in 2004 for the first exchange. The exchange went on for 2-3 months, not just a couple of days, so did they really close the border to all traffic for that long?

With a border closing of 2-3 months, there would have been a tremendous amount of privation for that length of time, countrywide. Most human beings will die of starvation within 2-3 weeks. It would have been a humanitarian catastrophe. I do not recall hearing of any such thing about Iraq at that time.

Edited by Sanssouci
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With a border closing of 2-3 months, there would have been a tremendous amount of privation for that length of time, countrywide. Most human beings will die of starvation within 2-3 weeks. It would have been a humanitarian catastrophe. I do not recall hearing of any such thing about Iraq at that time.

I agree. I looked up the earlier exchange and it went from Oct 15 2003 to Jan 15 2004. No way could the borders have been closed for that long (if "closing borders" has much meaning for Iraq in the first place).
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We have already made the Dinar an international currency by investing in it, haven't we? It just isn't listed that way in forex or the IMF. I believe that if the US citizens can invest in land, stocks, and other ventures inside Iraq, then the worry of us being able to trade the dinar for US dollars is an unnecessary worry. The agreement was made between the 2 countries to help both sides. Iraq may not like the Americans but I don't think our government is going to sit idle and watch them mess so many American ivestors out of their money, money that would have been spent supporting the US economy. Think about it, if we can buy their land then why can't we trade their money. Just my opinion, I could be proven wrong, only time will tell.

IQD will have to be accepted anywhere, any bank, any FOREX to be concidered int'l. It's getting there.

Skrappyone... WE are free men we can put our money In any "investment " we choose .. If it violates our security laws the govt will do what it legally can agains US citizens.. It does not have that power beyond our borders except where USG have international agreement to enforce.. the whole world does not play by our rules!... I feel exposed , but it is my resposibility ot verify the assumtions on this investment Hope for the best.

This is true. This is how I think it will play out.

I believe when the RV takes place, banks will take your IQD & issue a e-credit to your account on temporary freeze while your IQD is authenticated. Then the funds will be released to you.

The banks will turn in the IQD to the Fed Reserve & it will exchange the IQD with Iraq for oil. Iraq will then remove the large IQD from circulation or destry the notes.

The US government will take care of the RV for us.

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When they RD both IQD and new (call it NID) currencies will exist in the market for one year and IQD will be exchangeable at the CB (or maybe any bank) for several years (ten?) then the borders can not be closed. The risk to current IQD holders is that the dealers that now are paying the CBI rate (DinarBanker for example advertises $860/Million) do so only as they can resell them for $1100/M. So once the RD is in full swing no one is going to be buying dinars at all, let alone at $1100/M. So the dealers will likely lower their offers to buyback to something like $600 or $700/M . But I don't see any reason that the dealers will not be able to just reverse the flow they are using now to get them back to Iraq. So getting stuck for a 100% loss seems very very unlikely to me.

I'm not even sure the borders were closed in 2004 for the first exchange. The exchange went on for 2-3 months, not just a couple of days, so did they really close the border to all traffic for that long?

Why would a dealer buy our Dinar at 6 or $700 if they can not exchange it at the CBI?

They would be stuck with it unless they "invest it" in the country.

You can cash in your IQD today if you wish. The fact that IQD is not an internationally currency has no effect on your ability to convert IQD to USD. The CBI has to back their (non counterfeit) currency. It's a rather simple concept if you think about it. To imply that the CBI is not responsible for backing IDQ outside of Iraq is false.

Throw your concerns to other senior members and you will understand, quickly. This would be a good topic to address in chat next week.

Which banks or Currency dealers (like American Express or Airport exchanges) can one cash in at?

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Why would a dealer buy our Dinar at 6 or $700 if they can not exchange it at the CBI?

They would be stuck with it unless they "invest it" in the country.

Sure. If the dealers can not reverse their current flow and send the dinars back Iraq, then they won't buy at all. If they can do so (and I suspect they will) then they will buy, but at a price that allows them to profit when they exchange them at something close to the official rate in Iraq.
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You can cash in your IQD today if you wish. The fact that IQD is not an internationally currency has no effect on your ability to convert IQD to USD. The CBI has to back their (non counterfeit) currency. It's a rather simple concept if you think about it. To imply that the CBI is not responsible for backing IDQ outside of Iraq is false.

Throw your concerns to other senior members and you will understand, quickly. This would be a good topic to address in chat next week.

Unfortunately I can't do that here in Italy....No banks will accept IQD 's for exchange that I know of.

Hopefully if / when things get better ( RV)... We'll see.

Edited by umbertino
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If you look at this way. It is illegal to take Iraqi Dinars out of the country anyway. So if they wanted to throw a monkey wrench into the mix, they could say any Dinars that is outside iraq could be exchanged at a different rate with a high tariff. Thus keeping a big chunk of your cash. My bank very close to where i work so easy trip for me. For those who are in the US or other locations they could say yes we will take your dinars but charge you a fee to cash in. That is just the begining, they jammed us up over visas what you do you think about millions of dollars someone official could earn.

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