Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

CBI decides to restructure the Iraqi currency


Recommended Posts

This really sucks. Do you really think Shabs cares about the folks holding Dinar outside the country?

I would think he should care considering many of the Dinar holders are presently protecting his arse right now there in the Green Zone! Not to mention that he likes his US vacations to Wyoming and such places. I can't remember the law that Bush helped to create that allowed Americans to invest in Iraq. You would think that would cover us in currency exchange. It would be stupid for Iraq to bite the hand that freed it. They need our investment in country too.

The IMF's first initial stands for International. Membership has its privledges. I believe their will be protections in place by the IMF to insure all international currency holders would have a fair ability to trade in Dinar. I believe that this move by Shabs will trigger the Dinar to be formally recognized and thus freely tradeable. I am hoping the trade in period will be more like a 2 year window.

  • Upvote 3
Link to comment
Share on other sites

I know you and everyone else have been repeatedly told this Zab by these false Gurus... but it simply isn't true. As the article states.... they will be printed with the Kurdish language on them. That is the constitutional requirement that occurred after 2003! If the lower denoms were printed in 2003 as you state, then all of the notes you presently hold would also have the Kurdish language on them. Clearly they don't.

This is outlining a re-denomination which really really sucks. I truly wish they would consider a different route but they seem to be full steam ahead. I am quite concerned with the CBI's plan to facilitate fair exchange to international Dinar holders. Yes...US!

Hey Drox, Yeah just another LOP article but something about this one stung the most. I don't know it just seems that the past couple of days have been the first stikes of the chisel for this redenomination to be set in stone.

I have been wondering when we would finally hear about the new notes with the Kurdish language. Well here it is. Will be amusing to see some try and spin this into an imminet RV.

O well. Live and Learn. Have a good day budddy.

  • Upvote 1
Link to comment
Share on other sites

You did good, Zab. It has or is about to happen. As for the lower denoms.....got some. But I think what the article is referring to is a new 'brand' thAt I'll come out in the future...or have I missed something? In any event.....RD is the deal; question remaining is 'what multiplier' will Shabs use?

Link to comment
Share on other sites

I have had an alternative RV plan I have kept to myself. This is the first article I have seen that makes my theory come into question now too. I got all excited about the 100 note last night because that is a vital part of my plan. This article acts as if Maliki is on board with the CBI. My theory needs Shabs and Maliki to oppose one another.

The one hope is that this still needs to be agreed to by the Council of Ministers and Parliament. This will be a costly and painstaking endeavor for Iraq.

Edited by drox
  • Upvote 1
  • Downvote 1
Link to comment
Share on other sites

I would think he should care considering many of the Dinar holders are presently protecting his arse right now there in the Green Zone! Not to mention that he likes his US vacations to Wyoming and such places. I can't remember the law that Bush helped to create that allowed Americans to invest in Iraq. You would think that would cover us in currency exchange. It would be stupid for Iraq to bite the hand that freed it. They need our investment in country too.

The IMF's first initial stands for International. Membership has its privledges. I believe their will be protections in place by the IMF to insure all international currency holders would have a fair ability to trade in Dinar. I believe that this move by Shabs will trigger the Dinar to be formally recognized and thus freely tradeable. I am hoping the trade in period will be more like a 2 year window.

Hi drox :)

Thank you for all your thoughts my friend. they are appreciated.

In regards to the order that allowed the purchase of IQD, as far as

I have seen, it is NOT EO 13303 as so many assume. It is actually

CPA order # 39 section 7 that states the following:

Section 7

Implementing Foreign Investment

1) A foreign investor may implement foreign investment using, among other things,

freely convertible currencies or Iraqi legal tender, in the following forms:

a) establishing a wholly foreign-owned business entity in Iraq, including as a

subsidiary of a foreign investor;

b ) establishing a business entity jointly with an Iraqi investor;

c) establishing a branch office, as set forth in Section 5 herein; and

d) directly acquiring an investment.

