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Salamon69: I have a Co worker that just bought dinar. I called her this morning to share what Delta saw on Iraqi tv. To my surprise she told me yesterday she had fox business news on while she was working.
They were talking about how the dollar is going down in value. They then shifted and said there are some other currencies that will emerge to the forefront. She said they mentioned the Iraqi Dinar. She was very surprised . And her dinar just arrived in the mail yesterday.
THAT IS A MAJOR US NEWS CHANNEL!!!
Now of course I don't have a screen shots or video to share, but I think those KTFA FAMILY who have seen me post though not a lot should know my heart. That is the truth.
Just like I trust Delta. I don't need to see a screen shot to believe him.
The fact that fox business channel mentioned the Iraqi Dinar just yesterday and Delta is reporting Iraq news is openly saying their intentions are for the dinar to go 1 to 1 with the USD !!!
SOMETHING IS UP AND IMMINENT. IMO
Richard: Reuters said in 2012 it will be 1-1. I hope that I did this right.
November 15, 2012 / 6:30 PM / 5 years ago
They're buying what? U.S. investors latch onto Iraqi dinar
NEW YORK (Reuters) - The U.S. stock market almost wiped out his retirement account, but retired pilot Ronald Scarpa hasn’t lost his taste for risk. Lately he has turned to one of the chanciest investments in the world - the Iraqi dinar.
“It’s not a question of if, but when Iraq revalues its currency,” said the Las Vegas-based Scarpa, who keeps dinars in his retirement account. “The dinar will eventually have substantial value, possibly the highest in the world.”
He’s not alone in risking his money on an investment that can charitably be described as a long-term turnaround project that will pay off only for the extremely patient. Thousands like Scarpa in America are buying the dinar, hoping someday the war-torn nation can revalue a currency worth just a fraction of a penny.
The fundamentals for buying the dinar are precarious. The United States invaded the country in 2003 and has only recently removed most of its troops. The country’s political situation remains unstable, and destabilization in the Middle East - most recently with rockets fired between Israel and the Gaza Strip - could undermine the fledgling republic further.
U.S. retail investors’ interest in Iraq’s currency is part of a broad push for investment opportunities that will give some yield. Most of them cite near-zero interest on their U.S. savings and certificates of deposits as a reason for buying dinars and other exotic currencies.
The dinar, worth just a tenth of one U.S. cent, is experiencing additional downward pressure as a result of international economic sanctions imposed on neighboring Iran and Syria.
Also, buying the dinar is a task in and of itself. The currency is only traded in Iraq, so it can only be purchased by U.S. customers through a handful of dealers around the U.S. who get their dinars from Iraqi banks. If a customer wants to sell his dinars, the dealer will only buy it back at a 30 percent discount - so no quick trades here.
But Scarpa said he is prepared to wait. The country has the second-largest oil reserves in the Middle East and exports 3.4 million barrels of oil per day, making it one of the world’s largest oil producers.
“If the dinar rises to just even a penny, you would have realized a profit of 900 percent,” Scarpa said.
In the last four years, the dinar has barely moved. Since 2008, it has appreciated by just 5 percent against the dollar, and at a tenth of a penny, the Iraqi dinar is the weakest currency among oil-producing Arab nations.
The Kuwaiti dinar is worth about $3.50, while Saudi Arabia’s riyal is equivalent to roughly 26 U.S. cents.
The old dinar was worth $3.20 before the United Nations embargo that followed Iraq’s invasion of Kuwait in 1990. By August 2002, the dinar had plummeted to a fraction of a penny.
Speculators are betting that given Iraq’s potential as an oil-driven economy, the dinar could rise to a value of $1 to $3.
“I looked at the risks and I decided that this is not going to bankrupt me,” said 35-year-old Ryan Williams, a former sheriff in Bakersfield, California.
“You invest a couple of hundreds or a couple of thousands of dollars and even if it just appreciated by 10 to 15 percent a year, that’s still a lot better than investing in certificates of deposits here.”
