06/22/2013
Big Country:Iraq is about to be relaeased from chapter 7
Something we've been waiting on for many many years. Frank has ALWAYS said they
will not get the keys until they R/D...L/D...R/V...R/I...Is any one excited around
here? IT"S NEXT WEEK!!! Forget what a bank teller tells you. We know
different don't we Frankie,Frankie
***********
Frank26: Yes we do ........... Almost ALL banks in the US have sold it to ....... Us!!!
De La Rue was commissioned to print the NEW IQD in 2004 that we now buy as an investment.
EO 13303 allows me NOT TO BE SCAMED via a counterfeited or old Saddam Swiss note via the UST and USA brokers.
OFAC's say ......... Oh forget about our list......... IQD is good.
Ch7 is to become Ch6 of the UNSC which is the UN helping Iraq become international and independent....ect.
Dr S went NOWHERE and continued the monetary reform as M ............ LOST!!!
I can go now for an hour but to the last part of Your post........."
Forget what a bank teller tells you. We know different don't we Frankie,Frankie ."
Yes.......... Their primitive attempt is futile ....... Nugatory to me.
KTFA, Frank
....
tommy17 : It isn't a scam . presdential order 13303 says so. If they tell you it is then tell them your lawyer will be getting in touch because you bought dinar from them in the past.
I don't how this conversation started but frank has touched on this in the past alot.
A group of us after work went in to open a non-interest bearing account with w.f. While some of us where filling out the paper work to open account the manager came in and introduced herself thanked us for opening a account with w.f bank.
When me and a friend finshed are account information we walked into the lobby waiting for the other guys to finish opening their accounts. The manager came back over and said" i see you'all opened a non-interest bearing accounts can I ask why.
We informed her we where invested in foriegn currencys and was expecting these currencys to go up in value soon and wanted to place this money in a secure account..
She asked which ones we where holding we told her the IQD and V.N dong. She smiled and said I'm holding alot of dinar too and walked off smiling.
*************
Alan :I'm so confused here on this subject and have been..
The CBI says 1166, the market rate changed to what 1136... The 30 pips right????
Who is the market rate?? The streets?
If you can buy USD on the streets at 1136 then why are people still buying USD from the CBI Banks at a 1166 rate... It makes no sense...
*************
BulldogFord65: Hello Alan!
Praying for your safety and well-being, and for your family; thank you again for your service, brother!
I haven't seen a direct reply to your question (sorry if I missed someone explaining!), so here's my understanding for what it's worth (I hear thoughts go for a penny, so not much!). Anyone else with more/better information, please step in!!
The CBI says 1166, the market rate changed to what 1136... The 30 pips right????
> The 30 "pip" change in 2 hours which was specifically referred to was in the open market (not the CBI); the rate went from 1250 to 1220 in two hours.
Who is the market rate?? The streets?
>The open market and the street are pretty much the same. Now we wade into my opinion: IMO, the open market is any legitimate transaction between the CBI and other banks, and all other bank transactions with account holders, currency dealers, etc. When you and I purchase dinar, we buy from the open market, not from the CBI.
Our rate to purchase the IQD is set by the open market, and only indirectly by the CBI. If the CBI is selling at 1250 to a private bank, then a currency broker is buying from that bank, the bank will charge the broker an even higher price so they profit, and the broker will charge even more to you and me so that he makes a profit, but neither will sell less than their purchase price. The CBI indirectly controls the open market price by the rate of their transaction with other banks.
My opinion of the "street" is there are 2 modes of purchase: the legitimate open market transaction above, and an illegal or at least shadowy transaction on the black market. The black market, per my understanding, is USD coming into the country over the border with individuals (not banks) and is not declared, making it illegal.
Example, a truck comes over the border from Syria, Jordan, etc with a chest full of USD and sells at whatever opportunistic rate they can get. However, even the black market is indirectly controlled by the CBI, depending on how much USD and at what price they allow it to flow through legitimate channels, coupled with law enforcement efforts to control smuggling. As you said, why pass up $4 gallon of gas to buy $5 gallon of gas? The citizens would not pay more on the black market and take the risk if they can get the USD through legitimate channels at a lower cost.
So, the monetary policy of both price and quantity of USD released to the open market indirectly controls the black market as well.