2) A foreign investor shall be authorized to:

a) possess, use, and dispose of its investments;

b ) manage or participate in managing a business entity;

c) transfer its rights and obligations to other persons in accordance with the law;

d) transfer abroad without delay all funds associated with its foreign investment,

including:

i) shares or profits and dividends;

ii) proceeds from the sale or other disposition of its foreign investment or a

portion thereof;

iii) interest, royalty payments, management fees, other fees and payments made

under a contract; and

iv) other transfers approved by the Ministry of Trade;

e) exercise any other authority conferred upon it by law.

3) The Finance Minister and the Minister of Planning may jointly issue regulations to

assist in the implementation of this Order.

This is the only order I have found that actually deals with investments in Iraq

in regards to currency mention. Does this help?...or am I mistaken?

Thank you drox. :)

All my best! :D

Jim

---

  • Upvote 2
Link to comment
Share on other sites

  • No worries about the next CBI meeting. What concerns me most is obtaining Parliament's approval in a timely manner; their track record for getting 3 readings & subsequent votes could take weeks . This might be a appropriate time for some Divine Intervention!:shakehead:

If I am not mistaken, shabbs himself said that he didnt need them gov.to do this! Since CBI is a privately owned bank.

Link to comment
Share on other sites

I would think he should care considering many of the Dinar holders are presently protecting his arse right now there in the Green Zone! Not to mention that he likes his US vacations to Wyoming and such places. I can't remember the law that Bush helped to create that allowed Americans to invest in Iraq. You would think that would cover us in currency exchange. It would be stupid for Iraq to bite the hand that freed it. They need our investment in country too.

The IMF's first initial stands for International. Membership has its privledges. I believe their will be protections in place by the IMF to insure all international currency holders would have a fair ability to trade in Dinar. I believe that this move by Shabs will trigger the Dinar to be formally recognized and thus freely tradeable. I am hoping the trade in period will be more like a 2 year window.

Thanks Drox...I too hope that we get some sort of deal for cashing/exchanging in the 000 notes. The 250's are safe tho....right?

I have had an alternative RV plan I have kept to myself. This is the first article I have seen that makes my theory come into question now too. I got all excited about the 100 note last night because that is a vital part of my plan. This article acts as if Maliki is on board with the CBI. My theory needs Shabs and Maliki to oppose one another.

The one hope is that this still needs to be agreed to by the Council of Ministers and Parliament. This will be a costly and painstaking endeavor for Iraq.

Do tell Drox. :)

Link to comment
Share on other sites

This is exactly what I was talking about in one of the last threads I started......this whole project or plan to remove the zeros aka redenominate is now complete.....they are going to submit it to parliment to be voted on, and if it passes, they will implement this plan......the only thing we can hope for is that the plan is either #1, shot down by parliment, or #2, that once they implement this plan, that they will increase the value of the dinar well over 1 buck so we can come away with some sort of profit......

All I can say is that we all need to keep our fingers crossed this doesnt get passed!!! NO RD!! NO RD!! BAD RD!!! laugh.gif

  • Upvote 4
  • Downvote 2
Link to comment
Share on other sites

You did good, Zab. It has or is about to happen. As for the lower denoms.....got some. But I think what the article is referring to is a new 'brand' thAt I'll come out in the future...or have I missed something? In any event.....RD is the deal; question remaining is 'what multiplier' will Shabs use?

I agree that this new currency will be printed and released in the future. Until then, I believe that them lower denoms already printed will be used. This is something that they clearly want, and need to do now! So our large 25 k notes are just fine! If they tried to pull what some are suggesting, they would have several countries coming after them, not to mention civil war in country!

  • Upvote 2
Link to comment
Share on other sites

Central Bank declares its readiness to start deleting zeros from the Iraqi currency.

Thursday 23 2011 14:0GMT

Alsumaria News / Baghdad

Central Bank of Iraq, Thursday, for his willingness to delete the zeros of the Iraqi currency, and as he emphasized that this step is one of the strategic functions of the Bank, pointed out that the new currency will contain on the Kurdish language in addition to Arabic.

