*** Ri=3.22 imf (legal rate)

[oleman]

Great Job Easy. Now lets see if the people that call you a cut and paste kinda guy will have something good to say for a change. Come people give him his due.

[coolbeans]

correct me if im wrong easy but that rate was set by Saddam and wasnt a reconize rate world wide the reconized rate before we invaded was $2.86.... but still good anyway nice post sir and great link.....

Ok you are wrong.

And now corrected.

IMF link to OFFCIAL rates for the Iraqi Dinar.

Not Saddam's rates...the OFFICAL rates as per the IMF and World Bank.

Link: http://www.imf.org/external/np/fin/tad/exportal.aspx?memberKey1=460&date1key=2011-06-30&category=EXCHRT

[Brisco]

There is a lot of history prior to Sadam.

http://www.edinarfinancial.net/history.php

[billio0]

Hey Folks,

Guess what else this means for us, if true?

If Iraq only does an RI rather than an RV, whether its a rate of $3.22 per each IQD, or adjusted for inflation to $3.86 to one IQD, we would owe no taxes to the US Treasury/IRS since it would not have anything to do with raising the value of their currency. It would merely be a Re-Instating of the former rate prior to when sanctions were implemented. Thus, our holdings of IQD could not be declared as making a profit from an investment.

Now that's what I call a real bonus situation, and one I am certain the US government politicians would not be too pleased with.

Of course, this is only my opinion after reading some of the tax information provided to us on the tax forum, but I think it is looking ever more brighter by the minute.

Please give your opinions, whether in favor or not.

Edited July 25, 2011 by billio0

[cbs71]

Hey Folks,

Guess what else this means for us, if true?

If Iraq only does an RI rather than an RV, whether its a rate of $3.22 per each IQD, or adjusted for inflation to $3.86 to one IQD, we would owe no taxes to the US Treasury/IRS since it would not have anything to do with raising the value of their currency. It would merely be a Re-Instating of the former rate prior to when sanctions were implemented. Thus, our holdings of IQD could not be declared as making a profit from an investment.

Now that's what I call a real bonus situation, and one I am certain the US government politicians would not be too pleased with.

Of course, this is only my opinion after reading some of the tax information provided to us on the tax forum, but I think it is looking ever more brighter by the minute.

Please give your opinions, whether in favor or not.

I agree....

[Redwizard]

mmmmm I can see Cabo

[kobuk1]

You're talkin' about Iraq, the people are proud, there's alittle friendly tension with Kuwait, the Iraqi's will eventually have it higher than Kuwait. It may not start out low cause the big sharks'll come in and eat up a lot of dinar, so says the intel. There's also the fact that Iraq has very little debt, they can set a great rate and still survive if inflation doesn't deter them. The outlook looks great and let's hope for the best, in the meantime, practice kung fu and have a plan. Go RV!!!!!!

[Biker]

Doc i wish i could go back and retrive the news articles for ya , but im not one to Bull Sh## anyone. I do remember reading it about 1 yr ago and to the point ware they said in all honisty the rate was like 2.86 and Sadam insane made it 3.22 and held to it for trade in goods. So he was actuly screwing people over with the false 2.86 rate. And it went on to explain that the people of Iraq and its countrymen wanted it to return back to the same rate of 3.22 Wish i could find it Brother but its been awile.

[Munsch]

but everyone else recognized it as $.86 and below (depending on the timing of your search) when the Tomahawk missiles were launched.

I would still take that to the bank Doc as well as many of us I am sure.

[Choppermike]

Great job easy and you are right!

That is exactly what the IMF says!

Here is that link that shows that rate:

http://www.imf.org/external/np/fin/tad/exportal.aspx?memberKey1=460&date1key=2011-06-30&category=EXCHRT

But just know that 3.22 is not in USD but in SDRs and 1 SDR = $1.60

So that 3.22 SDR = $5.15

Link to SDR rates:

http://www.imf.org/external/np/fin/data/rms_sdrv.aspx

Fantastic job Easy! So it is even better than $3.22 it is $5.15

Oh, and by the way those rate are the OFFICAL rates as per the IMF so do not let people who are ill informed who have not done proper studies tell you that that old rate was not real and only set by Saddam.

Thanks again Easy!

Go RV

Niiiiiiice Cool Beans!

[Zebe]

i was looking around the net. I came across this from the IMF website found it interesting so i thought id share.

