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Update regarding our information - SteveI - February 04, 2011

ronscarpa

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ronscarpa Grand Master

ronscarpa

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Update regarding our information - SteveI - February 04, 2011

Posted Today on PD @ 12:34 PM

Here is an update regarding the Iraqi Dinar and its current status as we know it today, Friday February 4, 2011.

This information has been provided to us by Ray (desertdog) and his contacts in Iraq.

Please also note, these are facts as we know them and not rumors or made up stories, but rather information from individuals in Iraq.

We asked Ray some additional questions from our moderator call last night and here are the results.

Question:

Can you tell us in more detail regarding the CBI Currency Auctions and if the banks actually receive cash?

Answer:

He said they received a combination of cash and wire transfers. Wire transfers was the greater amount.

***********************************************

Question:

Do you know of current bank mergers in Iraq that the news was reporting just the other day?

Answer:

He was not aware of any at this time.

***********************************************

Question:

What are the main banks in Iraq?

Answer:

He said there are two main banks in Iraq. The Rasheed Bank and the Rafidian Bank. His nephew works at the Rafidian Bank which is across or down the street from the CBI.

***********************************************

Question:

Do you know if the HCL law was passed or not?

Answer:

Heard of the law but was not aware of its status, but he did say that Kurdistan signed an agreement with the government allowing them to start pumping oil to sell.

***********************************************

Question:

Is the census done?

Answer:

He said it was not complete yet due to the cities of Mosul and Kirkuk were arguing with each about the census. They do not want to be included in the census because revenue to them would be affected by an accurate census count.

***********************************************

Question:

Can he tell us more about the vacant ministries positions?

Answer:

He said that Maliki requested three candidates from each bloc to be considered for the remaining positions. They all refused and told him they would only send one candidate. He now has these candidates and is suppose to send his choices to Parliament in the next two to three days to be voted on. He said that their passage by Parliament should be no problem.

***********************************************

Question:

What do you know about the status of the 2011 budget?

Answer:

He also heard that the budget would be completed this month.

***********************************************

Question:

What do you know about the re-valuation of the Iraq Dinar?

Answer:

He told me that three months ago, all the bank managers had a meeting at the CBI with Shabibi. They were told that the dinar was going to revalue and go up, but they were not given a date or rate. They were only told that it would be soon. Two days ago his bank had an internal meeting and were told again the revalue would happening soon.

***********************************************

Question:

What do you know about the lower new Iraqi currency?

Answer:

He said that new currency is already printed with the lower denoms along with coins too. The money is being stored outside of Iraq and will be brought in when the revalue happens. He also said, the CBI told the bank managers that the people of Iraq would have 30 days to exchange their dinars and people outside of Iraq would have 90 days.

***********************************************

Question:

Are their any other current events ongoing that he can share?

Answer:

He also said that Exxon is running tv ads looking for workers to hire for work in the south of Iraq. All types of services were being hired.

***********************************************

Rays comments to me:

He will be calling back home tonight and will try to get me more info. Looks to me that everything is almost in place and we should see an RV before long.

There you go folks, this is the best information we can provide to you. I will repeat myself, I am 200% confident of my investment in this country as should you.

Also today their has been several articles pointing to the month of February as getting many things done.

Please have a great super bowl weekend and stay safe.

Ray and I will bring you additional information as we receive it.

Blessings to you all,

Steve

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Bamaboy Newbie

Bamaboy

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I did find something on Exxon hiring was quoted: Exxon Mobil Corp has managed to increase production by 11000 bpd from Iraq's West Qurna Phase 1 oil field in southern Iraq.†With the large number of oil blocks planned for Iraq, there are plenty of opportunities...th_smiley_two_thumbs_up.gif

Thanks for info.

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rwharnden Newbie

rwharnden

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"Answer:

He said that new currency is already printed with the lower denoms along with coins too. The money is being stored outside of Iraq and will be brought in when the revalue happens. He also said, the CBI told the bank managers that the people of Iraq would have 30 days to exchange their dinars and people outside of Iraq would have 90 days."

Is he saying that all money has to be traded in for new currency??

and the dinar will be replaced by new dinar or just the smaller denoms???

Unfortunatly I read that the same. Could be a cause for concern. I sure hope not!

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jomans Newbie

jomans

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My understanding is this:

1. In IRAQ the larger Dinar (like 250,000 notes) will exist for a time along with the smaller bills/notes released at RV time. As the large bills are turned in (or exchanged at the banks), they will just get the smaller Dinar bills back. But because of the RV, these smaller bills will have greater purchasing power. Apparently, they have 30 days to turn in the larger Dinar notes.

2. Outside of IRAQ (like us) of course we'll be exchanging for USD and, apparently, have 90 days to do it.

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retminded Newbie

retminded

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Thanks Ron!! tip_hat.gif

Bless ya bro!!

ret

I did find something on Exxon hiring was quoted: Exxon Mobil Corp has managed to increase production by 11000 bpd from Iraq's West Qurna Phase 1 oil field in southern Iraq.†With the large number of oil blocks planned for Iraq, there are plenty of opportunities...th_smiley_two_thumbs_up.gif

Thanks for info.

--------

Bama, that is correct; they (EXXON) have been waiting for MONTHS to get to this stage!!

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ronscarpa Grand Master

ronscarpa

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Thank you very much Ron! :D

Everything in that post is believable to me. Thxs Ron, good job

pp

Thanks Ron for the great work of bringing these posts over....

And Go Vikings!

oh yeah, they didn't make it..... :mellow:

THANKS RON

Great work Ron!

Thank you!!

Thanks Ron!! tip_hat.gif

Bless ya bro!!

ret[/i][/size] [/i][/size]

Thank you Ron for the post. I hope we get more news this weekend. I think I'll be retiring this month. Go RV God Bless Semper Fi

LEOLA: Thank you ron...very good post,,,to the point,,,and informative.... bravo !!!

You are all very welcome - my honor to serve. Thank you everyone for acknowledging & posting...I'm blessed...!

RON B)

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MrRich Newbie

MrRich

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Posted (edited)

"Answer:

He said that new currency is already printed with the lower denoms along with coins too. The money is being stored outside of Iraq and will be brought in when the revalue happens. He also said, the CBI told the bank managers that the people of Iraq would have 30 days to exchange their dinars and people outside of Iraq would have 90 days."

Is he saying that all money has to be traded in for new currency??

and the dinar will be replaced by new dinar or just the smaller denoms???

It's confusing the way he stated it. You could interpret it as either an RV or an RD (redenomination or lop). Knowing how SteveI thinks I doubt that he's talking about a lop. Then again I don't think he really knows what he's talking about anyway so who knows?

Edited by MrRich
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