Finance committee is expected to equal USD IQD

[Carrello]

If you are speaking of NBK (National Bank of Kuwait) this is what is listed on their home page: http://www.nbk.com/nbknetwork/Iraq_en_gb.aspx

NBK was one of the original three banks to be granted a license to operate in Iraq and later in 2005 the first bank to successfully complete the purchase of an Iraqi bank, (Credit Bank of Iraq ‘CBI’). CBI was originally set up in 1998 by traditional Iraqi merchant families with a paid up capital of ID200 million before the bank was listed on the stock exchange in 2004. In 2005, when NBK acquired its 75% stake in CBI, it also increased the bank’s capital. NBK helped develop CBI and advance it to be one of the top private banks in Iraq

Today, CBI offers a range of services for retail customers, as well as transfer and trade finance services for local and international companies and contractors. CBI’s branch network includes ten branches in Baghdad, one in Basra and one in Hellah in addition to a business center in the MTC Iraq/Atheer premise in Mansour. As communications and security continue to improve, CBI is working to widen its product offering and increase its reach.

In addition to having a branch in New York, they also list a net profit of USD$219,000,000 for the first nine months of 2011. It would seem to me that with ten branches in Iraq, one could deposit IQD in New York for transfer to an Iraq account.

GH

George, I phoned the NBK in NYC and I was told they do not accept foreign currencies on deposit. They are looking US investors and only deposit dollars. 212-303-9800

[George Hayduke]

George, I phoned the NBK in NYC and I was told they do not accept foreign currencies on deposit. They are looking US investors and only deposit dollars. 212-303-9800

Wow, DD at work! Great follow up.

I wonder though, if after the IQD goes live, will they have a change in policy?

GH

[enjoywealth]

Bondlady or Adam or paperboy and other experts - please help me understand this. Deleting 3 zeros means the 25000 note is really a 25 Dinar note, right? Then at a 1:1 RV, that 25000 Dinar note is really worth USD 25? Yikes !!! So a 1,000,000 stash is really worth $1000? Most of us paid $1100 minimum for the Dinars (past year). So do we have a negative ROI on this investment?

Somehow this does not make sense given the international community

including the US Treasury who has invested Trillions by now.

Any joy on this gang ???

[Jaxinjersey]

Bondlady or Adam or paperboy and other experts - please help me understand this. Deleting 3 zeros means the 25000 note is really a 25 Dinar note, right? Then at a 1:1 RV, that 25000 Dinar note is really worth USD 25? Yikes !!! So a 1,000,000 stash is really worth $1000? Most of us paid $1100 minimum for the Dinars (past year). So do we have a negative ROI on this investment?

Somehow this does not make sense given the international community

including the US Treasury who has invested Trillions by now.

Any joy on this gang ???

Enjoywealth... welcome! Unfortunately that is quite a possibility, and ongoing debate... and you need to catch up. I always recommend visiting the LOP Section forum, and keep your eyes open for current discussion (pretty much daily!). Also, understand that that $25 will be even less with spreads and fees... IF a lop occurs. Good luck to us all.... keep researching!

[enjoywealth]

Enjoywealth... welcome! Unfortunately that is quite a possibility, and ongoing debate... and you need to catch up. I always recommend visiting the LOP Section forum, and keep your eyes open for current discussion (pretty much daily!). Also, understand that that $25 will be even less with spreads and fees... IF a lop occurs. Good luck to us all.... keep researching!

many thanks...

[Carrello]

Wow, DD at work! Great follow up.

I wonder though, if after the IQD goes live, will they have a change in policy?

GH

I was told it was no to any foreign currency. But IQD may be a different story due to logistics. I asked specifically about IQD, but this information was coming from someone answering the phone too. I asked for an account manager, but hit the receptionist wall. A phone call after the RV couldn't hurt.

[unirod]

I was told it was no to any foreign currency. But IQD may be a different story due to logistics. I asked specifically about IQD, but this information was coming from someone answering the phone too. I asked for an account manager, but hit the receptionist wall. A phone call after the RV couldn't hurt.

Carrelo& GH,

Thanks for the research. The bottom line with me is how much the spread will be on cashing in at an American Bank. If they attempt to screw me, then I will look to take a road trip. There will be hundreds of International Banks that will treat my IQD exchange fairly. And I could bet you Warka won't have a spread in Iraq.

[Carrello]

Carrello - that was pretty much my question. It appears his answer is intended to be humorus in that the Warka home page does not list a branch in Kurdistan. But, now after reading another post regarding digital banking it does not appear having ones IQD in a Warka account will protect it from a devaluation.

For right now, I will remain a cash and carry RV hopeful.

Best to you this week.

GH

Thanks George, and the best to you this week. Maybe you will make it up to Signal Hill....nod nod wink wink