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Luigi1

Could The IQD Be Int'l? CITI Bank Is Now Trading IQD.

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Luigi believes the IQD is now int'l.

If this thread is true...Citi Bank now buys, sells, trades IQD.

Not varified. Your opine.

 

17 Dec 2016  Angel...

So I called the 800 number at Citi and the code for the IQD is 472  and yes, they are now buying and selling the IQD..interesting indeed.

Ofcourse no rate change, but its great news.

I think it’s wonderful news. In the nine plus years I have had it, not one bank sold it or wanted to talk about it. This is awesome in my estimation.

Crimsontide:  yeah usually its a scam, blah,blah blah…. baby steps but we r getting there

Angel:  crimson, to me this is more than a baby step….. can you imagine they are quoting a buy rate of .0006452 and sell rate at .0009822… No change in rate but my goodness I couldn’t believe my ears.lol

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28 minutes ago, Luigi1 said:

Luigi believes the IQD is now int'l.

If this thread is true...Citi Bank now buys, sells, trades IQD.

Not varified. Your opine.

 

17 Dec 2016  Angel...

So I called the 800 number at Citi and the code for the IQD is 472  and yes, they are now buying and selling the IQD..interesting indeed.

Ofcourse no rate change, but its great news.

I think it’s wonderful news. In the nine plus years I have had it, not one bank sold it or wanted to talk about it. This is awesome in my estimation.

Crimsontide:  yeah usually its a scam, blah,blah blah…. baby steps but we r getting there

Angel:  crimson, to me this is more than a baby step….. can you imagine they are quoting a buy rate of .0006452 and sell rate at .0009822… No change in rate but my goodness I couldn’t believe my ears.lol

A lot of banks have bought and sold this currency in the past...It was considered a novelty or collector currency, and has never been recognized as an International tradeable currency by any governing body.

All banks removed this currency from their daily business options since every time a guru called it, the banks would get massive amounts of calls and walk-ins asking if they could trade their money. It was smarter for the banks to just say they were not going to deal with it anymore.

Indy

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Nadita: For those who are curious about Citi Banks.. you can call 800-756-7050 and follow the prompting. You can hear a message saying they sell IQD right now at the rate : buy rate is 0.0006452 (meaning Citi Bank buys your dinar) and sell rate (meaning Citi Bank sells dinar to you) is 0.009822.

The rates have not increased yet it’s still same rate as you buy IQD from dealers or Frank.. the fact that Citi Bank has announced in their forex telephone line that they are selling dinar is a very good sign for all of us as banks have not sold and denied IQD for a few years

Algrossman: So I just called in to the Citibank foreign exchange number because I had a hard time believing it was true Does this mean that they are officially International? This is crazy!

Ricklibby: Hi Algrossman; no the IQD has been accessible since 2003 to banks. some were selling & exchanging then decided to stop. Citi Bank is one that has decided to exchange at this time. it is a positive that the 3rd. largest bank and credit corp. made this move though …. hope it is a sign of us getting closer. rick

Eli15: I believe it’s a sign that they are about to become international. They’re getting ready.

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I called the number, too.  The guided menu options are 1 then 1.  The 472 code is IRA for the first three letters in Iraq.  The "buy" rate is 1 IQD = 0.0006452 (1,549.91 IQD = 1 USD or 1,000,000 IQD = $645.20) while the "sell" rate is 1 IQD = 0.0009822 USD (1,018.12 IQD = 1 USD or 1,000,000 IQD = $982.20).  These "buy"/"sell" rates appear to be in line with IQD dealer rates in the USA.  The "sell" rate is 152.23% of the "buy" rate which is a huge dealer spread at this point.

Edited by Synopsis
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10 minutes ago, Synopsis said:

I called the number, too.  The guided menu options are 1 then 1.  The 472 code is IRA for the first three letters in Iraq.  The "buy" rate is 1 IQD = 0.0006452 (1,549.91 IQD = 1 USD or 1,000,000 IQD = $645.20) while the "sell" rate is 1 IQD = 0.0009822 USD (1,018.12 IQD = 1 USD or 1,000,000 IQD = $982.20).  These "buy"/"sell" rates appear to be in line with IQD dealer rates in the USA.  The "sell" rate is 152.23% of the "buy" rate which is a huge dealer spread at this point.

Synopsis Thanks,  DV,  Does anyone know how long Citibank have been selling & buying IQD?  Did this just start recently?

GO RV!!

