Warka Acct.

[mjsnow79]

but if I didnt have a Warka Acct I would be opening one NOW

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The quote above is from Adam Montana....

My question is...Do we need a Warka Acct in order to profit most from Dinar in hand or is that statement taken out of context?

All the Dinar I have is in a safe security box and I will be physically trading them in after RV/RI...Do I NEED to have a Warka Acct?

Not mocking Adam or trying to twist his words...Just trying to understand. If I need to open one then I will. I'm not trying to, nor am I going to buy more Dinar but if opening a Warka Acct. will help me with my Dinar in hand I want to open an Acct.

Please read Chat Log link to know where I get my question from.

Any help or insite would be great. Thank You :-)

[roger-write]

JMO, but I don't know if a Warka account helps much for dinar in hand. I have both. Some cash and then wired some funds to a Warka account.

In order to deposit your cash into the Warka account directly, you'd have to ship dinars to Warka in Iraq, which I would be very very reluctant about since it could get lost.

The reason I got the Warka account was to help avoid the dealers surcharge. Also, if we have a limited time to turn in large bills and they come out with a sucker rate, you trade in the cash for an immediate (but limited) profit, and hang onto the funds in the Warka account for the longer haul in case the exchange rate goes higher.

Or at least that's how I understand it.

[ReachingHigher]

As Adam (and others) have said all along - there are three primary ways to invest in Iraqi dinars:

1. Cash dinars

2. A Warka bank account

3. ISX (Iraqi stock exchange) trading

The point I believe Adam was trying to make/reinforce is that diversification in this particular investment is a really good idea.

You do not need a Warka account to deal with the cash dinars you have in hand. AND you can no longer FedEx cash dinar to Iraq for deposit in your Warka account.

The only way to fund a Warka account is either to wire transfer funds from your bank in the USA (etc) to your Warka account in Iraq, or if you are already in Iraq you can deposit funds

directly.

Our strategy is to cash in our cash dinars when the RV happens and leave the dinars in our Warka account alone for the next few years and see where the rate ends up.

Having those funds as electronic funds means then are not paper money - and if the rate comes in low with a short period of time for cashing in then we take what we can

get for our cash, and the Warka bank funds can sit and wait for when the rate rises over the next few years as Iraq rebuilds and oil starts flowing.

Hope this helps.

Peace.

[kamm]

As Adam (and others) have said all along - there are three primary ways to invest in Iraqi dinars:

1. Cash dinars

2. A Warka bank account

3. ISX (Iraqi stock exchange) trading

The point I believe Adam was trying to make/reinforce is that diversification in this particular investment is a really good idea.

You do not need a Warka account to deal with the cash dinars you have in hand. AND you can no longer FedEx cash dinar to Iraq for deposit in your Warka account.

The only way to fund a Warka account is either to wire transfer funds from your bank in the USA (etc) to your Warka account in Iraq, or if you are already in Iraq you can deposit funds

directly.

Our strategy is to cash in our cash dinars when the RV happens and leave the dinars in our Warka account alone for the next few years and see where the rate ends up.

Having those funds as electronic funds means then are not paper money - and if the rate comes in low with a short period of time for cashing in then we take what we can

get for our cash, and the Warka bank funds can sit and wait for when the rate rises over the next few years as Iraq rebuilds and oil starts flowing.

Hope this helps.

Peace.

Thats kinda what I was thinking reachinghigher. Just let them sit and hopefully watch it grow. Steve

[mjsnow79]

Thank You all for your time in answering my question...It gives me a lot to think about and different ways to look at this investment.

[gordgibson]

Be Careful!!!

* General Manager of Bank of Iraq: to stop all financial transactions and banking with Warka Bank

JUNE 3, 2010 · POSTED IN NEWS

TIDBIT: Courtesy of Max of zzz. Thanks Max! – DD

Thursday, June 3rd, 2010 08:48

BAGHDAD - Firas Al-Qaisi: at the time denied the Warka Bank that there will be financial problems with the Bank of Iraq said Abdul-Hussein al-Yasiri General Manager of Bank of Iraq that the administration of the Bank issued an order to all its branches not to deal in the banking Warka Investment and finance based on the order of Bank of Iraq Operations Division under the book number 24 on 03/25/2010 not to deal and compromise with the Warka Bank on the back of violations of financial result of taking them for the money out of the ceiling limit.

Yasiri said in a press statement, said the size of the amount resulting from the Warka Bank is 332 billion Iraqi dinars to that the said bank to repay his trust by no later than one month.

He Yasiri that the bank promised to provide sufficient guarantees on the amount of advance payment is estimated at (10) billion dinars, but did not meet its obligations, where he provided what is less than this amount, which makes dealing with Warka at this time is difficult and in danger of legal repercussions.

