Hi
I just wanted to know Why the IQD is not open to free trading ?
Could anyone perhaps mentions some reasons? when can this be expected to happen?
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Hi
I just wanted to know Why the IQD is not open to free trading ?
Could anyone perhaps mentions some reasons? when can this be expected to happen?
Hi..
It is freely traded, it is a recognized currency
BUT
Commercial Banks do not have to trade it, especially if it is undervalued (see every post prior to this one on the entire frum), but some banks do play, apparently Chase. Plus the demand is not there on the everyday level, people I know in Kuristan who deal with merchant in Jordan use US dollars in their transactions, not Dinar. As a matter of fact, they will take cash and give back dinar when changing after a purchase... must Iraqi's and Jordanians do not even want the Dinar.. it is worthless to them... freind's in Kurdistan remark that many of the Iraqi's have left and settled in Jordan and other copuntries because the dinar compenstation is terrible... do you panhandle for dollars or dinar ???
Currency speculation is very dangerous and not for the weak.
There is so much press about the unstable security issue and with an undetermined value of the Iraqi GDP, it is hard to get a true assesment.
BUT hopefully, the GOI and CBI will wake up, share the wealth, quit being so greedy and give a strong / valued currency to make purchases to rebuild the infrastructure of Iraq , and the foundation of a new economy... and get teh value up... until then they are stalemating with the IMF and the SDR program, still enjoying relief funding from coutries while experiencing debt relief... so if you are getting charity, and your pockets are paid first... what is the incetive to stop the charity, other than the obvious for those who cared...
An adult can assemble 5 mines and/or explosive devices for about 80 dollars a day for insurgents / mob / guierilla's etc. or work for 8,680 dinars a day in a grocers or textile mill = $ 7.00 a day....
hmmmm
STRICT OPINION ONLY... bash away if you want
Maybe it isnt being traded freely because nobody wants to trade the dinar? The only people that are trading it right now are the dealers who are making money off of this huge elaborate "Pipe Dream" that has been developed by the masterminds behind the "Dinar 1:1" scheme. Maybe im wrong. But im pretty sure the people that want to trade dinar are buying it already and trading back and fourth with banks and dealers. The IQD should be an indicator of the interest in the Iraqi economy and conducting business with Iraq as a whole. :wink:Quote:
Originally Posted by propipster