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50 minutes ago, tigergorzow said:

Synopsis Thanks,  DV,  Does anyone know how long Citibank have been selling & buying IQD?  Did this just start recently?

GO RV!!

 

I was told on Friday 12/16

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1 hour ago, MANNY99 said:

 

I was told on Friday 12/16

Manny99 Thanks,  Wooooooha....😊😊😊😊Please Please let this synchronize with an increase to the IQD & introduction of the LD's real soon as in immediately....👍👍

Always Keeping the faith!!

GO RV!!

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I don't want to hijack the thread but have a long standing observation related to the rate at which the USD is exchanged for IQD in the USA.  If the USA dealer or USA bank "sell" (purchaser buys from the dealer or bank) is nominally 1,018.20 IQD = 1 USD, and the CBI "buy" (buyer buys IQD using USD) of 1,180.00 IQD = 1 USD then 1,018.20/1,180.00 = 0.86288 and 1,180.00/1,018.20 = 1.15891. If it is just a spread, somebody with access to IQD in Iraq is making nominally a 15% spread selling IQD in the USA for USD if there are no taxes, tariffs, etc..  Possibly, maybe some funny math and playing with numbers but the 0.86 and 1.16 have been tossed around for some time (i.e. 0.86 IQD = 1 USD equating to 1 IQD = 1.16 USD).

If nominally 10 trillion IQD is bought in Iraq, someone(s) would have to pay 10 trillion IQD/(1,180 IQD/USD) or 8,474,576,271 USD.  If the 10 trillion IQD is sold in the USA at 1,018.20 IQD/USD then 10 trillion IQD/(1,018.20 IQD/USD) = 9,821,253,192 USD.  9,821,253,192/8,474,576,271 = 1.15891 or a gain of 1,346,676,921 USD.

This may or may not be the origin of where the 0.86 and 1.16 come from and may not have any credence, substance, or merit whatsoever.

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I have to say, thanks for the post Luigi :tiphat:

And thanks Synopsis for taking the time to call and verify and then gracefully break it down for us here in DV . Again we see another sign, although recent or old that the IQD is getting ready to go international. Citi is one of the largest financial institutions and trade billions on the currency markets daily and would make perfect sense for them to be the first to pounce on a HUGE opportunity like the one we all are involved in. Banks earn huge profits on the spread when currencies are bought and sold and I can imagine once the IQD makes the jump to global status, especially in the first few days, weeks or months, the up side for profit is enormous so Citi Bank would be definitely one of the first in line. 

call it coincidence or wishful thinking but their seems to be a large coordination of events taking place right now and although Parliament is once again off, their is activety and even a lot of negative news as well which I believe is just a deterrent to ward off a run on the currency. The liberation of Mosul is close and this imo has a lot to do with why perhaps their are constant delays in certain laws, so I'm keeping my eye on that, I could be wrong but it sure does appear that we are on the precipice of big changes and hopefully along with these changes comes a better life for Iraq and its people, god knows they are ready. 

And yes, a better life for us here as well  :twothumbs:

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HOLD IT. STOP. WAIT JUST A GALL DARN MINUTE HERE. SOMEONE CALL SIR ADAM. WE NEED A DRIVE BY ON THIS ... Luigi1 was actually right on something. For once. I knew it would happen ... I ... I ...I just don't know what to say. Pssst, wow. Luigi1. Wow. Way for sticking in there Luigi1. Despite all the critics, of which I am one, Was one, and may be again ???

Edited by new york kevin
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to me this is a big deal. as far as I know, US banks quit dealing in IQD 2-3 or more years ago. For a powerhouse like Citi to start again says something.

 

Here's to HOPE!!!

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25 minutes ago, Wiljor said:

I have to say, thanks for the post Luigi :tiphat:

And thanks Synopsis for taking the time to call and verify and then gracefully break it down for us here in DV . Again we see another sign, although recent or old that the IQD is getting ready to go international. Citi is one of the largest financial institutions and trade billions on the currency markets daily and would make perfect sense for them to be the first to pounce on a HUGE opportunity like the one we all are involved in. Banks earn huge profits on the spread when currencies are bought and sold and I can imagine once the IQD makes the jump to global status, especially in the first few days, weeks or months, the up side for profit is enormous so Citi Bank would be definitely one of the first in line. 

call it coincidence or wishful thinking but their seems to be a large coordination of events taking place right now and although Parliament is once again off, their is activety and even a lot of negative news as well which I believe is just a deterrent to ward off a run on the currency. The liberation of Mosul is close and this imo has a lot to do with why perhaps their are constant delays in certain laws, so I'm keeping my eye on that, I could be wrong but it sure does appear that we are on the precipice of big changes and hopefully along with these changes comes a better life for Iraq and its people, god knows they are ready. 

