Fellow investors,

As you can probably guess, we get a high volume of calls in regards to whether we will resume sales anytime soon. Some of those calls may just be out of curiosity, but we have list of customers who want to purchase IF we open up sales.

Because the price of Dinar is going up and harder to get in large enough quantities to keep up with demand, we have been in touch with our contacts at the Trade Bank of Iraq. We have a couple of accounts with them, and have been investigating the possibility of allowing our members and customers the chance to either get an account with them, or if not, to be able to deposit dollars (turned into Dinars) into an account specifically set up for this by us and the TBI.

Because of the regulations of this specific bank, it may not be possible for an individual to have an account there without being there in person.

That being said, I pose a question to the members of this Forum.

What procedure would you, as an individual Dinar holder, feel most comfortable with, if you were to want to place Dollars turned into Dinar in an account that is not in your name?

From our discussions so far with the TBI, a wire from any bank (however they specifically mentioned JP Morgan Chase) would be sent to the TBI to our Dollar account, at which time an internal transfer of those funds would be made to the Dinar account, thus turning the Dollars into Dinar.

I am not sure of what spread the bank is intending at this time, but I would imagine that the total cost would be less than what Chase is offering for the actual Dinars (not including the wire fees that you would incur from the local bank).

I know that it’s possible to do this with Warka already, and we have met with officials form Warka in regards to this however, we have a good relationship with the TBI, and feel much more comfortable doing business with them.

Come Monday morning this may all be a mute point (I sure hope so), but if we still have a small window of time, I would like to know if this is something that might interest you, and if so, what would make you feel the most comfortable, short of having your own account?

Thank you for your time,

Dan Fadden
CEO
Ompus / FreeDinar