The adviser said the Iraqi Central Bank Governor appearance of Mohammed in an interview for "Alsumaria News", "zeros are added to the Iraqi currency during the last period, formed a cluster of large cash $ 28 trillion and 500 billion Iraqi dinars, nearly five trillion banknote," noting that "Bank created all the supplies for the deletion of zeros from the currency."

Saleh added that "the process is one of the strategic functions of the Central Bank of Iraq," adding that "monetary policy of the Bank based on the structure and reduce the volume of currency in a country moving to the stage of the economy."

Salih stressed that the "project to delete the zeros have been completed and will be presented to the management of the Central Bank of Iraq during its next meeting, and then will be submitted to the Council of Ministers to be presented to the House of Representatives for a vote," pointing out that "the mechanisms of switching and changing the currency would gradually be preceded by awareness campaigns to citizens. "

He added that the benefit of "the new currency that will be printed after the deletion of zeros will contain the Kurdish language in addition to Arabic, as well as some pictures that refer to the heritage and civilization of Iraq and symbols of Iraqi scientists and intellectuals."

The Iraqi Central Bank Governor Sinan Shabibi said at a meeting of independent bodies with Prime Minister Nuri al-Maliki, which took place in the 19 of June, and, ready to create all the supplies to replace the Iraqi currency.

The Central Bank of Iraq, has four branches in Basra and Sulaymaniyah, Irbil and Mosul, which was established as a bank independent Iraqi under the law of the Central Bank of Iraq issued on the sixth of March 2004, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of reserves and the issuance of foreign currency management, as well as to regulate the banking sector.

http://www.alsumarianews.com/ar/5/16911/news-details-.html

there was an artical on this yesterday and Maliki alread said this is a no go and the government will not let them do it.

  • Upvote 1
Link to comment
Share on other sites

Why cant people understand that the IMF, and many others are not going to allow Iraq to just simply say..."sorry folks...but that money you have purchased that was worth 25 k dinars....well now its not! Sorry about your luck" This is absolutely NOT the case here! It would be like the US saying....oh, sorry but that hundred dollar bill you have is now only worth ten cents....just because we say it is! What a load of garbage some people pump out on here! Use your head folks.....this may be Iraq,.but there are still International polices in place that they must follow...that is unless they want to be wiped off the face.of the planet! They want investment....not to break it off in every single country, company, or person that has...or will invest in Iraq! Just dont think we have anything to worry about here! But, to each his own!

  • Upvote 4
Link to comment
Share on other sites

This should be a wake up call to all.....the plan of redenomination is real....and they are trying to get it passed.....I know you all along with myself are going to be upset that we arent going to make what we thought we would initially.....this plan out SUCKS!!!

Who will be the first guru to spin this to meaning its gonna RV this month?? laugh.gif

Why cant people understand that the IMF, and many others are not going to allow Iraq to just simply say..."sorry folks...but that money you have purchased that was worth 25 k dinars....well now its not! Sorry about your luck" This is absolutely NOT the case here! It would be like the US saying....oh, sorry but that hundred dollar bill you have is now only worth ten cents....just because we say it is! What a load of garbage some people pump out on here! Use your head folks.....this may be Iraq,.but there are still International polices in place that they must follow...that is unless they want to be wiped off the face.of the planet! They want investment....not to break it off in every single country, company, or person that has...or will invest in Iraq! Just dont think we have anything to worry about here! But, to each his own!

You really need to read up on redenominations.....it happens all the time....just open your eyes a little....it can happen....and no one is going to cast Iraq out of the global economy for it....they have a serious issue with their money supply being inflated and this is how they plan on fixing it....

  • Upvote 2
  • Downvote 1
Link to comment
Share on other sites

This is exactly what I was talking about in one of the last threads I started......this whole project or plan to remove the zeros aka redenominate is now complete.....they are going to submit it to parliment to be voted on, and if it passes, they will implement this plan......the only thing we can hope for is that the plan is either #1, shot down by parliment, or #2, that once they implement this plan, that they will increase the value of the dinar well over 1 buck so we can come away with some sort of profit......

