I have a question, I'm sorry if it has been covered.

[Patjza80]

Again, I know this has been covered, I'm just trying to make sure I understand. Ok say the RV occurs in the morning ( just throwing a date out there) at $1.00. I personally only have 300k dinar and say I'm wanting to hold on to it longer, to see if it reaches a higher value. Most of my bills are 25k. Say they do put a time limit on the 25k bills. Could I go the same day it RVs and just open a ISX or a Warka account so I don't have to worry about my 25k bills? Or should I just do it now? Can I go to a local bank and do this?

Thank you so much.

[talion1011]

Theoretically, if it RVs, it would be a recognized international currency (thus the RV to an exchangeable price between USD and IQD.) With that said, most banks that exchange currency should allow you to exchange IQD for USD. Moreover, you should be able to exchange the 25k notes to smaller denominations if needed.

So if it RVs, you should be able to eventually exchange the large notes for smaller ones. It might take a few days for banks to set themselves up for that, but that's no biggie. Frankly put, I don't see any advantage to setting up a Warka or ISX account.

This is all theory though.. relying on banks doing certain things that they "should" be doing, since they are capable of doing so. We won't know for certain until it happens though, since they might choose to come up with random regulations.

[hypr2001]

Also remember if you do decide to open a warka account after the RV to deposit your large denoms in, many others probably have the same plan. Your standard week as of now may turn into a much longer waiting period for the transactions to be finalized. As I said in another post, better to have a plan and not need it than to need a plan and not have it. After the RV you may also be able to open a foriegn currency account and deposit the IQD into it and convert it at your leisure. You may want to check into this now though.

[Bazil]

Also remember if you do decide to open a warka account after the RV to deposit your large denoms in, many others probably have the same plan. Your standard week as of now may turn into a much longer waiting period for the transactions to be finalized. As I said in another post, better to have a plan and not need it than to need a plan and not have it. After the RV you may also be able to open a foriegn currency account and deposit the IQD into it and convert it at your leisure. You may want to check into this now though.

Is it advisable to open a Warka Bank account....I think there could be pros and cons

[Patjza80]

Thank guys.

[kelsguy1113]

The idea is that in the case of opening a Warka account, you are not exchanging IQD for USD, you are exchanging IQD for IQD. So your money will continue to value up at the rate that all dinar does, you still have your money in IQD, but you have taken care of the large denomination problem.

Personally, I think there are too many ways to make money to hold the dinars very long. After watching Iraq over the last few months, I am out at the first opportunity. I will let other investments continue to grow my money. They may come out a little lower than you want, but I am not sure they will make it to full value before they fall apart. Just my thought.

[kelsguy1113]

Also, the Warka account deals with the fear of an "in country" revalue.