>Now, we need to add one more layer that Walkingstick does an excellent job reminding us: the confidence of the citizens in the banks/currency. The citizens have been abused by their government for decades, and they rightfully are distrustful.
They are being asked to to trust the fist that used to beat them to now be the hand that feeds them. How trustful are we of people who have betrayed us in our lives? Now multiply that to a lethal, abusive, and corrupt government under Saddam, and now to a fledgling democracy with vast improvement, but certainly a fair share of corruption in the GOI.
It's expecting a lot of their citizens in a short period of time to give up their USD and trust the IQD. Push too hard, too fast, and people will turn to the black market. Go slow and cautious, demonstrate competence and control over the IQD (the 30 pip drop in 2 hours), while making the USD less attractive, and the citizens will give up USD for IQD.
Think of what has been broadcast over Iraqia TV in the past year -- gentle coaxing to come eat from our hand. This demonstration of control is also for the IMF as well: see mom and dad, look at me! Didn't I do good?!?!
If you can buy USD on the streets at 1136 then why are people still buying USD from the CBI Banks at a 1166 rate... It makes no sense...
>Again, IMO, please anyone correct me where I am wrong: individuals can not do business with central banks, central banks only do business with other banks or certain financial institutions. A citizen would not open an account at the CBI, they would bank with either state or private banks, and the state and private banks would deal with CBI. So, the citizens are not going to get the 1166 rate, they are going to get a market rate from their bank which is higher than the CBI's transaction rate to the bank.
Now, one more factor: The 1166 rate is an official standard rate for the valuation of the IQD against the USD. It is paired or pegged at this rate "because we said so." As we know, 1166 does not represent the asset-backed value of the dinar, it is a program rate for stability while the CBI and GOI get their house in order.
If you look at the currency auction results on the CBI, you will see that the CBI sold at a higher rate to the state/private banks. Let's say that the Rafidain bank bought at a 6.6% yield, they just paid 1243 (rounded). Now they are going to sell it or trade it with their profit on top. This is the open market value. (All you folks who are much more knowledgeable, please chime in and correct me!!)
And I really dont understand this....The private banks began to reduce the sale price of the dollar from the border drawn by the central bank, which prompted the move towards a reduction in the exchange rate of the dollar in the domestic market (1250) dinars to (1220) dinars.
IS this just saying that on the market the dinar was higher than the CBI? So the CBI sells usd at 1166 but on the market it cost 1250, well now 1220....
I honestly dont understand who is the "MARKET" is that "black market"...
And lastly why would Iraqis buy off the market when they can buy from the cbi banks at 1166 instead of 1220..
>Hopefully my way-too verbose attempt at explanation above answered these questions as well. In summary, we've seen the CBI try the tactic of drive up the USD price so high and at the same time restrict the amount of USD so that only a trickle flowed through -- wasn't successful, the citizens ran to the black market because the CBI pushed too hard, too fast, and we saw them open up again and let the USD flow.
Many were astonished at this and became worried again for our investment. However, it was more a change in tactics, IMO. Fast and furious didn't work, so now it's back to gentle coaxing. If the CBI devalues the USD so it takes more IQD to purchase USD, and at the same time publicize that the IQD is about to gain strength and power, the Kurds and GOI are having a Woodstock-style love-in, the Emir and PM of Kuwait fly over to kiss and make up, distribute Qi cards and announce that chpt 7 is about to be lifted, the citizens are the ones now demanding the value of the IQD to be raised and the USD looks more like the toilet paper currency.
I hope that for my vast rambling, some was correct, and some made sense. If not, I sincerely apologize for that 3 minutes of your life that you will never get back!!!
Stay safe, my brother!
**************
Alan: Oh goodness.. that was simply amazing. You just broke it down like I was 10... that's a compliment btw. That was the best 5 min read I've had in a long time. I was able to understand exactly what u were saying. One million thanks for the effoet you put into this post. I indeed see a little clearer.. thank u again. Three more months and ill be home. Praying for an rv before I get home..
Its my pleasure to serve..
**************
Frank26: WOW!!!!!!!!!!!!! ARE YOU KIDDING ME??????????????
Is this Your thesis on the IQD LOL ! What an amazing dissertation and routes of definition You have assembled ............. :handshake2:
I will find You today ......... Your talents need to be better understood by me.