All I can say is that we all need to keep our fingers crossed this doesnt get passed!!! NO RD!! NO RD!! BAD RD!!! laugh.gif

Hi keep :)

I agree my friend. None of us WANT and RD, in spite of all

the accusations you have had to endure. i personally think

unfortunately, that Parliament will NOT vote this down, as much

as we hope they in fact DO. So the next phase we must hope

for is what you stated...after RD, we see a decent increase in the

value of the IQD, and much more than 1$ indeed or we may have

to literally wait for a few more years before we would see a nice rate

of return in the 200 - 300% or more category.

They are making their plans much more evident. Thank you for all your

efforts my friend. We continue to hope for the best outcome for everyone.

All my best! :D

Jim

---

Link to comment
Share on other sites

This should be a wake up call to all.....the plan of redenomination is real....and they are trying to get it passed.....I know you all along with myself are going to be upset that we arent going to make what we thought we would initially.....this plan out SUCKS!!!

Who will be the first guru to spin this to meaning its gonna RV this month?? laugh.gif

You really need to read up on redenominations.....it happens all the time....just open your eyes a little....it can happen....and no one is going to cast Iraq out of the global economy for it....they have a serious issue with their money supply being inflated and this is how they plan on fixing it....

I guess time will tell!

Link to comment
Share on other sites

Hi keep :)

I agree my friend. None of us WANT and RD, in spite of all

the accusations you have had to endure. i personally think

unfortunately, that Parliament will NOT vote this down, as much

as we hope they in fact DO. So the next phase we must hope

for is what you stated...after RD, we see a decent increase in the

value of the IQD, and much more than 1$ indeed or we may have

to literally wait for a few more years before we would see a nice rate

of return in the 200 - 300% or more category.

They are making their plans much more evident. Thank you for all your

efforts my friend. We continue to hope for the best outcome for everyone.

All my best! :D

Jim

---

I know my input isn't always welcomed on these discussions, and hate to be the one to bring this up. The April transcriptions of Shabibi's address pointed out that the decision to add the 3 zeros originally was not made by Parliament. He alluded to not needing their approval to remove them. RV, a different matter, as far as Parliament approval...

  • Upvote 1
Link to comment
Share on other sites

drox: Bondlady chat from another site explained they are "LIFTING" the 000's as opposed to "DELETING" the 000's. She says they have a differrnt meaning to us dinar investors. Lifting the 000's is not so bad, deleting the 000's is bad. What's do you think?

Link to comment
Share on other sites

This is the Central bank law of 2004. Only section 7.

COALITION PROVISIONAL AUTHORITY ORDER NUMBER 56

CENTRAL BANK LAW

SECTION 7-CURRENCY

Article 31 Unit of currency

The national monetary unit in Iraq shall be the dinar.

Article 32 Issuance of currency

1. The CBI shall have the exclusive right to issue banknotes and coins intended for circulation in Iraq. Banknotes issued under this Article shall be a first charge on the assets of the CBI. The CBI shall make appropriate arrangements for the issue of its banknotes and coins as required for circulation in Iraq. Banknotes and coins issued by the CBI and intended

for circulation in Iraq are not promissory notes, bills of exchange, or any other type of commercial document under the applicable commercial law, and the CBI is obligated to honor them only as provided for in this Law.

2 Only banknotes and coins issued by the CBI that have not been demonetized shall be legal tender in Iraq.

3 The CBI may, by regulation, limit the amounts of banknotes and coins that must be accepted as a legal tender in payment for an obligation and restrict the denominations of such banknotes and coins in which payment may be made to specified amounts or a range of amounts.

4 The CBI shall be responsible for the supply of Iraq's banknotes and coins and shall endeavor to maintain the availability of an adequate number of banknotes and coins in all regions at all times.

Article 33 Printing of banknotes and minting of coins; accounting treatment of currency issued

1 The CBI shall determine by regulation the denominations, measures, form, material, content, weights, designs, and other features of banknotes and coins. The plates necessary to print or mint the currency and the intellectual property rights to the designs of the currency shall be the property of the CBI.

