JOHN CORNYN United States Senator

[Punks]

Dear Mr. Punko:

Thank you for contacting me regarding the valuation of the Iraqi dinar. I appreciate having the benefit of your comments on this matter.

As you may know, the dinar is the currency of Iraq. The U.S. Treasury Department recently provided the following information in response to my inquiry regarding the valuation of the Iraqi dinar:

The Treasury Department does not prohibit U.S. citizens from exchanging dinar for dollars. Treasury is not aware of any U.S. financial institution engaged in the exchange of Iraqi dinars for U.S. dollars though it seems that there are some online money services businesses (MSBs) that do offer such a service. Treasury does not recommend or endorse any such business.

In Iraq, registered banks and foreign exchange dealers licensed by the Iraqi Central Bank, in accordance with the Iraqi Central Bank law, can exchange Iraqi dinars for U.S. dollars at the daily currency auction held by the Iraqi Central Bank. The exchange of Iraqi dinars for U.S. dollars in Iraq is facilitated through these licensed institutions. The official exchange rate is currently quoted at 1,170 Iraqi dinars per 1 U.S. dollar.

I hope you find this information useful. I appreciate having the opportunity to represent the interests of Texans in the United States Senate. Thank you for taking the time to contact me.

Sincerely,

JOHN CORNYN

United States Senator

517 Hart Senate Office Building

Washington, DC 20510

Tel: (202) 224-2934

Fax: (202) 228-2856

http://www.cornyn.senate.gov

[tjmunson]

This is very good info. The Senator is confirming, IMO, that the point of the auctions is to bring IN dinar and give out USD. Great post. Thank you

Peace

[Punks]

I would like to add some additional information to my previous post ... I own a Company in Texas. One of my clients that specializes in the trading of international currency came in today. I showed him the 10,000 & 25,000 Iraqi Dinar notes I possess. He pulled a thick magazine out of his brief case and referenced the money. The notes I hold are indeed the current currency of Iraq. Then he pulled a card out from a company that he deals often with ... I think the card read Telex or something close to that. He called the person on the card and asked them what their current position on the ID is and what they would recommend to him. They told him that they are currently buying ID and holding them in their Central Vault. They are not reselling them! They told him they are hearing of an RV and they are recommending a "hold" position. Perhaps I am just an optimist that sees the world through rose colored glasses but I cannot help but to be enthusiastic about today's events!

[wpsmit]

I would like to add some additional information to my previous post ... I own a Company in Texas. One of my clients that specializes in the trading of international currency came in today. I showed him the 10,000 & 25,000 Iraqi Dinar notes I possess. He pulled a thick magazine out of his brief case and referenced the money. The notes I hold are indeed the current currency of Iraq. Then he pulled a card out from a company that he deals often with ... I think the card read Telex or something close to that. He called the person on the card and asked them what their current position on the ID is and what they would recommend to him. They told him that they are currently buying ID and holding them in their Central Vault. They are not reselling them! They told him they are hearing of an RV and they are recommending a "hold" position. Perhaps I am just an optimist that sees the world through rose colored glasses but I cannot help but to be enthusiastic about today's events!

Is this a disguised bank story? LOL

[hoopdog]

Dear Mr. Punko:

Thank you for contacting me regarding the valuation of the Iraqi dinar. I appreciate having the benefit of your comments on this matter.

As you may know, the dinar is the currency of Iraq. The U.S. Treasury Department recently provided the following information in response to my inquiry regarding the valuation of the Iraqi dinar:

The Treasury Department does not prohibit U.S. citizens from exchanging dinar for dollars. Treasury is not aware of any U.S. financial institution engaged in the exchange of Iraqi dinars for U.S. dollars though it seems that there are some online money services businesses (MSBs) that do offer such a service. Treasury does not recommend or endorse any such business.

In Iraq, registered banks and foreign exchange dealers licensed by the Iraqi Central Bank, in accordance with the Iraqi Central Bank law, can exchange Iraqi dinars for U.S. dollars at the daily currency auction held by the Iraqi Central Bank. The exchange of Iraqi dinars for U.S. dollars in Iraq is facilitated through these licensed institutions. The official exchange rate is currently quoted at 1,170 Iraqi dinars per 1 U.S. dollar.

