2010 will be great. Lots happening. Elections in Iraq, followed by the Hydrocarbon Law passing. And in summer, there is suppose to be a large US troop withdrawel so, we will see what good gets squeezed out of this.
I plan on having a call this week, maybe on new years eve, not sure….,
Darren Chabluk
The political struggles and chest beating of egos clamering for power and wealth sounds much like us here in the good old USA! Yet, things still get done! RV will happen! Probably, we least expect it.
I wish everyone here a very prosperous 2010 !
I have a good feeling about this new year!
I hope we all have a good 2010.Happy New Year
Today was the last chance for 09 for Iraq to announce the RV and yet no news.I hope 2010 is our year Happy New Year everyone.
Some good reading for the ones that can understand it.
http://www.cbi.iq/pdf/Annual_2008f.pdf
Basicly page 15 tales the tail of the chance of rv this year as being a defo NO NO.
To much IQD not in financle instituts for them to rv, would be far to much risk & possible iqd meltdown.
sorry its page 12 you should look at not 15
Happy new year all
Steve I see on page 12, Table No.2, Currency Outside of Banks by Denominations. Are you saying there is too much money in private hands for a reval to occur?
Hi Trent
Basicly yes if you dont know where your money is how can you account for what will hapen to it.
my other concern is that the higher denoms seem to be the more favoured note in circulation, this again could also point to a currency change or fast recall should it rv.
Small notes seem to be less in circulation & more worrying is the amount of coins NOT in circulation.
All clasic signs to a zero shave or fast note discontinuation.
my brother knows more about the banking sector than me & i will drill him very well in the coming days, will post more when i get it
Regards
Steve
a ‘zero shave’ is a function of a DEVALUATION. A revaluation and a devaluation will not occur at the same time or with the same county.
This is a sign that the CBI will need to buy back a high volume of Dinars in the months (and possibly years) to come BEFORE a reval. This means that as the value continues to go up, a switch will occur from more people are going to start selling back compared to buying more.
Right now people are buying/selling Dinar at 5:1
This means for every 5 dinars sold, 1 dinar is sold back. As the value increases before the reval over time this ratio will go to 4:1, then 3:1, then 2:1 then eventually there will be more people selling dinar than people buying dinar. And this, will even out the numbers.
This stuff of ‘classic signs of a zero shave’ is this your own term you made up? I call it classic signs of your fear of the unknown. Fear of the unknown is one of the greatest common fears of the human.
Every time in the history of currency that a currency was prepared for a revalution there has never been a devaluation. This concern will be handled by the opening exchange rate. And also the timing, oil revenue needs to increase, to increase the pre-reval exchange rate, to increase cbi dinar buy back, and this will even out the numbers to the objectives of the bank.
So we have a long wait then Darren.
If there selling at 5.1 now over 5 years then it will have to be, 4.1, 3.1 & so on before the reval over time.
Seems a very long shoot for the reval this side of next year
Good luck to us all though ay
Exponential growth in oil production can change things quickly.
Darren is there really a need to hold lower denomination dinar in the case of a initial low revaluation rate? Also I have read that a person should open an Iraq bank account to protect aginst this in order to hold on to their money longer till the rate goes up. I have also read that Iraq banks are not insured and not to do this. Could you please clear this up?
Can help a bit Trent.
I have been trying to open a bank account with Warka for over 2 months yet still no joy as yet.
How i see it is this. there is no reason why if cbi want to issue a recall of the large denoms for exchange 1 for 1 ratio, fine if you live in Iraq or have a Iraq bank account, it isnt against the law to do this but it would certainly make a lot of notes not changed up in time worthless thus giving a shed load of free funds or potential excanged dinars lost
I have all denoms but learned in the hard way that larger ones are very high risk.
It would be far better for the cbi to do this before an rv, would save billions.
If you also look up the isx (iraq stock exchange) you will see that the warka bank shares are slidding even further down to nothing than ever before, why, dont know but something is not right.
There is so many ifs & buts to this & i also beleive someone knows the answers but will not let them out of the bag until its far to late for the physical banknote holders to take action, it seems far to easy for joe public to buy them & sit on it for a fortune to be made, if it were that easy banks & financel institutes all over the globe would have snapped up the funds way vefore we could
Darren thanks for answering my question about the Hydrocarbon Law. I recently read your Sept. 30, 2009 post. You said large notes will be honored and we’re looking at a Reval not a Deval. Could you make a comment on my Jan. 1 post above? People are talking about a need for a Warka account. I don’t like the sound of it…What is your opinion?
This was risky 5 years ago when I first bought in but these days it seems alot less risky.I hope the RV happens soon but I will wait 5 more years if I have too.If the risk freaks you out to much sell yours and get out.If you like me like a little risk hold on and enjoy the ride it’s a long 1.
Any word on the CBI auction (the 1st this year)? I heard that 242 million USD worth of IQD was auctioned at 1170 per 1 USD. Isn’t that from 1171?
oops, my bad on that last 1. I misunderstood the info. I guess the volume sold was a big deal and could be promising.
