Electronic Iqd...

[Umbwakali]

So here goes.....I have 25million IQD in a bank in Iraq in electronic form. What happens to these funds since there are NO physical currency bills in the event of a LOP.

Edited September 22, 2011 by Umbwakali

[Dinar Buddy]

You could consider a vacation to Iraq to reader a refund?

[Bambino3]

25 million IQD is 25 million IQD, if you have it in your sock drawer, or if you have socked it away in a bank. The only question is, do you trust the bank and what remedies do you have to go after them if they fail?

[donnydoright]

So here goes.....I have 25million IQD in a bank in Iraq in electronic form. What happens to these funds since there are NO physical currency bills in the event of a LOP.

Nobody answered you question so i am going to try to....Lets compare what happens to Cash Dinar vs. Electric Dinar in the event of a LOP

Cash Dinar:

You hold 25 million Dinar it cost, Appx. $21367.52...All of a Sudden it LOP's, You must now find a bank or dealers that will Exchange your 25 million Dinar for USD Cash, IF you find a bank in most cases there will be ATLEAST a 20% spread....So what you end up with is $17,094.02, Now if you still believe in the Dinar, you must purchase the NEW IRAQI DINAR, there of course will be another spread around 20% so you end up having to buy around $13,675.22 worth of the NEW IRAQI DINAR, which comes out to 16,000 Dinar

Dinar in Bank Account:

You hold 25 million Dinar it cost, Appx. $21367.52....All of a Sudden it LOP's, you now look into your bank account and it has changed from 25,000,000 to 25,000....thats all that happens

Edited September 22, 2011 by donnydoright

[mac06gt]

IMO electronic dinar helps you only if they come in low with the RV and put a timelimit on initial cash out.( 90 days)

Then you'll be set with your electronic IQD! Just sit back and watch the guys with currency only try and exchange

for lower demons or just take their 10 cents/ dinar. I'll keep my electronic account til it gets to $3.22!!!!!!

Just my take on it

[donnydoright]

IMO electronic dinar helps you only if they come in low with the RV and put a timelimit on initial cash out.( 90 days)

Then you'll be set with your electronic IQD! Just sit back and watch the guys with currency only try and exchange

for lower demons or just take their 10 cents/ dinar. I'll keep my electronic account til it gets to $3.22!!!!!!

Just my take on it

Don't forget about interest! It helps if they come in high also! just doing basic math...7% interest on 15 million dinar at 1-1 is 1,050,000 a year and warka pays twice a year, so that is $525,000 every six months just in interest...and with Wire fee's being only about $50...You can live off the interest and never touch the principle....

If you have 15 million dinar in cash and it RV's 1-1, you're going to have to exchange it to USD, of course there will me ATLEAST a 20% spread, so your down to 12 million, and with the 1-2% interest rate at most US Banks...thats only $240,000 you can live on that....but not as well as on $1,050,000

[HopefulTxn]

So here goes.....I have 25million IQD in a bank in Iraq in electronic form. What happens to these funds since there are NO physical currency bills in the event of a LOP.

*IF* that situation happened, your 25 million dinar (worth about $21,400 USD) would be changed to 25 thousand dinar but would still have a value of $21,400 USD.

You would not lose any actual value to your account, the only thing that would change is the amount of dinar that reflects that value.