I hope you find this information useful. I appreciate having the opportunity to represent the interests of Texans in the United States Senate. Thank you for taking the time to contact me.

Sincerely,

JOHN CORNYN

United States Senator

517 Hart Senate Office Building

Washington, DC 20510

Tel: (202) 224-2934

Fax: (202) 228-2856

http://www.cornyn.senate.gov

I was curious as to what you said in your letter to the Senator? I live in Illinois and was actually just out with one of our Senators and would like to send him a letter about it, just to see what he has to say, but would like the letter to at least contain some facts. Did you just send a basic letter, or did you ask specific questions? Thanks for the info.

[Punks]

In my letter to both Senators from our State I explained that many conservative Texans have substantial holdings of the Iraqi Dinar and was wondering what information his Office may have regarding its possible revaluation. I also added, to get their attention, that an RV would funnel enormous resources into their campaigns and help them with their re-elections... . I like the fact that they actually took the time to contact the Treasury Dept. and that it is legal for US citizens to hold the curency.

For those of you that think I'm a Pumper get a life! My Company's name is Express Media Services, Inc. (*******************************) and we would be more than happy to provide our CD/DVD Duplication services to anyone with that requirement. Also, like an idiot, I left my name on the Letter from the Senator.

Edited August 12, 2011 by k98nights
Do NOT promote your business here without previously asking Adam!

[aliciadogz]

Thanks for honesty it always freshing and thanks for your post.

[TQueezy]

Dear Mr. Punko:

Thank you for contacting me regarding the valuation of the Iraqi dinar. I appreciate having the benefit of your comments on this matter.

As you may know, the dinar is the currency of Iraq. The U.S. Treasury Department recently provided the following information in response to my inquiry regarding the valuation of the Iraqi dinar:

The Treasury Department does not prohibit U.S. citizens from exchanging dinar for dollars. Treasury is not aware of any U.S. financial institution engaged in the exchange of Iraqi dinars for U.S. dollars though it seems that there are some online money services businesses (MSBs) that do offer such a service. Treasury does not recommend or endorse any such business.

In Iraq, registered banks and foreign exchange dealers licensed by the Iraqi Central Bank, in accordance with the Iraqi Central Bank law, can exchange Iraqi dinars for U.S. dollars at the daily currency auction held by the Iraqi Central Bank. The exchange of Iraqi dinars for U.S. dollars in Iraq is facilitated through these licensed institutions. The official exchange rate is currently quoted at 1,170 Iraqi dinars per 1 U.S. dollar.

I hope you find this information useful. I appreciate having the opportunity to represent the interests of Texans in the United States Senate. Thank you for taking the time to contact me.

Sincerely,

JOHN CORNYN

United States Senator

517 Hart Senate Office Building

Washington, DC 20510

Tel: (202) 224-2934

Fax: (202) 228-2856

http://www.cornyn.senate.gov

I could be really reaching far for this one, but...

Note the first time he mentions exchange, he says "dinar for dollars" and the second time, he says "dinars for dollars."

Is his first one, DINAR for DOLLARS, indicating that 1 singular dinar will net you more than a single dollar? Interesting, but I could just be super-reaching...

[amhvl]

Great post. Your transparency only adds to your validity. If only more posters were like you. GO RV!

[Deltori]

I would like to add some additional information to my previous post ... I own a Company in Texas. One of my clients that specializes in the trading of international currency came in today. I showed him the 10,000 & 25,000 Iraqi Dinar notes I possess. He pulled a thick magazine out of his brief case and referenced the money. The notes I hold are indeed the current currency of Iraq. Then he pulled a card out from a company that he deals often with ... I think the card read Telex or something close to that. He called the person on the card and asked them what their current position on the ID is and what they would recommend to him. They told him that they are currently buying ID and holding them in their Central Vault. They are not reselling them! They told him they are hearing of an RV and they are recommending a "hold" position. Perhaps I am just an optimist that sees the world through rose colored glasses but I cannot help but to be enthusiastic about today's events!

Thanks "Punks" I like what I'm reading and I too appreciate your transparency. We all appreciate it here on Dinar Vets as we are all working to dig through the static for some sense of whats to come.

GO RV!

[Alex38]

Great note!

[Punks]

Just to further validate my posts I am going to get the name of the magazine my client referenced as well as the name of the company he called... I've sent him an email and will post the information once I receive his reply.

