TO Warka or NOT to Warka

[JOHNJOHNNY]

To Warka or not to Warka is the question? So, with the new Re-dom comming of our cash we all are holding. Is the Warka Bank accounts going to keep our Dinar's valve? If I deposit 40 25,000 dinar notes in Warka and they Re-dom DO I have 1,000,000. single Dinars in the bank or not. Or do I have 40 25. Dinar notes? How will all this work for us?

[Mesha]

Good question...

[mrref]

They will give you whatever the exchange rate is, or if you wish to keep it (Dinars) in Warka you're dinars will change as the rate changes, this was the way that it was explain to me.

[Jay Lee]

I believe, the re-denom will not affect the Dinars we already hold. Only the new created currency

[JSOD67]

IMO you will still have 1,000,000 Dinar but the exchange will be worth more if you convert it.

[JOHNJOHNNY]

So, If I understand in my little mind,,,,, Once you have deposited your large notes, 25,000. into Warka there are NO "000" to deal with only "1.00"Dinar's like $1.00 dollars. The value of "one" is "one" for the RV

[retep2010]

Hmmmm i will ask i will have an answer hang tight.....

[bio-tonerrrrrr]

Warka or no Warka?? That is the question. Must trust the banks if Dinar and Iraq is to have a currency into the future. Peace and banking is a must. Warka or not is the $67,000 question.

[ghaggerty]

If I've read correctly the information says that 1000 dinar note will be the same value as a 1 dinar note when the 000s are dropped. What that means to me is that the value of 1 will be equal to the value of 1000. So 1=1000, then it's only logical that 1000=1. What that translates to in USD is what I'm interested in...

[Joe P]

why put in warka instead of normal banks?

[Jigga]

they are not deleting the zeros anymore.....which to me says that the redenomination is out of the picture.....but they still want to get the bigger bills out of circulation by the end of the year so the quickest way i see they can do that is by re-valuing the currency on the hopes that most speculators like us will cash in our big bills asap

[robin4iraq]

guys, Warka IS the bank. It is the largest bank in Iraq. They have a branch at the US Embassy. Almost opened my account when I was there. Hesitated and waited untill I got home. Rather than pay a broker to ship me Dinars and let him make a bunch of money, I opened a legitimate bank account with Warka. I have a US savings account that pays 3% interest (better than I'll ever get here), I transfer most into a IQD savings that pays 6% interest and a IQD 3 month CD pays 8.5%. I am just making good interest while I am waiting for the value of the dinar to rise. When it goes up in value against the dollar, be it next month or 3 years from now, I transfer it back to the USD account, which now its worth a lot more, and then transfer it back here.

No broker commissions, no shipping, no worries about having to ship my bills back, with another commission taken out no doubt, to be replaced with new currency. I'm afraid all my friends holding actual currency are going to get creamed by the brokers if the IG pulls all the cash back to be replaced with new bills. Hope they dont do that.

[robin4iraq]

Its a bank. You would have a bank account with 1,000,000 IQD. and it would pay you interest. If the value of IQD goes up against the dollar, you get the amount of dollar it buys when you convert it back, so you make money. If 1 IQD is worth $.0085usd today, and a year from now its worth $.25usd, you convert it back to USD at the going rate, youve done well.

When you deposit 10 - $100 bill into Wachovia, do you think you have 10 $100 bills, or do you have $1000 in the bank? Its a bank.

[robin4iraq]

the dropping of the '000' is only for the cash, to make cash handling cash easier. It doesnt affect the amount in the bank.

[Cricket]

Please explain to me what a warka is?

[summer]

Warka is the name of the bank.Its a bank

[golferking]

no for me, i'll keep mine in my hands.

[3.47 or bust!!!!]

guys, Warka IS the bank. It is the largest bank in Iraq. They have a branch at the US Embassy. Almost opened my account when I was there. Hesitated and waited untill I got home. Rather than pay a broker to ship me Dinars and let him make a bunch of money, I opened a legitimate bank account with Warka. I have a US savings account that pays 3% interest (better than I'll ever get here), I transfer most into a IQD savings that pays 6% interest and a IQD 3 month CD pays 8.5%. I am just making good interest while I am waiting for the value of the dinar to rise. When it goes up in value against the dollar, be it next month or 3 years from now, I transfer it back to the USD account, which now its worth a lot more, and then transfer it back here.

No broker commissions, no shipping, no worries about having to ship my bills back, with another commission taken out no doubt, to be replaced with new currency. I'm afraid all my friends holding actual currency are going to get creamed by the brokers if the IG pulls all the cash back to be replaced with new bills. Hope they dont do that.

Very well put Robin!!

I also have gone the Warka route and believe in making my dinars work for me. I also have a few cd's and a savings account in Warka.

However I believe in the trifecta...

1) Warka - CD's and IQD savings account - p.s. I just got my warka mastercard ... really cool

2) Cash in hand

3) ISX - A diverse portfolio covering all major industries - currently i'm in the black

My reasoning for this is that at some point in time Iraq will rebound and I want to be in the picture. Warka covers my money in iraq and with my master card i can spend my money anywhere in the world.... and keeps it growing....cash in hand covers my local exchanges... and ISX covers the growth in their industries.. especially getting in there when the stocks were/are really inexpensive and before minimum purchase limits make them out of reach.

I prefer to spread my risk and cover all angles.. Just my opinion.

[ruger]

yes it can't hert

[mossdon]

Is there any danger of id being stolen in iraq? I understand you have to send a copy of drivers license with app.

[puppylove]

Is there a minimum amount needed to open a warka acct? if not one could just open an acct with a small amt of money, then when the rv occurs you could add to that amount with what you are physically holding in the U.S. or whereever you may be and then transfer it back to your U.S. bank in dollars. Does that sound feasible??