Hello again fellow Dinarians...I wanted to post an update on the info received from my friend at the bank. But first, I cannot believe how many people have been on this thread! For those of you that left well wishes for my grandpa and the situation there...My sincere Thanks!
The bank involved here has begun, and actually has been for about 6 weeks, putting together an "organized plan" as far as the dinar is concerned.
To the public, their position has not changed...and will not until the revaluation is made public (basically goes international) as far as trading is concerned.
They WILL be involved in the currency exchange, and are dealing with some new stipulations that may go into effect...and I truly hope they dont!
One of these possible "rules" is a limit on the amount an individual will be able to exchange during a certain period of time.
So, if they do indeed place that stipulation on the exchange, those who hold several million could be forced to wait a period before they are able to exchange all that they hold.
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He said that it was not made clear if this was a bank policy, or something that our wonderful government has come up with...but at this time...it is not in force.
The million dollar question....When? They stated that Feb would see the beginning of an influx of people exchanging dinar. No date was given, but due to some of the changes that the bank is to implement on Feb 1, He believes early in the month.
There will not be any big signs out front of the banks saying "COME IN AND EXCHANGE YOUR IRAQI DINAR HERE", all transactions will be handled just as any other foreign currency transaction would.
During their meeting, exchange rate questions were addressed. The woman giving the information would only speak to the fact that it would change on an hourly basis, and any transactions would be exchanged at that current rate which would be decided by Iraqs Central Bank.
This man has been in banking for 24 years! His statement to me about this situation was when it comes to money...everyone is out for number one! This situation is something like he has ever seen, and he told me...something is up.
For the past several years the bank had a firm stance that the dinar was not going to be a part of the banks services! And now....they are changing everything to the exact opposite!
He told me that only certain levels of bankers are privy to certain info, and even though this woman who was there speaking at this Saturday morning meeting is a regional director...she is in the dark about all of the details. She was simply passing on information to the branch level because someone higher up deemed it was necessary to do so.
He believes that certain people at the branch level will get more info in the coming days. Through this whole conversation we had, one thing that was never mentioned was...are they going to? It was as if there is absolutely no question what so ever that this revaluation will happen!
When I asked. What if they dont, he smiled and said thats not the question....the question is the when and how much!!
Anyway, that is the info and the sum of our conversation this morning. By the way...this bank is a Major US/International bank. Take the info for what its worth...personally...im about to pop waiting for the next few days to come around. And just maybe get another email from him.
Since he specializes in the area of wealth management, I would think he is a good source. He has never given me a reason not to trust him, and knowing him the way i do...and just listening to the way he was talking about it, and acting.....He was not blowing smoke!!! He is onto something Fantastic!!
Thats all for now. Thanks to those who were patient while waiting on me to get back. I may pass on any further info I get from him...it will depend on what happens over the next several days.
Oh...one statement that was made that I omitted...when speaking about the possible exchange rate, he was assured that in no way, shape, or form would it come out any lower than the US dollar.
He related the rate to be in line with other countries that were similar to Iraq as far as their resources.
Also, De La Rue machines are going to be few and far between in regards to this bank. There will not be one in any branch within 100 miles from me...so no new big shiny machines! Which means I have to travel...not letting anything leave my hands. God Bless! Im ready! Hoosier1470