He said the Information Office of Warka Bank financial position and legal status of the bank is very sound and beyond reproach, and financial dealings with the Bank of Mesopotamia normal, and no longer and be trading banking purely At the heart of banking daily routine, and that this Rumors had been issued by competitors of the bank and passed and published by some media in bad faith.

The Yasiri that the work of private banks is useless and it does not benefit fully of the Iraqi economy, but the opposite is the benefit of the families that founded these banks based on their personal interests. For his part, denied the judge Rahim Ugaili in a statement journalist, issue an arrest warrant issued by the Commission on Public Integrity against the president of the Board of Directors Warka Bank Saad Saadoun structure.

He Yasiri asked the Finance Minister to intervene personally with the Governor of the Central Bank and the impact that formed a joint working committees of the Ministry of Finance and banking Mesopotamia and the good and the Central Bank to monitor the work of these banks and a mechanism to pay the money to Bzmthm Rafidain

LINK

[quadraph0nic]

Be Careful!!!

* General Manager of Bank of Iraq: to stop all financial transactions and banking with Warka Bank

JUNE 3, 2010 · POSTED IN NEWS

TIDBIT: Courtesy of Max of zzz. Thanks Max! – DD

Thursday, June 3rd, 2010 08:48

BAGHDAD - Firas Al-Qaisi: at the time denied the Warka Bank that there will be financial problems with the Bank of Iraq said Abdul-Hussein al-Yasiri General Manager of Bank of Iraq that the administration of the Bank issued an order to all its branches not to deal in the banking Warka Investment and finance based on the order of Bank of Iraq Operations Division under the book number 24 on 03/25/2010 not to deal and compromise with the Warka Bank on the back of violations of financial result of taking them for the money out of the ceiling limit.

Yasiri said in a press statement, said the size of the amount resulting from the Warka Bank is 332 billion Iraqi dinars to that the said bank to repay his trust by no later than one month.

He Yasiri that the bank promised to provide sufficient guarantees on the amount of advance payment is estimated at (10) billion dinars, but did not meet its obligations, where he provided what is less than this amount, which makes dealing with Warka at this time is difficult and in danger of legal repercussions.

He said the Information Office of Warka Bank financial position and legal status of the bank is very sound and beyond reproach, and financial dealings with the Bank of Mesopotamia normal, and no longer and be trading banking purely At the heart of banking daily routine, and that this Rumors had been issued by competitors of the bank and passed and published by some media in bad faith.

The Yasiri that the work of private banks is useless and it does not benefit fully of the Iraqi economy, but the opposite is the benefit of the families that founded these banks based on their personal interests. For his part, denied the judge Rahim Ugaili in a statement journalist, issue an arrest warrant issued by the Commission on Public Integrity against the president of the Board of Directors Warka Bank Saad Saadoun structure.

He Yasiri asked the Finance Minister to intervene personally with the Governor of the Central Bank and the impact that formed a joint working committees of the Ministry of Finance and banking Mesopotamia and the good and the Central Bank to monitor the work of these banks and a mechanism to pay the money to Bzmthm Rafidain

LINK

I found the story here..

http://iraqidinarnew...ith-warka-bank/

but when i went to the actual source (link), i did not see the story there.

http://translate.goo...late.google.com

I tried searching for it on the source site but it did not pull up.

If you have the actual story from the source please post that link.

[quadraph0nic]

This is Mr Issa's response to this article that I emailed him

Dear Mr. XXXXXX,

Please note that the article printed is completely false without any ounce of truth based on false information printed first by a Lebanese newspaper where our legal department contacted the said Iraqi News Station stating that the information they posted was highly incorrect invalid null and void where if not corrected immediately our bank will take necessary and firm legal actions suing them financially for any damages that will be caused.

We immediately contacted the Raifidain Director General where he extended his full cooperation and support contacting the news station confirming that the information posted against our bank is bias completely without and grounds where the bank in question is not Warka Bank but Bank of Basra stating and firmly confirming that our bank maintains a good relationship and business operations with Raifidain Bank. The station immediately adjusted this matter changing the article twice.

Also Raifidain Director General confirmed two days ago in a live interview with Al-Rasheed Channel that Warka Bank is a solid bank maintaining good and regular business transactions with Raifidain Bank where they hold no pending financial obligations putting an end to circulating rumors fabricated by ill competitors in Iraq.

Unfortunately in Iraq business competition is based on very ill tactics and illegal strategy fuelled by corruption where all sorts of false and unbelievable rumors are fabricated and spread in moments.

Respectfully,

Mohammad K. Issa

Deputy Managing Director

Senior Executive

Warka Bank for Investment and Finance