Shredd's INTEL v2 - Interview with top big bank VP!! - Sept 27, 2013
Shredd CO-ADMINISTRATOR Greetings All. Time for another "intel" chat from your's truly. I thought I'd take a big step and have an interview with the most senior VP I could get my hands on and remember,
I've been working in one of them for over ten years now so I have excellent access! I've been toying around with doing this for a while so here it is:
Q: As you know, I'm coming to you with questions around currency exchange rates, the process around it and specifics around the Iraqi Dinar.
A: Yes, a lot of noise around the dinar as of late.
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Q: Well, let's start with that then, what are you hearing about the dinar?
A: Only that phone calls keep coming in asking about the rate.
Q: Ok, so when it's official rate changes, how soon will you know or is there a way you have access to know ahead of time? Are you notified?
A: With all of the resources at my disposal, there is no insider or additional secret information about pending rate changes. The exchange rate is what it is and when it changes, we immediately see it across all systems.
We execute transactions and trade on a real time basis so rate changes are a very common practice and they must be processed immediately. This is how the process goes. It is immediate and in real time.
Q: Ok, so one follow-up question to that.........in the dinar speculator community, certain "gurus" are saying they have contacts that tell them the rate is pending, final, awaiting approval, waiting for three letter agencies to approve, system glitches and so on that affect the release of the official rate, ust on lockdown, banks hiring staff to handle exchanges and so many other nonsense claims.
What are your thoughts around the validity of these statements?
A: Wow, well, this is funny to me. Again, like I just said, the process for exchange rate changes is and has been a very automatic, real-time, sreamlined process that is not known to anyone in the market until it is official.
Only those at the BIS and and Central Banks for example would have prior knowledge of pending rate changes and even so, this would be only days prior to release and held to the highest standard of secrecy.
Since you are coming to me with these rumors, I assume these are easily accessible on the internet which would in turn cause swift action against any valid leaks at these organizations and dealt with in a timely manner.
Q: Makes sense to me and additionally, terrorist organizations would leverage this as much as possible too.
A: Exactly and in banking, as you know XXXX, banks are held to the highest standard around AML and KYC and OFAC. Any financial institution that was found liable for a person leaking information around pending rate changes would be dealt with in a severe manner.
Any employee of these entities would know not to risk jail time so it's safe to say all the information you mentioned above is simply rumors.
Q: Ok, thank you. Recently we have heard these same "gurus" are mentioning IQN instead of IQD. Any word on that?
A: IQD is what is on our systems and any bank personnel will only recognize that. Not sure what else you mean by that.
Q: That's good for me. One last question about Iraq in general. What are you hearing?
A: I can tell you they don't have much of a footprint in the market but I think everyone knows there is wealth in Iraq due to oil. To remain anonymous, we are watching this region and have seen some indicators of growth but the security situation and political issues remain a concern.
Q: Ok, I lied, one more follow-up question to what you just said. I've discussed in our forum about the concept of triggers that will spark investor growth and at a fast pace.
I feel many of these are present in Iraq now such as the recent release of Chapter VII, banking reform and substantial growth in reserves. Do you see Iraq coming to the market strong?
A: Well, XXXX, I know you know your stuff around corporate investments because of your work with the XXXX and XXXX accounts so I'll say this: the ingredients are certainly there for Iraq and as we've seen in the market, it can quickly respond, either negatively or positively, to situations like what you mention.
When investors get a taste or see their competitors rush to an investment, it doesn't take long. Just like you saw with your XXXXX client. We were closing on billions in just a few months.
Q: Yes, so true! Ok, I want to publish for our members in my forum so what advice would you have to speculators in the dinar?
A: Well, I guess from a common sense perspective, don't buy dinar based on rumors or information you can't verify yourself. There is not one successful investor that operates that way.
XXXX, you've told me about how some of these guys [gurus] say they can see back screens or contacts tell them the exchange rate is about to change, or tellers saw pending rates but all of that is simply untrue. There is no way anyone is going to know what the rate is going to be ahead of time.
Plain and simple. Study the country, the demographic, the laws, etc. Also, diversify. This should not be your only hope for a return on investment.
Q: Ok, thank you xxxxxxxx. I appreciate your time.
A: Happy to be of service.
Proverbs 12:15 --The way of a fool is right in his own eyes, but a wise man listens to advice.
Dinar Recaps Note: This post, like everything at Dinar Recaps are opinions, rumors or speculation. This might be different than what others are saying, it is the responsibility of each person to determine who they want to believe.