And yes, a better life for us here as well  :twothumbs:

I am with you, Bro!

:twothumbs:

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All this is interesting and encouraging.  My target on this is the spread.  It has always been a huge unknown.  Apparently we will have a CBI fee and a local bank fee (thanks to Adam, VIPers are slated to have a discount on the bank fee).  I'm just having my morning coffee, but, Synopsis, you mentioned a 15% fee.  Could you expound a bit for my befuddled brain?

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38 minutes ago, boosterbglee said:

Thanks Synopsis....appreciate the time you take to help us out with your explanations!  :twothumbs:

:twothumbs:

25 minutes ago, Shedagal said:

All this is interesting and encouraging.  My target on this is the spread.  It has always been a huge unknown.  Apparently we will have a CBI fee and a local bank fee (thanks to Adam, VIPers are slated to have a discount on the bank fee).  I'm just having my morning coffee, but, Synopsis, you mentioned a 15% fee.  Could you expound a bit for my befuddled brain?

Yeah, Shedagal, I need some coffae', too, to get me motating in the morning!   :o   

What I was doing was comparing the exchange of USD to IQD in Iraq via the CBI (potentially) and the exchange of IQD to USD by the same entity in the USA.  The term "spread" may be a misnomer here and "profit" may be a better term.  So if an entity "buys" IQD in Iraq using USD at 1,180 IQD = 1 IQD and then "sells" the IQD for USD in the USA for 1,018.20 IQD = 1 USD, then the entity would "profit" 15.891%.

I suspect the "spread" or "profit" and exchanging entity in the USA and other countries would make on exchanging currencies will be much less once the IQD goes international.  The "spread" or "profit" on the IQD most likely won't be known until the IQD goes international.

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Thanks, Synopsis.  On third cup of coffee, so it's getting clearer now.  Thanks for your clarification.  Hoping this is a good week in Dinarland.

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47 minutes ago, Shedagal said:

Thanks, Synopsis.  On third cup of coffee, so it's getting clearer now.  Thanks for your clarification.  Hoping this is a good week in Dinarland.

You are welcome, Shedagal!  I am hoping and praying the Electoral College votes tomorrow according to the November 8 Presidential election results and Donald Trump is voted in as our next President of the United States of America.  Hopefully, no recount issues will come up there!  Further, I am hoping and praying Donald Trump is inaugurated as our next President of the United States of America on January 20, 2017 without any issues to his personal health and no national or world corruption at a high level occurs.

If there are no significant world events, I suspect the end of January 2017 will be very, very telling of the event(s) we have been waiting for if things have not already fallen into place.  Parliament will likely had the fire put to them so they get the needed laws passed and the passed laws should have been posted in the Gazette by then.  As Jabouri has indicated, it is show time and the reforms could get harder to pass (this could be their last chance to get things done).  In my opinion, a lot of good in a big way in Iraq by the government officials has to occur very, very soon to prevent sectarian discord from disrupting national unity and Iraq subsequently fragmenting into various forms of civil strife.  Looks like international companies are chomping at the bit to get into Iraq and I can't imagine WTO ascension and IQD revaluation not occurring prior to a significant flood of foreign investment into Iraq - very, very soon.

Just my opinion and :twocents:

48 minutes ago, SgtFuryUSCZ said:

***///

Yuh, SYN... thanks for the heads-up.... ;)

..."beware the money changers...." :ph34r:

Yep!  Hey, Good Morning You Two!  Hope all is well with you and your Christmas is looking good - Merry Christmas!

:twothumbs:          :tiphat:

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***///

Doing all our Christmas for our Troops ... except for the wreaths we put on the front of the house here.

We have a tree up all year here inside anyway for Troops we bring home for dinner.  They like it. :)

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15 hours ago, markb57 said:

to me this is a big deal. as far as I know, US banks quit dealing in IQD 2-3 or more years ago. For a powerhouse like Citi to start again says something.

 

Here's to HOPE!!!

Markb57 Agree,  If Citibank did in fact just restarted this buy/sell of the IQD as of a few days ago then I would assume other Big Banks will follow suit IMHO.  Why the IQD and Why now unless they have been tipped off?  In due time we will know for certain.....😆😆YES YES

Always Keeping the faith!!

GO RV!!

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