2 The CBI shall arrange for the printing of banknotes and the minting of coins, and for the security and safekeeping of banknotes and coins that have not yet been issued.

3 The CBI shall be exclusively responsible for the safe and secure destruction of banknotes and coins and for the custody and destruction, as may be necessary, of plates, dies, and retired banknotes and coins. The CBI shall have the exclusive right to melt coins and to sell the metals derived thereby.

4 Upon request by any individual or entity, the CBI shall exchange, free of charge or commission, banknotes and coins with other banknotes or coins in equivalent amounts.

5 The aggregate amount of circulating banknotes and coins issued by the CBI shall be noted in the financial statements of the CBI as a liability; such liability shall not include banknotes and coins in the currency reserve inventory.

Article 34 Withdrawal of unfit banknotes and coins

1 Banknotes and coins in circulation that are unfit for circulation shall cease to be legal tender. Subject to paragraph (2) of this Article, the CBI shall withdraw, destroy, and replace, with banknotes or coins of an equivalent amount, any banknotes or coins presented to it that are unfit for circulation.

2 The CBI may decline to replace an unfit banknote or coin if its designs are illegible, misshaped or perforated, or if more than fifty percent of its surface has been lost; such a banknote or coin shall be withdrawn and destroyed without indemnity to the owner, unless there is evidence satisfactory to the CBI that the missing portions have been totally destroyed, in which case the CBI may, in its sole and absolute discretion, grant compensation in whole or in part.

3 The CBI shall not be required to provide any compensation for banknotes or coins that were lost, stolen or destroyed; it may confiscate without compensation any banknotes that have been altered in their external appearance, including in particular banknotes that have been written on, painted on, overprinted, stamped or perforated, or to which adhesive matter has been applied.

Article 35 Disposition of Counterfeit Currency

Every person who comes into possession of counterfeit banknotes or coins shall forward to the CBI all such counterfeit banknotes or coins.

Article 36 Redemption of currency

1 The CBI may decide to redeem banknotes or coins by issuing, free of charge, other banknotes or coins in equivalent amounts. A decision to redeem banknotes or coins shall be issued in the form of a regulation of the CBI specifying the period during which the exchange shall take place and the locations and times at which withdrawn banknotes or coins shall be presented for redemption.

2 At the end of the exchange period, or at any other time specified by the CBI, redeemed banknotes and coins shall be demonetized and cease to be legal tender.

3 The CBI shall notify the public, by publication in the Official Publication, of the banknotes and coins that are legal tender.

Article 37 Freedom of currency

Parties to a contract or any other voluntary undertaking or transaction, including a bill, note or instrument or security for money, may denominate a payment obligation in any currency agreed upon. Payment in discharge of any debt or liability arising from a contract or any other voluntary undertaking or transaction, including on a bill, note, instrument or security for money, may be made in any currency agreed upon as the currency of payment. An agreement under this Article may be express or implied from surrounding circumstances including course of dealing, usage of trade, or course of performance.

Article 38 Enforcement of foreign currency obligations

A foreign currency obligation may be enforced according to its terms. When a person obtains an order to enforce an obligation in a foreign currency, the order shall require payment of an amount in the currency of Iraq sufficient to purchase the amount of the obligation in the foreign currency at a bank in Iraq at the close of business on the first day on which the bank quotes a dinar rate for purchase of the foreign currency before the day payment of the obligation is due to be received by the creditor, provided, however, that if the court determines that such method would, under the circumstances, be inequitable, it shall select a method of conversion that is equitable.

  • Upvote 5
Link to comment
Share on other sites

1 The CBI may decide to redeem banknotes or coins by issuing, free of charge, other banknotes or coins in equivalent amounts. A decision to redeem banknotes or coins shall be issued in the form of a regulation of the CBI specifying the period during which the exchange shall take place and the locations and times at which withdrawn banknotes or coins shall be presented for redemption.