I pray for constant help .......... He has sent You among many. But I need to know You better BDF65..... ( Beautifully Defined Friend 65 )
KTFA, Frank
http://www.dinarrecaps.com/1/post/2013/06/frank26-and-ktfa-members-thoughts-saturday-afternoon.html
***********
Frank26: Yes we do ........... Almost ALL banks in the US have sold it to ....... Us!!!
De La Rue was commissioned to print the NEW IQD in 2004 that we now buy as an investment.
EO 13303 allows me NOT TO BE SCAMED via a counterfeited or old Saddam Swiss note via the UST and USA brokers.
OFAC's say ......... Oh forget about our list......... IQD is good.
Ch7 is to become Ch6 of the UNSC which is the UN helping Iraq become international and independent....ect.
Dr S went NOWHERE and continued the monetary reform as M ............ LOST!!!
I can go now for an hour but to the last part of Your post........."
Forget what a bank teller tells you. We know different don't we Frankie,Frankie ."
Yes.......... Their primitive attempt is futile ....... Nugatory to me.
KTFA, Frank
....
tommy17 : It isn't a scam . presdential order 13303 says so. If they tell you it is then tell them your lawyer will be getting in touch because you bought dinar from them in the past.
I don't how this conversation started but frank has touched on this in the past alot.
A group of us after work went in to open a non-interest bearing account with w.f. While some of us where filling out the paper work to open account the manager came in and introduced herself thanked us for opening a account with w.f bank.
When me and a friend finshed are account information we walked into the lobby waiting for the other guys to finish opening their accounts. The manager came back over and said" i see you'all opened a non-interest bearing accounts can I ask why.
We informed her we where invested in foriegn currencys and was expecting these currencys to go up in value soon and wanted to place this money in a secure account..
She asked which ones we where holding we told her the IQD and V.N dong. She smiled and said I'm holding alot of dinar too and walked off smiling.
*************
Alan :I'm so confused here on this subject and have been..
The CBI says 1166, the market rate changed to what 1136... The 30 pips right????
Who is the market rate?? The streets?
If you can buy USD on the streets at 1136 then why are people still buying USD from the CBI Banks at a 1166 rate... It makes no sense...
*************
BulldogFord65: Hello Alan!
Praying for your safety and well-being, and for your family; thank you again for your service, brother!
I haven't seen a direct reply to your question (sorry if I missed someone explaining!), so here's my understanding for what it's worth (I hear thoughts go for a penny, so not much!). Anyone else with more/better information, please step in!!
The CBI says 1166, the market rate changed to what 1136... The 30 pips right????
> The 30 "pip" change in 2 hours which was specifically referred to was in the open market (not the CBI); the rate went from 1250 to 1220 in two hours.
Who is the market rate?? The streets?
>The open market and the street are pretty much the same. Now we wade into my opinion: IMO, the open market is any legitimate transaction between the CBI and other banks, and all other bank transactions with account holders, currency dealers, etc. When you and I purchase dinar, we buy from the open market, not from the CBI.
Our rate to purchase the IQD is set by the open market, and only indirectly by the CBI. If the CBI is selling at 1250 to a private bank, then a currency broker is buying from that bank, the bank will charge the broker an even higher price so they profit, and the broker will charge even more to you and me so that he makes a profit, but neither will sell less than their purchase price. The CBI indirectly controls the open market price by the rate of their transaction with other banks.
My opinion of the "street" is there are 2 modes of purchase: the legitimate open market transaction above, and an illegal or at least shadowy transaction on the black market. The black market, per my understanding, is USD coming into the country over the border with individuals (not banks) and is not declared, making it illegal.
Example, a truck comes over the border from Syria, Jordan, etc with a chest full of USD and sells at whatever opportunistic rate they can get. However, even the black market is indirectly controlled by the CBI, depending on how much USD and at what price they allow it to flow through legitimate channels, coupled with law enforcement efforts to control smuggling. As you said, why pass up $4 gallon of gas to buy $5 gallon of gas? The citizens would not pay more on the black market and take the risk if they can get the USD through legitimate channels at a lower cost.
So, the monetary policy of both price and quantity of USD released to the open market indirectly controls the black market as well.
>Now, we need to add one more layer that Walkingstick does an excellent job reminding us: the confidence of the citizens in the banks/currency. The citizens have been abused by their government for decades, and they rightfully are distrustful.