[en1gma]

Imo, pumper.

Sorry that is just what I see...and you were especially quick to bark that you weren't one.

[Punks]

This is my clients web site, *********************** You decide for yourself if he is qualified...

Edited August 12, 2011 by k98nights
Removed link to business

[DAME1]

Thank you and I believe you however as I have stated from what I have been told as long as Iraq is using the US dollar there is no need for an RV....I don't like hearing or saying this...Hope I'm wrong.....

[Punks]

LOL.. I hope you're wrong too!

[wpsmit]

WOW, I got more negs than the one who called him a pumper? c'mon yall, I even put LOL in my little joke. I actually loved the post and found it very believable

[Punks]

I'll give ya a +1 wpsmit!

[debbieb40]

thank you for the find and post

[wpsmit]

I'll give ya a +1 wpsmit!

Well thanks Punks

[Punks]

I do what I can... lol

[ccbull]

wpsmit, I will give you a +1, man you cant win for losing.

[tyron]

Thank you and I believe you however as I have stated from what I have been told as long as Iraq is using the US dollar there is no need for an RV....I don't like hearing or saying this...Hope I'm wrong.....

Why do you say this?

[DinarMillionaire]

This is the same "Talking Points" letter that was posted here before to LeBouder, whoever that is...had no letterhead as seen below...Maybe all Senators get these "Talking Points". I don't know.

Iraqi Dinar Fact Sheet

July 2011

• The U.S. Treasury does not hold Iraqi dinars. Official U.S. foreign exchange reserve assets are comprised of euro, yen, gold, and Special Drawing Rights (or SDRs), an international reserve asset created by the IMF in 1969 to supplement its member countries’ official reserves.

• A redenomination of the Iraqi currency would not lead to a revaluation by the same amount, and may have no effect on the currency’s value. Under a redenomination, a new currency replaces an old currency, but the value of the currency remains the same. On June 21, 2011, the Central Bank of Iraq (CBI) announced that it would be implementing a redenomination of the Iraqi dinar. Under the proposed redenomination, the Iraqi government would issue a new dinar note that will be equivalent to 1000 current dinars. The exchange rate would be 1.17 new dinars to the dollar, equivalent to 1,170 current dinars to the dollar.

• As a sovereign nation, Iraq has the sole responsibility for the management of its currency. The U.S. government is not in a position to revalue, or prevent the revaluation of, another country’s currency.

• The Iraqi dinar has been pegged at 1,170 dinars to the U.S. dollar since early January 2009. From 2006 to 2008, the CBI allowed the currency to appreciate by about 20 percent, primarily as a way to combat inflation (see chart at right). Inflation peaked at more than 70 percent in 2006 and has remained below 10 percent since early 2008.

• The Treasury Department does not prohibit U.S. citizens from exchanging dinar for dollars. Treasury is not aware of any U.S. financial institution engaged in the exchange of Iraqi dinars though there are some online money services businesses (MSBs) that advertise this service. Treasury requires certain MSBs to register with the Financial Crimes Enforcement Network (FinCEN), but does not recommend or endorse any such business.

• Executive Order 13303 does not pertain to U.S. citizens’ investments in the Iraqi dinar. The Order protects assets of the Development Fund for Iraq (DFI) and other Iraqi assets from legal attachments or liens. The Coalition Provisional Authority created the DFI in 2003 in order to promote the transparent use of Iraqi funds for purposes benefiting the people of Iraq.

Edited August 11, 2011 by DinarMillionaire

[rkpdwp]

In my letter to both Senators from our State I explained that many conservative Texans have substantial holdings of the Iraqi Dinar and was wondering what information his Office may have regarding its possible revaluation. I also added, to get their attention, that an RV would funnel enormous resources into their campaigns and help them with their re-elections... . I like the fact that they actually took the time to contact the Treasury Dept. and that it is legal for US citizens to hold the curency.

For those of you that think I'm a Pumper get a life! My Company's name is Express Media Services, Inc. (www.expressmediaservices.com) and we would be more than happy to provide our CD/DVD Duplication services to anyone with that requirement. Also, like an idiot, I left my name on the Letter from the Senator.

I just tryed to send you and e-mail.e-mail address was no good

Edited August 12, 2011 by rkpdwp