What country banks sell dinar ?Please report..

[rockfl9]

I have wondered why US banks stopped selling dinar ?/ Was there a legal reason ?? Is there exposure of defult?/ I mean could ICB not recognize dinar outside the country?? I read the CBI law and it says the dinar is legal for commerce " within Iraq" ...Could they hold that position in an RV??

[tygsal]

hummm...good question, I'd like an answer to this one too...often wondered what Iraq might really do in regards to the 'RV'...how are they going to "look after" their own countrymen... and what advantage would they have in USA residents/Dinar holders making money from the deal? How/where did you get "the CBI law"?

[hardmoney1]

I have wondered why US banks stopped selling dinar ?/ Was there a legal reason ?? Is there exposure of defult?/ I mean could ICB not recognize dinar outside the country?? I read the CBI law and it says the dinar is legal for commerce " within Iraq" ...Could they hold that position in an RV??

Business decision. Nothing more.

[rockfl9]

The CBI Law is available from the CBI Homepage at CBI.iq...

[yota691]

It was George Bush Fault

[LIBoy]

It was George Bush Fault

Absolutely agree. If it wasn't for George Bush messing everything up for him, Obama would be the best black preident this country has ever had.

[Goodlife]

I have wondered why US banks stopped selling dinar ?/ Was there a legal reason ?? Is there exposure of defult?/ I mean could ICB not recognize dinar outside the country?? I read the CBI law and it says the dinar is legal for commerce " within Iraq" ...Could they hold that position in an RV??

There is no legal reason why Iraq has to recognise notes outside Iraq. It is my understanding they didnt during the last banknote change. It was redeemable in country

only from my recollection. Thats one reason why I dont hold notes apart from other factors. Iraq can hold any position they like. They are looking after their own self interest and wouldnt give a hoot about anyone holding their notes outside Iraq.

Look at the current position - Customs will seize large amounts of Cash IQD coming in across the border and Warka will no longer accept cash Dinar coming by courier. The clamp down came about 18 months ago. This is all by Govt directive. What does this tell you about the situation set up.

Iraq has been exporting Dinar without upsetting their internal economy and because it cannot be spent inside Iraq it doesn't create inflation.

In Theory they can print and sell Billions of Dinar and never have to redeem it simply by not recognising the currency outside its borders. Thats one reason why they confiscate the cash at the borders. Then they can sell it again or just destroy it . Good business for them.

[rockfl9]

Do any French, German, UK banks sell dinar? i.. Banks, not currency exchanges I mean!

[jeepguy]

i was under the idea that u.s. bankers were scared of the fall out if the dinar were to flop ,, and the banks do not sell currency under the idea of using currency as a specuative investment ,, i`m sure there would be something else in the back rooms that would be of a diffenet story about why ,, but this is what i have seen in print from banks ,,,, buy dinar from ali or that trade banker guy { same guy ?? } but if and when the dinar would come in at anything close to the 1 to 1 rate -- looks like bank of america has the foot hold in iraq or is trying to set -up there, but other banks will follow the money flow ,, after the fact that is....

[umbertino]

Do any French, German, UK banks sell dinar? i.. Banks, not currency exchanges I mean!

I remember reading some UK Members here stating they have bought from British Banks.......Don't know about France and Germany.

As for me.....I know for a fact that here in Italy no Bank sold or sells Dinars... Checked all of them....I had to buy online.

[Roadrunner]

You can still buy or sell dinar at most banks in the UAE. I think banks quit selling them here because it was just to much headache for them. Every time there was a rumor posted, there would be pages of post on here that would say "I called and they said......". Also most banks sell foreign currency as a benefit to their customers who are traveling to another country. They do not sell currency a source of investment.

Roadrunner

[rockfl9]

Still trying to determine if US banks are the only holdout.... I dont count ME banks as they are direct trading partners...If a bank has any currency operation then adding the dinar to deliver to order should not incur any risk...

Since they did sell dinar some years ago then almost en-mass stoped tells me that a general change in policy was possibly a regulatory event?

[The Machine]

I remember reading some UK Members here stating they have bought from British Banks.......Don't know about France and Germany.

As for me.....I know for a fact that here in Italy no Bank sold or sells Dinars... Checked all of them....I had to buy online.

yeah there were one or two banks still selling a few months ago, not too sure if any are selling anymore last time I bought some from Lloyds bank they said that would be my last order as they couldn't get hold of any more, that was about 6 months ago. Tesco bank used to sell it online they gave CBI rate to the pound (1860 IQD = £1) very good deal but minimum order for £500 ($800) required.

anyway not sure if anyone is still selling at this time.

