Frank26 Security and stability is now rampant at the CBI, at the GOI, because those that were stealing your country’s [Iraqi’s] value are [gone]…
Sandy Ingram Why is the IQD not globally traded? First it’s because of capital controls. Iraq restricts the flow of its currency across borders. Second, there’s a lack of market confidence due to war, sanctions and corruption. The IQD isn’t trusted as a stable investment by international markets. Third we have sanctions and compliance issues. Concerns over dollar leaks to sanctioned nations like Iran make most global banks wary of dealing in IQD. Finally, there’s no offshore clearing or liquidity. There’s no active IQD trading infrastructure abroad…
Kaperoni Good news for Iraq! The financial system is improving and soon to be integrated internationally as well as the dinar becoming stronger (within compliance).
Frank26 [Post 1 of 2] Bank of New York (Bank of New York Mellon Corporation) story…Bank of New York has no retail branches…I went on their website…you just put your name and phone number and they contact you…The first person to contact me I had three conversations with him. He was a certified financial planner, series 7, who called himself junior but he’s very intelligent. He did the interview process with me…I told him my wife is from Iraq…I told him we had an ‘inheritance’ coming in…As soon as they find out you’re doing a speculative investment they shut you down…They asked, what are you looking for? I said I’m looking for a family front office situation services…
Frank26 [Post 2 of 2] They have tax services, trusts and foundations, legal services, tax advantages, trust brokers, investment brokers, all within there. That was the 4th conversation. We proceeded a couple weeks. I didn’t push them, just waited…I got an email from a managing director…BNY, they’re considered the correspondence bank for the whole United States Treasury…They have 54 trillion under management…I asked if he was a fiduciary. He said yes but also a series 7 certified…You have to approach them with humility. You can’t come to them and say, ‘I know the dinar or dong or whatever is happening’ because legally you put them in legal jeopardy saying that...I encourage everybody please don’t use “RV” and don’t use “guru speak” they’ll shut you down and put you on the blacklist. Please do not do that. Be humble and love them because they’re trying to help us.
Clare Article: “Sudanese advisor: Colorful noise behind the dollar’s rise” Quote: “Salih, explained…the rise in the US dollar exchange rate against the Iraqi dinar in the parallel market is due to what he called ‘information noise’ related to the Iran-Israel war…The secondary exchange markets do not represent any economic value in stabilizing the national economy today, as long as the fixed exchange rate and external value of the Iraqi dinar are tied to foreign currency reserves that are the highest in the country’s monetary history, and the efficiency of those reserves exceeds fifteen months of trade coverage, compared to the global standard of three months.”
Sandy Ingram At this point the dinar is unlikely to see meaningful appreciation unless Iraq shifts to a free floating exchange rate or undertake sweeping financial reforms…
Frank26 Mr. Sammy says that when July hits and the salaries are paid they’re going to be paid only in cards and only the folks that us those cards are going to get paid…We think this will help to push the hordes of cash folks have in their homes… FRANK: This is really sweet. This is really smart. I have a feeling it’s the United States Treasury that did this.
MarkZ Article: “Bank reforms towards a more efficient bank structure” Part of the white paper reforms to increase the purchasing power of the dinar. We know what their goal is and we are watching the steps. This is the final stages.
Bruce [via WiserNow] …they’re talking about this going over the weekend…we should be receiving our emails with the 800 number on it…and exchanges, I’ve been told should be very early this week. I don’t know if that means Sunday or Monday. I think both days are even possible. Even Sunday is possible. So we’ll see what that looks like.
