More info from freedinar!!!
To all Dinar Investors,
I will try and address to the best of my ability as many of your questions and also the concerns voiced here in earlier posts.
About 90 days ago we had problems getting 25k notes (which is the majority of our inventory). There were two private investor groups, one from Kuwait and the other from Saudi Arabia that were buying all the 25k notes they could find. We were told they were connected with some government officials in those countries, but couldn’t independently confirm this. We do know they bought a lot of Dinar. Even though this put a strain on our stock we felt confident that we were going to be able to get Dinar at a reasonable price, and at that time the Iraqi Government was still in turmoil. We didn’t believe that any revaluation would happen until the government was fully seated.
During the early part of the week of June 5th we were informed by our Iraqi partner (many of you know that we have offices in Iraq and Jordan) that Dinar was getting harder to come by and it was driving the local (street) price of the Dinar up. He advised us that buyers from Asia were buying up every bit of Dinar they could find. After some investigating he told us he believed that they were directly connected to several governments in the East.
Just so you understand our Iraqi partner (whom many of you probably know) is just that, he is a full partner in our businesses here and over there. So this information was not simply from our “source” who was trying to drive up prices or gouge. This was information given to us by our partner so that together we could make an educated decision on our next business move. We didn’t want to get into the position of selling all of our stock just before it opens on the market, or before there was an internal raise and now we are stuck with most of our inventory sold and now we have to buy at the higher rate. Believe me when I tell you that I have had nightmares concerning us selling all of our stock just before it opens!
Armed with this information, in addition to the new developments of the Government being seated, al-Zarqawi’s death, the meetings going on between the CBI and the IMF not to mention the classes being held for Iraqi bankers on international banking, along with interest rates for Dinar deposits in Iraq going up, we felt (and still do) that there was going to be an increase in the exchange rate (there were many other considerations, but these were the BIG ones). We were not (and still are not) sure if there was going to be a local increase, or go right to a float and “peg” if you will. So for the first time in our company’s history, we decided to officially suspend sales. The date set was based on our Dinar shipments that we knew were already secure, and how long they could hold out before we began to dip into our “reserve” stock that we set aside for our company.
We sent out the first email (which Olive Oil posted) on Friday, June 09, 2006 at 5:08 PM. On June Monday, June 19th at 12:09 AM we sent out another email stating that we have suspended sales, but that members could still place orders, however no shipping would take place until the suspension was lifted.
Today we are still not in the position to lift the suspension, but are working on securing a large shipment that should allow us to resume business.
We began this company with Dinar sales, but now that we have offices in the Middle East we have other projects that we are working on that make the company profitable. We don’t need Dinar sales to stay afloat. So decisions are heavily base on protecting company assets and not Dinar sales.
Now let me address “Future Millionaire” comments regarding governments buying Dinar. He is probably right in that only small countries are buying now. I was not in the business in the very beginning, so I do not know how the larger countries bought Dinar then, but no one buys from the CBI except other Iraqi banks. Dr. Al-Shibibi (the governor of CBI) runs a tight ship and the books are public. I also know that Dinar transportation across the border of Iraq is now against Iraqi law unless you have a special license that is issued by the government. So the smaller countries that didn’t get Dinar in the beginning are only going to get Dinar now by going to banks in the countries bordering Iraq and buying from them.
And yes, there are banks over there that are not in Iraq that have Dinar in their vaults. One bank in particular has over 2 billion Dinar, and we have seen this with our own eyes. This bank I am speaking of is not in the exchange business, and is holding Dinar only for investment purposes.
In regards to several earlier posts about people who bought Dinar from us after the suspension announcement should get refunds, we have no problem with that. We have given full refunds when someone has overbought and gotten themselves in a tight situation, and we have offered (if not pleaded) to buy back peoples Dinar who bought from us and then want to play “devils advocate” and debate us on why it’s not such a great opportunity (our offer usually shuts them up right away). We are an honest company and just want to see people become successful and have financial freedom, and we believe the Dinar can do that.
Sorry for being so long winded. I will try and keep any future posts to a minimum.
Thank you