According to the IMF Classification of Exchange Rate Arrangements and Monitary Policy Frameworks document, Iraq is a de juris (by law) Regime presently in a de facto (by fact) Arrangement! The de juris Rate according to the IMF = $3.22. Therefore, an RI would be back to the legal Rate of $3.22

link http://www.imf.org/e...ng/1204.htm////

Is this one of the reasons that Chapter 7 release is so important?

[Doc31]

Doc...read the CBI website. Do you think the country's official bank representing them worldwide is wrong? The monetary history will show you the accepted international rate prior to sanctions.

You're a bright guy but missing that is really odd.

There is zero chance it is a low rate that climbs. It will be a supportable rate that represents their internal and future wealth.

Go read my post again ... this time pay attention

... your opionion of how it will come out is merely your opinion ... I simply said that that URL page gave each of the different camps a name and proceedure to support their claims ... I didn't pick a side.

And you want me to read the CBI website ... that makes me laugh ... and by the way a central bank is not "the country's official bank representing them worldwide" ... go read about our Fed ... it's a trust ... not run by the government ... not for the people ... not for the country

Geez ...

Doc31

[Sirius]

And you want me to read the CBI website ... that makes me laugh ... and by the way a central bank is not "the country's official bank representing them worldwide" ... go read about our Fed ... it's a trust ... not run by the government ... not for the people ... not for the country

Geez ...

Doc31

Yeah, trying to tell the LOP crowd that is hopeless. But facts are facts.

[HopefulTxn]

Doc...read the CBI website. Do you think the country's official bank representing them worldwide is wrong? The monetary history will show you the accepted international rate prior to sanctions.

You're a bright guy but missing that is really odd.

There is zero chance it is a low rate that climbs. It will be a supportable rate that represents their internal and future wealth.

Joe P

Before you challenge Doc31, you may wish to check out this Link, it's the CBI's document on currency, value, etc from 1991 to June 2003. Take a look at the 'Prices' page about 2/3rd's the way down which shows the actual exchange rates for the period. 1991 was stated to be $0.10.

Great job easy and you are right!

That is exactly what the IMF says!

Here is that link that shows that rate:

http://www.imf.org/external/np/fin/tad/exportal.aspx?memberKey1=460&date1key=2011-06-30&category=EXCHRT

But just know that 3.22 is not in USD but in SDRs and 1 SDR = $1.60

So that 3.22 SDR = $5.15

Link to SDR rates:

http://www.imf.org/external/np/fin/data/rms_sdrv.aspx

Fantastic job Easy! So it is even better than $3.22 it is $5.15

Oh, and by the way those rate are the OFFICAL rates as per the IMF so do not let people who are ill informed who have not done proper studies tell you that that old rate was not real and only set by Saddam.

Thanks again Easy!

Go RV

Sorry but checked you link as well and there is nothing that states 3.22 in either SDR's or in USD. There is a value of 3.24 SDR's listed, however that was in 1985.

Not sure you meant to show a page that actually goes against easy's original post, if you notice the page you put up actually shows the SDR value of the dinar as 0.000466938 in September of 2004.

So either your link debunks easy's original post, or the IMF didn't recognize the 'legal rate' that is being claimed.

Edited July 25, 2011 by HopefulTxn

[aliciadogz]

I would be very happy with that.Thanks EASY!!!

[TimS]

i was looking around the net. I came across this from the IMF website found it interesting so i thought id share.

According to the IMF Classification of Exchange Rate Arrangements and Monitary Policy Frameworks document, Iraq is a de juris (by law) Regime presently in a de facto (by fact) Arrangement! The de juris Rate according to the IMF = $3.22. Therefore, an RI would be back to the legal Rate of $3.22

link http://www.imf.org/e...ng/1204.htm////

That ship sailed along time ago.....they cannot RI to the rate of $3.22 at a time when they had 27 billion dinar in circulation when they now have 27 trillion dinar in circulation. I don't care how much oil they have. You are all dreaming.

[nemesis760]

Hey Folks,

Guess what else this means for us, if true?

If Iraq only does an RI rather than an RV, whether its a rate of $3.22 per each IQD, or adjusted for inflation to $3.86 to one IQD, we would owe no taxes to the US Treasury/IRS since it would not have anything to do with raising the value of their currency. It would merely be a Re-Instating of the former rate prior to when sanctions were implemented. Thus, our holdings of IQD could not be declared as making a profit from an investment.

Now that's what I call a real bonus situation, and one I am certain the US government politicians would not be too pleased with.

Of course, this is only my opinion after reading some of the tax information provided to us on the tax forum, but I think it is looking ever more brighter by the minute.

