(Thank you George for emailing this to Dinar Recaps.)
UU6721 – “What to Expect In The Coming Weeks” by Mnt Goat
This week I referenced that a window for a possible RV opportunity was here and everything looked fantastic.
This window remains the same and I have to say that if we do not see some change in the currency status this time I will be amazed and totally baffled over this saga.
Many have asked me what the rates (IQD, ZWD and VND) would be and the procedures for exchanging so I will address this today too in this news letter.
Today is Thursday July 30th and still no RV.
Let me address the first question many have on exchanging currency. I am not the bank so I can not tell you what rates they are going to offer you. Anyone that does is lying to you - plain and simple. The rates can literally change in seconds and so no one knows the rate until your time comes to exchange.
So let me say your thoughts now should be revolving around more than rates and instead just about finally having conclusion to this roller coaster ride and RV saga. Be glad to see some movement (any movement) in this effort of currency reform. We have been waiting now for almost 13 years for this to happen, especially the last 4.5 years for most of you. This is a very long time to wait for this event so be glad we are now in this window.
Also remember I never said it was going to RV but I did say we are in a very good window based on all the news we are hearing. We also know this event has to happen soon since joining the WTO, implementing the tariffs. customs and sales tax along with the issuance of the international bond drive almost speaks for itself.
How can they wiggle out of an RV this time? Will they find a way to postpone it again?
Please get all this confusing nonsense out of your head about all this stuff about a bank package of details being delivered to someone to direct you. This is all silly nonsense and has been designed to string you along. No one is going to know anymore than the banks on how to exchange. They should be your first and only point of your contact. Why do I caution you so much?
How many time must many of you get burned by this misinformation and these currency scams to realize they are going to be like locust preying all over you once the currency value increases. These scammers are going to try to find anyway to get your dinar. Many will set up false #800 numbers for you to call. Many might even pretend to represent a bank currency exchange center, take your dinar and give you a fake deposit slip. Anything is possible and this is why I am telling you now to use ONLY A LEGITIMATE BANK.
When you arrive to exchange AT THE BANK you will know what the rates that are offered once you ask the clerk. Most of you will exchange tat what is called the “Market” rate which is the rate they are offering to you. It normally may be below the “International” rate since the banks builds in a percentage for their fee to exchange. Do you have to pay this fee?
Personally I would never pay these points to the bank and tell them I will take my business elsewhere if they insist. They will be making sooooo much money off your money in their bank anyhow. You might want to negotiate too and tell them you plan to keep much of it in their bank for period of time if the fee is waived. You plan to invest it with their wealth management team.
So these fees and the rate too is all negotiable to an extent and most are afraid to stick up for themselves and speak up. It’s your money so if you are not happy after the exchange it’s all your fault and don’t get mad at the bank. You are playing with the big boys now and so you have to take control of your own money. This lesson begins immediately.
Let me answer the next question now. NORMAL EXCHANGE PROCUDURES ARE IN PLACE. Did everyone hear me? I said the normal exchange procedures are in place as they have been. Nothing has changed. Al this stuff we have been hearing about exchange centers and #800 numbers is hog wash. Again just more hype to create more anxiety and stress.
You simply walk into a major branch or the main office of any bank dealing in foreign currency, tell them the currency you have to exchange. They will then sit with you at a more private desk or closed door office (if the amount is very large) and look up the rate. They will then tell you the rate. You must make a verbal decision to accept it or not. If you decide to accept it they then will fill out a form, count your currency and make you sign the form approving the exchange and the amount after the exchange. You then turn over your currency to the bank. Remember you are not CASHING IN A STOCK instead you are making a SIMPLE EXCHANGE OF CURRENCY.
If you do not yet have a bank account with that bank you must then open one at that time and they will be glad to do that for you. Too bad for many of you that opened accounts with advice of some of these so called “gurus”. Then you were forced to close them due to insufficient funds to maintain them. Just another example of the nonsense these gurus have perpetrated on this dinar community.
If you have a very large amount of currency, please be sure they give you the “red carpet” treatment and give you their best account with all the associated perks, bells and whistles. Then take the deposit slip and read it. Does the amount match to what you agreed to on the form you just signed?
It is that simple! You are done.
No exchange centers, no lines at the bank, no #800 numbers to call, no hassle !
Remember this too – no one gave you anything nor did you any favors in the exchange process. It was all strictly banking business. You simply took a legal tender currency of one country and exchanged it for the current value of your own country’s currency. So do not feel guilty for one second for all that money now in your account. Take responsibility for the money, it is yours and so you are in total control over it not the bank or some wealth manger.
My recommendation is do not tell them any trading symbol such as IQD, IQB, VND, VNN, etc. It all too confusing and you are only going to mess up the exchange. Instead just tell them the name of the country to which the currency belongs such as Iraq, Vietnam, Zimbabwe, Indonesia, Afghanistan, etc.
I do not know what the online currency brokers are going to do outside of the banks as far as exchange procedures. It’s their business so why do you not go to them and ask them for yourselves. Do I look like a currency broker?
Personally I would not exchange with them if it was the last way to exchange service on the planet. Just my opinion. I have my reasons and in light of all the recent corruption, I would stay clear of them too if I where you. Just my opinion. They had a very lucrative businesses and made millions off your years of buying frenzy. All they had to do is follow simply rules and regulations but many got very greedy and decided to do it their own way. So now let them do it their way and there are always consequences when you break the law or skirt the letter of the law, as many have done. These laws are in place to SERVICE AND PROTECT YOU the consumer so why should you now give these greedy brokers yet more millions of your business?
Initial RV Rates
Personally I am hearing the rate is expected to come out very low probably still within 1000 to 1100 range and them in about 4-7 days a full blown RV is designed in the process. I suspect their intent is to sell bonds at this international rate to begin with around Aug 2nd , then a week or two roll out a significantly higher new rate to the international exchanges worldwide.
Most may say - How can they do this since everyone would buy up so much dinar it would crash the currency?
Really? Do you know about 6 million citizens outside of Iraq now personally own Iraqi dinar. Has it crashed the currency?
What they plan to do is sell bonds at the very low rate and let the market drive it for about 7-14 days then adjust it.
Remember the saying my mom always used to say to use kids on Christmas eve - “Good things come to those that wait”.
Don’t believe me that is okay. We will see who is right. We may not have to wait too long either.
About the rates for the Dong and the ZIM
Please go back and read my past posts (Mnt Goat Category at Recaps with all her posts) when I talked about these currencies in detail as to what I felt is happening with them. I can see some of you either have short memories or you have not been following my news letters in asking me about these two currencies. Go do your home work now and read my past news letters. I do not like to repeat myself over and over again. Sorry !
Peace and Luv To Ya All,