2 At the end of the exchange period, or at any other time specified by the CBI, redeemed banknotes and coins shall be demonetized and cease to be legal tender.

3 The CBI shall notify the public, by publication in the Official Publication, of the banknotes and coins that are legal tender.

Thanks Drox. Question.....do you have to be in country to exchange???

Edited by Don & Rocio
Link to comment
Share on other sites

I know my input isn't always welcomed on these discussions, and hate to be the one to bring this up. The April transcriptions of Shabibi's address pointed out that the decision to add the 3 zeros originally was not made by Parliament. He alluded to not needing their approval to remove them. RV, a different matter, as far as Parliament approval...

Hi Dalite :)

Thank you for that info. I was not aware of that, so we can

assume parliament has nothing to with the decision regarding

the RD. But they do have to ok any revaluation.

Why would your comments not be welcome? I certainly

appreciate them. We all are hoping for the same beneficial outcome,

but it appears we now may be looking at what happens after the RD

which is what history certainly has shown us to occur.

Not something any one wanted, but we must make the best of the

situation we get handed.

Thanks again Dalite for your help and comments. :D

All my best!

Jim

---

Link to comment
Share on other sites

This is the Central bank law of 2004. Only section 7.

COALITION PROVISIONAL AUTHORITY ORDER NUMBER 56

CENTRAL BANK LAW

SECTION 7-CURRENCY

Article 31 Unit of currency

The national monetary unit in Iraq shall be the dinar.

Article 32 Issuance of currency

1. The CBI shall have the exclusive right to issue banknotes and coins intended for circulation in Iraq. Banknotes issued under this Article shall be a first charge on the assets of the CBI. The CBI shall make appropriate arrangements for the issue of its banknotes and coins as required for circulation in Iraq. Banknotes and coins issued by the CBI and intended

for circulation in Iraq are not promissory notes, bills of exchange, or any other type of commercial document under the applicable commercial law, and the CBI is obligated to honor them only as provided for in this Law.

2 Only banknotes and coins issued by the CBI that have not been demonetized shall be legal tender in Iraq.

3 The CBI may, by regulation, limit the amounts of banknotes and coins that must be accepted as a legal tender in payment for an obligation and restrict the denominations of such banknotes and coins in which payment may be made to specified amounts or a range of amounts.

4 The CBI shall be responsible for the supply of Iraq's banknotes and coins and shall endeavor to maintain the availability of an adequate number of banknotes and coins in all regions at all times.

Article 33 Printing of banknotes and minting of coins; accounting treatment of currency issued

1 The CBI shall determine by regulation the denominations, measures, form, material, content, weights, designs, and other features of banknotes and coins. The plates necessary to print or mint the currency and the intellectual property rights to the designs of the currency shall be the property of the CBI.

2 The CBI shall arrange for the printing of banknotes and the minting of coins, and for the security and safekeeping of banknotes and coins that have not yet been issued.

3 The CBI shall be exclusively responsible for the safe and secure destruction of banknotes and coins and for the custody and destruction, as may be necessary, of plates, dies, and retired banknotes and coins. The CBI shall have the exclusive right to melt coins and to sell the metals derived thereby.

4 Upon request by any individual or entity, the CBI shall exchange, free of charge or commission, banknotes and coins with other banknotes or coins in equivalent amounts.

5 The aggregate amount of circulating banknotes and coins issued by the CBI shall be noted in the financial statements of the CBI as a liability; such liability shall not include banknotes and coins in the currency reserve inventory.

Article 34 Withdrawal of unfit banknotes and coins

1 Banknotes and coins in circulation that are unfit for circulation shall cease to be legal tender. Subject to paragraph (2) of this Article, the CBI shall withdraw, destroy, and replace, with banknotes or coins of an equivalent amount, any banknotes or coins presented to it that are unfit for circulation.

2 The CBI may decline to replace an unfit banknote or coin if its designs are illegible, misshaped or perforated, or if more than fifty percent of its surface has been lost; such a banknote or coin shall be withdrawn and destroyed without indemnity to the owner, unless there is evidence satisfactory to the CBI that the missing portions have been totally destroyed, in which case the CBI may, in its sole and absolute discretion, grant compensation in whole or in part.