Please give your opinions, whether in favor or not.

Wouldn't our intake of cash increase upon exchange, being categorized as income, or capitol gain? Either way, wouldn't we still have to pay taxes? I don't know, i am really just asking, or adding to the question, I could live with the no taxes though

Go R....I?V?

Before you challenge Doc31, you may wish to check out this Link, it's the CBI's document on currency, value, etc from 1991 to June 2003. Take a look at the 'Prices' page about 2/3rd's the way down which shows the actual exchange rates for the period. 1991 was stated to be $0.10.

Sorry but checked you link as well and there is nothing that states 3.22 in either SDR's or in USD. There is a value of 3.24 SDR's listed, however that was in 1985.

Not sure you meant to show a page that actually goes against easy's original post, if you notice the page you put up actually shows the SDR value of the dinar as 0.000466938 in September of 2004.

So either your link debunks easy's original post, or the IMF didn't recognize the 'legal rate' that is being claimed.

Shouldn't we be looking at the rate when the war began? That date would be March 20th 2003. So 2.53 looks like the rate there. Is that correct for an RI?

[HopefulTxn]

Shouldn't we be looking at the rate when the war began? That date would be March 20th 2003. So 2.53 looks like the rate there. Is that correct for an RI?

The problem was one post, which was from December 2004 that made one claim of the IMF stating something was attempting to be supported by another post. That was what was being pointed out, that the second post was actually debunking the post it was meant to support.

Unfortunately it does not appear that the IMF site is a good source for research of Iraqi economic data during Saddam's reign. The earliest document available on their site is from 1997 and is regarding the issues dealing with oil for food and such. There was no reason for Saddam to disclose the actual value of the dinar to the IMF as he was not lobbying to borrow money from them - their first dispersal of funds was not until 2004.

It is interesting to see the transparency of the CBI take place within the IMF pages. Two days prior to the CBI delivering their first ever Letter of Intent to the IMF in order to secure a loan is when the SDR value shows the massive drop.

Sept 22nd value in SDR's drops dramatically

Sept 24th CBI delivers first Letter of Intent requesting a loan

Oct 4th IMF releases 297.1 million SDR's to Iraq

It basically seems that a country doesn't have to play by the rules of the IMF and their reporting requirements unless you are participating in their programs and/or borrowing money. Iraq didn't have to provide the IMF with actual value of the dinar prior to 2004 since the IMF was not active in working with their economy/central bank, so the SDR value would only reflect what the CBI claimed it was, which is what Saddam claimed it was - which we all know wasn't the real value.

[Joe P]

hey doc,

I've always enjoyed your posts, but you stating the following information is a lie or false means we can no longer believe any governmental document or publication?

This link is factual.

http://www.cbi.iq/index.php?pid=History

Best

[coldwarvet]

Great thread, guys. This is what DinarVets is all about! Thanks for the info and discussion.

[jv1054]

DOES ANYONE KNOW THE EXCHANGE RATE FOR KUWAITI DINAR?

[despain]

Man, Easyrider, do you ever sleep? Thanks for the info. I hope you are right.

[Doc31]

hey doc,

I've always enjoyed your posts, but you stating the following information is a lie or false means we can no longer believe any governmental document or publication?

This link is factual.

http://www.cbi.iq/in...php?pid=History

Best

Of Course the link is factual ... but show me where I said "lie or false" ... uh huh ... and here's the info from your link ...

... although in late 1989, the black market rate was reported to be 1.86 dinars for US$1 ...

Please explain to me how that works ... I mean where it costs you $3.22 and you sell it on the black market for $1.86. Yep ... without coffee this morning I said $.86 prefaced with "IF MEMORY SERVES" ... so it was $1.86 ... the point is exactly the same. Saddam "ARTIFICIALLY" held the price of the dinar at $3.22.

Here's the scoop ... I'm not arguing that it sat at $3.22 FOR YEARSSSSSSSSSSSSSSSS ... merely that the rate du joir (lol) isn't supported by the article ... AGAIN ... find the IMF article that supports it and the premise is locked ... don't and you have a he said she said crap shoot!

Geez ... you folks need to take a deep breath ... then read and re-read

Peace

Doc31

Edited July 25, 2011 by Doc31

[Munsch]

... so it was $1.86 ...

I am still running to the bank with that number. Yes!

[RVDinar4MyFamily]

I am still running to the bank with that number. Yes!

Thats what I keep thinking as I read

Edited July 26, 2011 by RVDinar4MyFamily