rockfl9 Posted February 22, 2016 Report Share Posted February 22, 2016 The auctions ( actually just outright sales) of dollars by the CBI cannot end. It is the only source of tradable currency to support the local economy ... Stop the sale and there will be less food, medicine and material goods. Don't want to see that! The GOI/CBI knows this so will turn a lot of tricks if necessary. 1 2 Quote Link to comment Share on other sites More sharing options...
coorslite21 Posted February 23, 2016 Report Share Posted February 23, 2016 (edited) Perhaps if they stop the auctions, and they say they will stop Feb 29th....... (but who knows).... they will have to make an adjustment in the value of their currency. Just another possibility........ Edited February 23, 2016 by coorslite21 Quote Link to comment Share on other sites More sharing options...
Texstorm Posted February 23, 2016 Report Share Posted February 23, 2016 Hello Rock ! When and if the CBI decides to change the rate, the auctions will continue and I agree with you on that. You will just wake up one day and it will be a new rate. Iraq only needs to be accepted as International currency by the USA as far as DV'ers are concerned ,and the rest will follow. If America puts it's stamp of approval that's all we need because the doors of International trade will have been opened.That's the way I see it. Just another perspective my friend. Thanks 1 Quote Link to comment Share on other sites More sharing options...
Antietam Posted February 23, 2016 Report Share Posted February 23, 2016 Tex, there is a difference between an International traded currency (Forex) which the Iraqi dinar is not, and probably never will be, and the legitimate sovereign currency of a nation ( which the Iraqi dinar is). Iraq can RV it's currency anytime it wants. It needs no permission from anyone. But the big question is whether the world's banking systems will acknowledge the RV and therefore honor it in an exchange basis. Obviously, to the Iraqi dinar speculator, being able to cash-in our dinars for profit is the name of the game. No guru has ever been able to effectively explain this "fly in the ointment" problem. It's even worse now than in 2010, when some banks actually bought and sold iraqi dinar. Now, no banks exchange dinar and only a few currency exchangers and website dealers will do so, and for huge commissions. Just because the CBI says the Iraqi dinar is now worth $1 doesn't mean anyone outside iraq will honor that price and exchange your dinar for that price. Therein lies the great dilemma. And noone has ever satisfied this question to my agreement. As for the suggestion that we just fly to Baghdad to exchange - forget that. The CBI already has laws on the books which limit how much dinar can be brought into their country, and how much in dollars can be taken out by private citizens. It's a very troubling scenario. One that finally led me to sell 75% of my holdings and take a loss. 2 1 Quote Link to comment Share on other sites More sharing options...
rockfl9 Posted February 23, 2016 Author Report Share Posted February 23, 2016 Anti: Good point. The CBI does not allow dinar out of the country! Or back in ! Until it does OFFICIALLY the value it sets on the dinar means nothing to the outside world. The dinar is Iraqi wealth and they are paranoid on anyone stealing their wealth. Some Guru must have put out the word that when they want to raise the value of the dinar they will stop selling dollars!!! Ridiculous !!! Dollars will always be the major support for imported goods. 1 2 Quote Link to comment Share on other sites More sharing options...
Texstorm Posted February 24, 2016 Report Share Posted February 24, 2016 Hell I agree with both of y'all ! But if The USA decided to accept the Iraqis oil for dinar, then it's game over, we all can win. F..... Forex it really doesn't matter, as long as we get the oil there is a market. Quote Link to comment Share on other sites More sharing options...
Antietam Posted February 24, 2016 Report Share Posted February 24, 2016 I'm not sure what you mean by the US accepting iraqi oil for dinar. The US is not going to have anything to do with the CBI revaluing or not revaluing. Baghdad didn't consult with the Fed before they raised the peg to 1182. They just did it. Too many dinarians see the US as a controlling factor holding up the big RV. The only thing holding off the big RV is the absolute ludicrous notion that it could ever be accepted outside the borders of iraq. The CBI doesn't care about dinar speculators, other than probably scamming money out of all the sales worldwide of their currency. They have enough laws on the books right now to legally scrape every speculator off their hide, and they wouldn't lose any sleep over doing it. What do they have to lose? Bad credit? They credit sucks right now. 1 Quote Link to comment Share on other sites More sharing options...