[yota691]

Some US banks sell this kind of currency but they don't sell that kind of currency. Heck I went into this Food Lion to buy some Calla-mans sauce for a Steak, they didn't carry it. So I had to go to Bi-Lo, they had it.. Makes a Great add to some meat!!

[Blu Collar Guru]

There is no legal reason why Iraq has to recognise notes outside Iraq. It is my understanding they didnt during the last banknote change. It was redeemable in country

only from my recollection. Thats one reason why I dont hold notes apart from other factors. Iraq can hold any position they like. They are looking after their own self interest and wouldnt give a hoot about anyone holding their notes outside Iraq.

Look at the current position - Customs will seize large amounts of Cash IQD coming in across the border and Warka will no longer accept cash Dinar coming by courier. The clamp down came about 18 months ago. This is all by Govt directive. What does this tell you about the situation set up.

Iraq has been exporting Dinar without upsetting their internal economy and because it cannot be spent inside Iraq it doesn't create inflation.

In Theory they can print and sell Billions of Dinar and never have to redeem it simply by not recognising the currency outside its borders. Thats one reason why they confiscate the cash at the borders. Then they can sell it again or just destroy it . Good business for them.

IMO:

[rulesforrebels]

Couple reasons, first off banks, currency exchanges, brokers, etc dont want to hold risky currencies. Most currency exchange and banks that sell currency won't deal with Venezuela, Vietnam, Iceland, Iraq, etc as well as some other countries. Some countries that have crazy presidents like Venezuela who knows maybe he confiscates all the money or some other crazy stuff happens. Witm h a currency like Icelandic Kroner the country could go bankrupt at any minute if htey havn't alredy and as for Vietnam heck I saw one week where the rate went from like 18,500,000 to like 20,000 up and down a few times in a matter of days. if the bank bought at 18000 and then next day the rate is 20,000 they are losing money on all the currency they resell.

banks dont really like dealing in foreign currency, its not what they are in business to do. they sometimes do it for their own customers only and that's as a courtesy to customers. they offer good rates generally so arent making much if anything off you but they make money off your savings, checking, mortgage etc so they'll do a favor to you and provide money for vacation.

as for the dinar, im not sure why banks sold in the first place as its not like people are vacationing in iraq, however they did. i was told by several bankers at 5/3 bank who used to sell that once people started asking questions about the dinar as an investment and stuff thats when they stopped as they werent selling to people for investment but selling for vacations primarily.

another thing, lets be honest some dinar speculators are a bit crazy and would be calling the bank everyday asking for updates, asking if they are buying back, asking stupid questions. its just easier to say we dont deal with it.

[captjohnk]

As I understand it is ILLEGAL to be a dealer of foreign currency and an owner . Many of the banks that used to sell Dinar are on the floor buying Dinar for their own holdings as an investment. This I believe is what the B H Group was indicted for selling as well as owning. I may be wrong but that's what I have read elsewhere.GO R.V.

[The Machine]

As I understand it is ILLEGAL to be a dealer of foreign currency and an owner . Many of the banks that used to sell Dinar are on the floor buying Dinar for their own holdings as an investment. This I believe is what the B H Group was indicted for selling as well as owning. I may be wrong but that's what I have read elsewhere.GO R.V.

well in that case it must be illegal for Americans to hold and own euro's / Canadian dollars / peso's / pounds etc. ....... come on are you serious where did you hear that's it's illegal to own foreign currency.

[sandyf]

well in that case it must be illegal for Americans to hold and own euro's / Canadian dollars / peso's / pounds etc. ....... come on are you serious where did you hear that's it's illegal to own foreign currency.

Looks to me that you have deliberately taken this statement

" As I understand it is ILLEGAL to be a dealer of foreign currency and an owner . " out of context.

Invariably currency dealers would be a company and as directors are considered as employees they would be separate entities. In a round about way I believe the statement to be true. Under accounting principles only "cash items" in the accounts may be adjusted by a change in the exchange rate.

For a currency dealer, currency could be considered as "stock" which is not a "cash item"

[rico1]

Absolutely agree. If it wasn't for George Bush messing everything up for him, Obama would be the best black preident this country has ever had.

That's not hard to do if you are the only one.