Grace period to exchange IQD upon RV?

[Duder]

Good morning everyone!

I've been following the chatter by you fine folks here on this site for a while now. This morning a co-worker and I were discussing the IQD and the possibility of holding onto the current currency after a possible RV. My question is: After the (hopefully) RV, will there be a set grace period in which we must exchange our dinar before it becomes worthless or will the option be there for us to hold onto our dinar indefinitely while still retaining a value? I seem to remember seeing something regarding a grace period of exchange followed by the current currency losing all value. For all I know, no one knows for sure. Before asking this question I did do a search for this topic but found nothing. Thanks for your time and have a great day!

[cbs71]

Again, no one knows for sure but only have ideas or speculation...however, if it hits the rate that I think will, then I am gone like last year!

If it goes higher in the coming few days, weeks, years, so be it...happy for you, but I am taking my money and run...

Don't let greed get in the way here..

God bless you!

[BobbyToGo]

If you could hang on to your Dinar long enough for me to cash in, I would appreciate it. Seriously, hanging on to IQD after the RV. Good luck with that. Some might but I will not be joining you. If you hold out and make more, good for you.

[cgbrown]

You only increase the risk you are taking that you will make more money. But cashing in just enough to cover all your expenses and maybe saving a few 1,000 for later. If you loose at that point...... well you've already gained enough to see you through. JMO

[bahtman]

Duder,

There have been many rumors recently about a short cash in period.

However, Ali from DT has always maintained that there will be NO time limit on cashing in.

[Duder]

Thanks for the info, guys! Much appreciated. This makes things a lot clearer. Let's hope it happens soon!!!!

[cbs71]

Thanks for the info, guys! Much appreciated. This makes things a lot clearer. Let's hope it happens soon!!!!

No problem mi amigo...that's what were here for! We're all in this together!

Now go RV!!!

[Don Paul]

Well, considering at the rate the fed is printing more dollars I can understand your concern. It is mine as well. Inflation is just another word for taking money out of your pocket without touching it, in my opinion. There IS a race to devalue currencies by many big countries so as to make their goods cheaper in the world market .. ie: china, US, europe...

From what i have studied, it may be best to have a basket of currencies, not all cashed into dollars.

Say for example, the Australian and Canadian Dollars have good backing, as well as the Swiss Franc.

My tidbit to you is this... IF you exchange dinars for some other currency, I DONT think you will owe taxes until you cash the other currency into dollars.

Maybe not a bad idea to cash into lower demons, some foreign currency on some percentage....

[Duder]

My tidbit to you is this... IF you exchange dinars for some other currency, I DONT think you will owe taxes until you cash the other currency into dollars.

Maybe not a bad idea to cash into lower demons, some foreign currency on some percentage....

That's some good food for thought, Don Paul. Definitely something to consider. I'm assuming that if I exchange Dinar for some other form of currency other than USD, I would have to have a bank account opened in that country before I can move it over. It get's complicated.

[Phoenix]

I was told to expect a window of time for the exchange.

I was told a time frame of no more than 45 days but no less than 7 days.

No links...no proof....just something I was told.

Now when the new Iraqi Dinar replaced the old Saddam notes they gave 90 days for that exchange.

The most recent recall/exchange with the IQD was in January of 2008 when the 25, 50 and 100 Dinar coins were called in that exchange lasted 30 days total.

After the 30 day time period those coins were deemed non legal tender.

So if we go with the facts and the most recent actions of the CBI on currency exchange / recall then 30 days was the time limit as per the CBI.

Bottom line.....no one knows for sure (not even dinar dealers) until the CBI makes the announcment.

Hope that helps

Phoenix

Edited December 6, 2010 by Phoenix

[rwharnden]

I was told to expect a window of time for the exchange.

I was told a time frame of no more than 45 days but no less than 7 days.

No links...no proof....just something I was told.

Now when the new Iraqi Dinar replaced the old Saddam notes they gave 90 days for that exchange.

The most recent recall/exchange with the IQD was in January of 2008 when the 25, 50 and 100 Dinar coins were called in that exchange lasted 30 days total.

After the 30 day time period those coins were deemed non legal tender.

So if we go with the facts and the most recent actions of the CBI on currency exchange / recall then 30 days was the time limit as per the CBI.

Bottom line.....no one knows for sure (not even dinar dealers) until the CBI makes the announcment.

Hope that helps

Phoenix

Thanks Phoenix! You always post great information!

[tyro]

Yeah, thanks, Phoenix. Glad you are sticking with us in the forums.

[Duder]

That really helps a lot. Thanks, Phoenix!!