Would someone go to this link and read and make a comment??? Let me know what you think.
http://www.dinarespr.com/pdfs_documents/Iraq%20Summit%20RV.pdf
trent i went to your link and checked out the info. it is dated december 18, 2009 and speculates that a rv is possible soon. it looks official and appears to be the results of a meeting. this info is 3 weeks old and darren hasn’t commented on it yet. makes me wonder if it’s the real deal.
Hi
The info that is contained in the link is a hoax.
First mistake made by the hoaxer is there are 3 stars on the iraqi symbol or flag, the new iraq flag doesnt have any stars, the one on the info link os the old Sadam flag.
Nice hoax thiugh if it were true
All the best
Steve
I am tired of hoaxes and BS rumors.But I still read them.LOL
Matthew thanks for your input, I noticed where you called b.s. on that Joseph guy.
Stephen thanks, good work and good deduction on the bogus news statement.
Would it be inappropiate for me to state here what site I first saw the so-called “monetary news briefing”?
I am also tired of hoaxes. I want real information.
Steve, i think you’re saying it would be good idea to have some lower denoms in hand, say what percentage, or amount, say 250k in 1k bills or 500k in 1k bills? Darren hasn’t answered me on holding smaller denoms so maybe you will?
i know they cost more but if thats what it takes……….oh well.
I come on here and read your comments and just observe. Never commented on anything. I am a new Iraqi dinar investor and I am totally excited about this. I have observed some negative and positive, just the same. Not sure what has to happen in order for an R.V. BUT I have heard that the 2010 budget plays a major factor in it. I also heard that if they don’t come up with a revalue soon, the government will revalue for them… at a locked in rate of $ 1.44 USD Per dinar. Now. You make heads or tails of this news clipping.
In the absence of approving the budget, the Government would resort to “exchange rate mechanism” in the next week! The attorney Saboh Al~Saddi on the mass of virtue that not approving the budget means to give the opportunity for the Government to find the exchange rate mechanism…especially in the twelfth of this month for maintinance work of the ministries and Government institutions.
Just curious if that statement and the “rumor” is one of the same? I have no clue what news clipping it came from…just read it and was curious. I am sure that one of you vets that have held dinar for quite some time, can find that article. WHY would they announce a revalue? That is another one of my questions. I am going to order more tomorrow!
By the way, Trent…. There is your real information. News articles in Iraq are the “real information.” Not quite sure how to dissect them, but that is why I am simply asking opinions on this article. I am not so sure that it is the difference in the zeros on your currency or anything of that nature, at this point. What I am worried about is where am I going to be able to cash my dinars in when (and I specify WHEN) this does revalue? I went to my local bank and asked them if they deal with the Iraqi dinar and the woman at the counter told me “we don’t exchange their currency, we are at war with them!” From what I have seen, we have been helping them rebuild…and we have for some time now. Is she uneducated on “the world today” or am I missing something?
Hi Trent
I reckon that the 25s, 10s & 5 thousands may cause some grief on the cashing in process, the 25 for example if rv was $0.10 would be worth £1500 to us in the UK, not a nice ammount to be taking to the bank for cashing in espec if you have a fair few.
I personaly have around half million in mix notes above but have a very large ammount in 1000s down to 50s.
Even if they recall the bigger notes on first rv i reckon the smaller notes will continue for a very long time after rv so would be easy to hold them for a better rate.
Just a quick heads up for you all i have read online that in Iraq there are already 25s, 10s & 5s in circulation how to get them i dont know but need to verify this is true first, will let you know if so.
Jennofer you are slightly jumping the gun with the going to the bank thing to change them up, you need to read more before you continue with your investments.
I still reckon there will be no RV until after the elections if at all this year.
My guess is when all oil deals have been finaly signed & work begins then you will see a small but tempting RV.
Nice read if your intrested below in the oil deal progress
UPDATE 2-Iraq cabinet ratifies four major oilfield deals | Reuters
Speak soon
Steve
Hi Jennofer
Is this what you read
http://translate.google.com/translate?hl=en&ie=UTF-8&sl=ar&tl=en&u=http://al-iraqnews.net/new/siaysiah/49223.html&prev=_t&rurl=translate.google.com
If this is true this can only get better for all
Steve
Thank you very much for finding that and not making me feel like a fool here. Not normally outspoken on anything…just an observer. What I read went a little more in detail than that…maybe I didn’t read it in depth. As I look at what I printed off after my post earlier, I see that it is the same site, indeed. I just hope that you all saw the same information as I did, behond the quote that I gave you. At the bottom, it says “adding ” “in the absence of radification of the budget during these days Vstjo government to exchange rate mechanism, legal. The effect on 12/ 1 with a view to continuing the performance of ministries and government institutions and service productively.” So, you say this is good news for us? Is this WHEN THEY ARE GOING TO REVALUE THEIR CURRENCY? I need to read the ‘iraqi dinar for dummies” or something because I have only been a dinar investor since November and I am trying to put the puzzle together using multiple pieces at a time and it gets very confusing. I know that most of you have been in this for years so pardon my ignorance. So, maybe can I jump the gun again and ask you
“how are we going to exchange the dinar into U.S. currency?” We invested for that reason, right?
