Thread: Iraq/Dinar News. 09/05 to 01/14/07

Originally Posted by mike brown

as of 2 weeks ago chase as well as all other chicagoland banks as well as the major currency exchange downtown do not deal in dinar at all, buy or sell and cannot be ordered.

Posted by: Armysarge1966


I called Chase bank and spoke with Belinda Sykes (214-369-7481), the rate she gave me was .00076760. I told her that I wanted to buy $500.00 (US)=(650,000 IQD and includes all fees) she told me if I had the money in by 1500 I could have the currency in the next day.

She also added that all Chase Banks have the same information, If needed they (Chase Bank employee) could call her and she would talk them through the procedure.

So how does everyone feel about the 12th and the voting on the Foreign Investment Law. Could it be somethings is in the wings right after the passage of this law.
LIT

Is that the FIL

SGS said that it was the oil investment law which they called investment law and that the FIL had been passed for a couple of weeks ago

Originally Posted by Adster

The 12th is when they'll review the FIL.....


Parliament-Investment
Iraqi parliament to vote on draft investment law on October 12
By Kawther Abdul-Amir
Baghdad, Oct 4, (VOI) – Iraqi parliament 42nd session was adjourned to Thursday after delaying a vote on a draft investment law till October 12.
The parliament in its 42nd session "discussed a draft investment law while a vote on the draft will take place on October 12," said Parliament speaker deputy Khalid al-'Atiah.
Thursday's session is scheduled to continue a discussion of the draft investment law and a draft provinces law, he added.
The draft investment law received reservations by some parliamentarians as to the concessions and taxes exemptions given to a non-Iraqi investor.
The draft law gives an investor a ten-year-exemption of taxes and 50 years of unpaid rental of land plot where the economic facility was built.
Some Iraqi law makers see 30 years of unpaid rental is more satisfactory.

Originally Posted by lonelyintexas

So how does everyone feel about the 12th and the voting on the Foreign Investment Law. Could it be somethings is in the wings right after the passage of this law.
LIT

I believe something has to happen soon and I am of the same opinion of Adster RV will be announced sametime as FIL

Originally Posted by Adster

Who says that with all the oil being pumped out, twice as much as in the 80s at a price three times the amount in the 80s we can't have an exchange rate of at least $1.48?! Do I hear a WOOT from our Alaskan friend???!!!!

Funny Adam,

You have my hhhhhooooooooottttt, long overdue hhhhhhooooooootttttt. LOL

Amazing, but no matter how you cut this up, it would make less sense not to return to the $3.00 plus value given all the factors you mentioned, never mind an even more important one, now under a free democracy, plus as an extra bonus, almost all major debt forgiven.

If we were to use simple logics, the dinar should be over $4.00 to the dinar, and then it would still have room to rise to the original rate of almost $5.00. WOW, now you see the problem which has been holding up this whole deal, where to start? $1.48 or $4.86, hhhhhmmmmmmmm, now if only they had half a brain to make a decsions we would not have to indure all this political BS we have been reading for far too long now. LOL

I don't know about the rest of you, but I am about burned out on what I call IIO, (Iraqi Investment Overload) Man, I can hardly stay awake any longer reading all this mostly useless information. I would not make a good politician for I like to say it like it is, and cut to the chase, while politicians, no matter where they are get paid to waste time with useless debates on even more useless issues. Connecting the dots on all these posts is taking way to long, so lets all hope it happens real soon to avoid going crazy. LOL

Good luck to all, Mike

I was just stating the situation in chicago - just letting people know that even though it is the same bank, just like Bank of America, Citibank etc., that the local chicago branches do not offer buying or selling, even though Chase did give me the buy and sell rates.

O.K. guys, heading to the bank now, will be back in about an hour with a report. Even have some extra cash on me, cuz if this little branch is selling, I think I will have to buy a little. Will be back with report soon.

Originally Posted by AlwaysDreaming

There was talk previously about opening a Warka account. I'm not very knowledgeable regarding investments, but my question is this...If I were to open an account at Warka by wiring US dollars, convert them to dinars, and then the reval happens, wire money in USD to my account in the US, would there still be tax to pay? I didn't see where Warka requires a ssn, which is understandable, so how does the government monitor this? Does the US bank have to report the wire from Warka? probably dumb question , but this is so new to me.

Good question,

Personally, unless you were looking to invest indirectly in the ISX, there is little advantage of opening an account in Iraq. Technically speaking, the moment you do, the U.S. gov knows about it, this you can take to the bank, and even though you may not have had to supply a SS# to Warka, you can bet on it thay your bank you wired from has recorded such and as required by the Patriot Act, have sent off this transaction to government as is required with all related transfers to muslim countries, as in terrorist monitoring activities.

Not to be paranoid, but those who have opened an account and wired funds are now on a master list of potential terrorist supporters, like it or not. So in my opinion has always been to not open an account in any muslim country. Given this fact, it was not worth it given the only advantage was to invest in Iraqi stocks, even if profits were realized, I don't like the idea of being on the U.S. terrorist hit list. In time, we will all be able to do this without the same concerns, so from a personal stand point, I don't want Uncle Sam looking over my shoulder snooping on any of my private personal
fiancial information, it is bad enough we have to report income from all sources, so why would I want to be on a terrorist hit list?

Good luck to all, Mike

Hey Guys,

Dont' want to depart too far from the "latest news" theme, but since we are talking about banks where we can purchase, I thought someone might be able to help me out with a specific issue.

I have successfully purchased several times at a Chase Bank branch in the Denver Metro area, but I have a friend in the Phoenix area who would like to make a purchase also. I know that Bank One was big in AZ, and they merged with Chase, so I am assuming that Chase is also pretty big down there now as well. My friend went to a local branch in Phoenix, and was told that they are not dealing with the IQD due to instability, etc., etc.

I am wondering if there is anyone on the forum who might be located in the Phoenix area who has successfully made a IQD purchase at a Chase branch there, and if so, what branch was it?

Any help would be greatly appreciated!

JetJockey

Wednesday, October 4, 2006

1 Iraqi Dinar = 0.0007124 US Dollar
1 US Dollar (USD) = 1403.80 Iraqi Dinar (IQD)

Learn about the new Iraqi Dinar
Median price = 0.0006538 / 0.0007124 (bid/ask)
Minimum price = 0.0006538 / 0.0007124
Maximum price = 0.0006538 / 0.0007124

Business News

wow this is the lowest I have ever seen!!!!!!!!!

RV SOON!!!