Texstorm Posted February 24, 2016 Report Share Posted February 24, 2016 Look at it like this Antietam when the Dinar goes International the banks in the U.S. could easily collect the money (DINAR) and pay for Iraqi oil with Dinars, thus international trade in progress. Quote Link to comment Share on other sites More sharing options...
rockfl9 Posted February 24, 2016 Author Report Share Posted February 24, 2016 The amount of dollars in the auctions is decreasing because the MOF is not or cannot dig into it's reserves because they are gone or significantly reduced. It needs to be sure to have some left for its needs .... The comfort of the citizens has become secondary. They will try to issue new foreign bonds in June regardless of the interest they must quote... They are becoming desperate. Texstorm : The US government ( FED UST) is not and will not go into the dinars for oil business... The constitution does not allow it .... I certainly hope we are putting this cheap oil in the strategic reserve though. Put your dinar back in the shoe box for another 10 years. 1 Quote Link to comment Share on other sites More sharing options...
rockfl9 Posted February 24, 2016 Author Report Share Posted February 24, 2016 I see that the CBI rate for deposit to foreign banks is 1190 per USD ... Sneaky way to put in an increase! Keeping the in-country rate at 1182. So the cash exchange stays the same that keeps the street rate in check. 1 Quote Link to comment Share on other sites More sharing options...
Texstorm Posted February 24, 2016 Report Share Posted February 24, 2016 The amount of dollars in the auctions is decreasing because the MOF is not or cannot dig into it's reserves because they are gone or significantly reduced. It needs to be sure to have some left for its needs .... The comfort of the citizens has become secondary. They will try to issue new foreign bonds in June regardless of the interest they must quote... They are becoming desperate. Texstorm : The US government ( FED UST) is not and will not go into the dinars for oil business... The constitution does not allow it .... I certainly hope we are putting this cheap oil in the strategic reserve though. Put your dinar back in the shoe box for another 10 years. No problem Rock ! I haven't even looked at it in over 5 years now and it's in a briefcase not a little shoe box ! Quote Link to comment Share on other sites More sharing options...
rockfl9 Posted February 24, 2016 Author Report Share Posted February 24, 2016 Texstorm:: Now that is a waste of a nice briefcase, I think. Be sure to put a note of the location of it in your will. P.S.> I haven't needed a briefcase in years .. Just have one of those daytimers with a place for all the plastic and calling cards. 1 Quote Link to comment Share on other sites More sharing options...
Antietam Posted February 24, 2016 Report Share Posted February 24, 2016 Also, be sure to explain in your Will that the dinar can only be converted back to dollars by your heirs through a currency exchange business ( rare) or, mailing them off to someone and hope you get money back ( risky). I'm helping someone right now who inherited a dinar account with someone named blaino. We're trying to get the currency back for the estate. No luck so far. Anybody know if this Blaino character is a scam, or a for real, honest broker? Quote Link to comment Share on other sites More sharing options...
Texstorm Posted February 24, 2016 Report Share Posted February 24, 2016 I"m not worried Antietam but I will invite you to the RV party ! Go RV ! Quote Link to comment Share on other sites More sharing options...
rockfl9 Posted February 25, 2016 Author Report Share Posted February 25, 2016 The only GOOD thing about the reduced auctions is that it is teaching Iraqi's to live within their means.. I don't think the auctions will ever go to zero as that would mean that the GOI has STOPPED paying it's workers!! OR The CBI has gone to just printing more dinar to replace the dollars..Imagine what that would do to the real value. 1 Quote Link to comment Share on other sites More sharing options...
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