3 The CBI shall not be required to provide any compensation for banknotes or coins that were lost, stolen or destroyed; it may confiscate without compensation any banknotes that have been altered in their external appearance, including in particular banknotes that have been written on, painted on, overprinted, stamped or perforated, or to which adhesive matter has been applied.

Article 35 Disposition of Counterfeit Currency

Every person who comes into possession of counterfeit banknotes or coins shall forward to the CBI all such counterfeit banknotes or coins.

Article 36 Redemption of currency

1 The CBI may decide to redeem banknotes or coins by issuing, free of charge, other banknotes or coins in equivalent amounts. A decision to redeem banknotes or coins shall be issued in the form of a regulation of the CBI specifying the period during which the exchange shall take place and the locations and times at which withdrawn banknotes or coins shall be presented for redemption.

2 At the end of the exchange period, or at any other time specified by the CBI, redeemed banknotes and coins shall be demonetized and cease to be legal tender.

3 The CBI shall notify the public, by publication in the Official Publication, of the banknotes and coins that are legal tender.

Article 37 Freedom of currency

Parties to a contract or any other voluntary undertaking or transaction, including a bill, note or instrument or security for money, may denominate a payment obligation in any currency agreed upon. Payment in discharge of any debt or liability arising from a contract or any other voluntary undertaking or transaction, including on a bill, note, instrument or security for money, may be made in any currency agreed upon as the currency of payment. An agreement under this Article may be express or implied from surrounding circumstances including course of dealing, usage of trade, or course of performance.

Article 38 Enforcement of foreign currency obligations

A foreign currency obligation may be enforced according to its terms. When a person obtains an order to enforce an obligation in a foreign currency, the order shall require payment of an amount in the currency of Iraq sufficient to purchase the amount of the obligation in the foreign currency at a bank in Iraq at the close of business on the first day on which the bank quotes a dinar rate for purchase of the foreign currency before the day payment of the obligation is due to be received by the creditor, provided, however, that if the court determines that such method would, under the circumstances, be inequitable, it shall select a method of conversion that is equitable.

So if I understood your highlighted sections correctly.. RD won't apply to what investors have? I'm so lost now.. I'm here in Ramadi and we have an Iraqi civilian thats works with the GOI and he's telling us that it will RD with the removal of the zero's to make the 1000 = 1 and the 5000 = 5 etc...

  • Upvote 1
Link to comment
Share on other sites

drox: Bondlady chat from another site explained they are "LIFTING" the 000's as opposed to "DELETING" the 000's. She says they have a differrnt meaning to us dinar investors. Lifting the 000's is not so bad, deleting the 000's is bad. What's do you think?

Sheepdog... I am sure Bondlady is a really nice person. I have personally found her analysis in most circumstances to completely miss the mark. She told everyone that their was $750 Billion to $1 Trillion in the DFI account as well. The cash, cash equivalent, and Tbill audit that ended in Dec of 2010 stated that there was $7.5 Billion. She has been wrong in a number of things. But hey... we all have been. I am not putting her down so much as telling you to follow your own research and not what others emphasize as the truth whether stated or implied. That goes for anything I say too! ;)

  • Upvote 2
  • Downvote 1
Link to comment
Share on other sites

There has to be some sort of profit that needs to be involved in this investment.. or else the motive of US attracting this investment legal in US makes no sense at all. The profit should atleast be double/triple if not an RV or a considerable profit space. Or else, this makes perfect non-sense of an investment.

Let's not think what Iraq can do or not do. Let's think what US/UN can do to force iraq to give reasonable profits to it's investors. Afterall, it's we who've helped them get up on their feet. A few companies with billion dollar investment in iraq could not help them because they need investments in BULK, which is HUGE. And without the US or common man support of other countries, it is'nt simply possible. Think the logistics people.

My 2 words,

Michel! :)

Edited by michelneedsRV
  • Upvote 1
Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.