Hi
Sorry the link i posted above doesnt give the full story but can help you with this
click on the link, on web site that you go to select from left side menu bar POLITICAL NEWS, NEXT PAGE BIG LIST OF ITEMS, SCROLL DOWN UNTIL THE NAME Saboh Al~Saddi, CLICK ON THE MORE INFO LINK BELOW THE MAIN TITLE TO READ THE WHOLE NEWS
Regards
Steve
Jennofer
When it rvs or goes on the forex you will be able to walk into any bank, foreign currency exchange bureau and cash into $$$$$$s
Dont worry it isnt a headache
All the best
Steve
Steve is the article Jennofer found ligit or bogus? Also this I where I first saw the summit briefing I posted earlier. Is it a common practice for dinar dealers to post fake information?
http://www.dinarbanker.com/2010-iraqi-dinar-news/
Thank you! It just made me wonder because as we all know, the dinar IS worth say…100k like, $84 american dollars now or something like that, so if I wanted to trade them at that rate, why can I not do that now…but a r.v. changes everything? Is that a stupid question?
Hi Trent/Jennofer
Trent.
First post was fake you sent before but jens was ligit, have to read between the lines with dinar traders they hype it to get peeps to buy, especialy rumour sites, totaly ignore them.
Jen.
All though dinar is worth what you may thing at the mo you cant cash in as the dinar isnt on the market or forex.
There isnt any bank that deals in them in the UK nor the USA, well you can buy from banks in the USA but trading back you get what there buying rate is, usaly less than you pay, texas hold em is the game to play now, sit tight & wait for the R i Ver
XX Steve
Thanks! I appreciate the heads up. I am sure that we will all figure it out when the time comes. Just so many unanswered questions! New to this…forgive me.
No need to apologize Jennofer, we are all learning. That was a good find. Thanks agin Steve.
So, would it be too forward of me to ask any of you your take on this? Does it really look like something will happen on the 12th? And if it does happen, how long do you think it will take for the banks and what was it? Forex? to start trading? And that article. Is the rumor that the government will step in at a $ 1.44 locked in rate if they don’t do something soon and that article one of the same in your opinion? Just curious.
Jen where did you get 1.44 rate, when i go to steve’s link above I’m not seeing a rate? Could you post you a link to what you’re reading? Apparently I got lost somehwere along the way.
Does anyone have a suggestion for a good site to buy 1K dinar bills?
Rumor mill…learned that there is a lot of that in the dinar world and waiting. Word of mouth. But when you see an article like the one I saw, it just seems like it is somewhat half right so why would you doubt the whole rumor? Rumors and facts….it is crazy, I am finding out. I have “heard” so many things… $ 1.44, $ 1.47 , pre war rate over $3, but that rate sticks out to me because I remember “the rumor” that if the government took over on this , it would be “locked in” and at a rate of $ 1.44 and that the iraqis did not want it that low. They want their currency to be worth much more than $ 1.44 usd.
I need to sit down and read this thread. Sorry its busy right now on the road.
Trent says:
January 1, 2010 at 7:17 pm (Edit)
Darren is there really a need to hold lower denomination dinar in the case of a initial low revaluation rate? Also I have read that a person should open an Iraq bank account to protect aginst this in order to hold on to their money longer till the rate goes up. I have also read that Iraq banks are not insured and not to do this. Could you please clear this up?
All the notes will be mixed up like a dogs breakfast on an RV. They will all be worth the same exact rate. Right now the lower notes are worth more per dinar due to supply and demand but its all the same.
As for warka, well, its another way to access Dinar investing, with interest. Its one way to own the currency. Each method has pros and cons. But, its all the same really.
Thanks Darren. Looking forward to your next post!
I really am trying to stay on top of things while managing the support system.
It’s really nice to see friendships being developed on the blog, in a blogging sense at least. We may all look forward to talking with one another on a podcast call as well : ) We do calls once a month where all are invited.
If you have questions for me that I have not answered in the blog please direct them to the support system. Just login to http://DrDinar.com with members login link on that page, or sign up first, them look for the Email Support link. This is the only way I gaurantee individual response times giving you the attention you deserve.
Darren
Hi All
Can only be bad news for the RV on this link.
http://in.reuters.com/article/asiaCompanyAndMarkets/idINL1330207420071213
Never mind another year of will it wont it
Hi Again
Far more info on the above post at this link
http://www.alertnet.org/thenews/newsdesk/L13385342.htm
Steve
I’m still not worried. It will happen. I do think there is a lot of people spreading rumors to keep everyone stirred up. If you know what I mean. Please keep the faith. It will happen.
Hi Carla
I wasnt saying it wount happen i beleive it will but it just adds to another frustrating year
All the best
Steve