They are being asked to to trust the fist that used to beat them to now be the hand that feeds them. How trustful are we of people who have betrayed us in our lives? Now multiply that to a lethal, abusive, and corrupt government under Saddam, and now to a fledgling democracy with vast improvement, but certainly a fair share of corruption in the GOI.
It's expecting a lot of their citizens in a short period of time to give up their USD and trust the IQD. Push too hard, too fast, and people will turn to the black market. Go slow and cautious, demonstrate competence and control over the IQD (the 30 pip drop in 2 hours), while making the USD less attractive, and the citizens will give up USD for IQD.
Think of what has been broadcast over Iraqia TV in the past year -- gentle coaxing to come eat from our hand. This demonstration of control is also for the IMF as well: see mom and dad, look at me! Didn't I do good?!?!
If you can buy USD on the streets at 1136 then why are people still buying USD from the CBI Banks at a 1166 rate... It makes no sense...
>Again, IMO, please anyone correct me where I am wrong: individuals can not do business with central banks, central banks only do business with other banks or certain financial institutions. A citizen would not open an account at the CBI, they would bank with either state or private banks, and the state and private banks would deal with CBI. So, the citizens are not going to get the 1166 rate, they are going to get a market rate from their bank which is higher than the CBI's transaction rate to the bank.
Now, one more factor: The 1166 rate is an official standard rate for the valuation of the IQD against the USD. It is paired or pegged at this rate "because we said so." As we know, 1166 does not represent the asset-backed value of the dinar, it is a program rate for stability while the CBI and GOI get their house in order.
If you look at the currency auction results on the CBI, you will see that the CBI sold at a higher rate to the state/private banks. Let's say that the Rafidain bank bought at a 6.6% yield, they just paid 1243 (rounded). Now they are going to sell it or trade it with their profit on top. This is the open market value. (All you folks who are much more knowledgeable, please chime in and correct me!!)
And I really dont understand this....The private banks began to reduce the sale price of the dollar from the border drawn by the central bank, which prompted the move towards a reduction in the exchange rate of the dollar in the domestic market (1250) dinars to (1220) dinars.
IS this just saying that on the market the dinar was higher than the CBI? So the CBI sells usd at 1166 but on the market it cost 1250, well now 1220....
I honestly dont understand who is the "MARKET" is that "black market"...
And lastly why would Iraqis buy off the market when they can buy from the cbi banks at 1166 instead of 1220..
>Hopefully my way-too verbose attempt at explanation above answered these questions as well. In summary, we've seen the CBI try the tactic of drive up the USD price so high and at the same time restrict the amount of USD so that only a trickle flowed through -- wasn't successful, the citizens ran to the black market because the CBI pushed too hard, too fast, and we saw them open up again and let the USD flow.
Many were astonished at this and became worried again for our investment. However, it was more a change in tactics, IMO. Fast and furious didn't work, so now it's back to gentle coaxing. If the CBI devalues the USD so it takes more IQD to purchase USD, and at the same time publicize that the IQD is about to gain strength and power, the Kurds and GOI are having a Woodstock-style love-in, the Emir and PM of Kuwait fly over to kiss and make up, distribute Qi cards and announce that chpt 7 is about to be lifted, the citizens are the ones now demanding the value of the IQD to be raised and the USD looks more like the toilet paper currency.
I hope that for my vast rambling, some was correct, and some made sense. If not, I sincerely apologize for that 3 minutes of your life that you will never get back!!!
Stay safe, my brother!
**************
Alan: Oh goodness.. that was simply amazing. You just broke it down like I was 10... that's a compliment btw. That was the best 5 min read I've had in a long time. I was able to understand exactly what u were saying. One million thanks for the effoet you put into this post. I indeed see a little clearer.. thank u again. Three more months and ill be home. Praying for an rv before I get home..
Its my pleasure to serve..
**************
Frank26: WOW!!!!!!!!!!!!! ARE YOU KIDDING ME??????????????
Is this Your thesis on the IQD LOL ! What an amazing dissertation and routes of definition You have assembled ............. :handshake2:
I will find You today ......... Your talents need to be better understood by me.
I pray for constant help .......... He has sent You among many. But I need to know You better BDF65..... ( Beautifully Defined Friend 65 )
KTFA, Frank
http://www.dinarrecaps.com/1/post/2013/06/frank26-and-ktfa-members-thoughts-saturday-afternoon.html
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