The Iraqi central bank sells dollars daily at a fixed price of 1,166 dinars through two state-run financial institutions and some private lenders Those institutions set the market rate through sales to customers. The current market rate is 1,215 dinars to one U.S. dollar.
Hassnain Ali Agha, founder of Las Vegas-based currency dealer Dinar Trade, is the biggest U.S. market-maker in Iraq’s currency. He also sells other exotic currencies such as Afghanistan’s afghani and the Libyan pound.
The United States is a huge market for Agha’s firm, which has nearly 900,000 customers, 90 percent of which have purchased dinars. His customers are U.S. mom-and-pop investors - teachers, police officers, and construction workers. He also sold dinars to many U.S. soldiers coming back from Iraq.
Agha, who formerly traded at the Chicago Mercantile Exchange and New York Futures Exchange, himself holds more than $2 million in dinars, he said.
In 2011, Agha said, his firm sold about $577 million in dinars to U.S. customers, most of whom hold dinars for investment purposes.
“People in the U.S. really feel that Iraq is the next frontier market to make money on,” said Agha. “There will come a time when the Iraqi government will have to adjust the dinar exchange rate given the country’s oil exports. That will start fueling the fire.”
Agha sells dinars in 1 million lots for $1,120. For the U.S. investor, however, it has to be a long-term holding. Dinar Trade will buy Iraqi notes at $850 per million, so the dinar would have to appreciate by about 30 percent before an investor could sell and break even.
IRAQIS WANT DOLLARS
In Iraq, prices are quoted both in dinars and dollars, but many prefer the greenback, locals interviewed by Reuters said.
Saja Majeed, a 30-year-old civil servant in Baghdad and a mother of two, said she carries dollars in her wallet because it is safer and she sees little opportunity for the dinar to rise.
“There is no industry in Iraq except oil. The dinar is linked to oil, but oil will run out one day,” Majeed said.
Revaluation will only happen once the Iraqi government stabilizes. Iraq’s central bank hopes to make one dinar equal to $1 at some point through redenomination and central bank-induced appreciation.
Iraq’s deputy central bank governor Mudher Kasim told Reuters that process could take three years.
America investors are remaining patient.
“The big question is: where do you put your money in the U.S.? You can’t get any interest in your money. Banks give you almost nothing on deposits,” said Donna Simko, a real estate agent in her mid-sixties in Riverside, California.
“The gold rush into Iraq is just getting started.”
Samson: PBC Okays Iranians Buying Stake in Chinese Banks
27th January, 2018
The People’s Bank of China, the central bank of the East Asian nation, has reportedly given the green light to Iranian private sector investors interested in purchasing the shares of Chinese banks.
Iranians’ offer to buy shares in Chinese banks was first floated years ago, at the center of which was Asadollah Asgaroladi, a veteran tradesman and chairman of Iran-China Chamber of Commerce.
The Iranian side made efforts to gradually prepare the ground to enter the Chinese financial sector as shareholders, but needed to wait for the legal due process and for the People’s Bank of China to issue the permit, Mehr News website reported.
According to Asgaroladi, “the central bank of China has now issued the required permits for Iran to purchase the shares of Chinese banks”.
“This would mean that the ball is now in the court of the Central Bank of Iran and its governor Valiollah Seif who will have to make the next move,” he said.
According to the prominent private sector figure, Iran’s private sector has completed the groundwork and announced its readiness to purchase the shares of Chinese banks.
Asgaroladi has not named any of the prospective Chinese banks eyed by Iranian investors and official reports have also not confirmed the likely lenders.
However, Mehr News quoted two unnamed sources with the central bank and the private sector on the issue.
The anonymous banking official said CBI is yet to complete its review of the matter, but “it is possible that the permit will be issued”.
The other unnamed source with the private sector has said the volume to be invested by Iran’s private sector in Chinese banks will be lower than $100 million. LINK
FUZE: Bank Story Continuation from CC/UPDATE 1-23-18 Update 26, 2018
4.) UPDATE: January 26, 2018. On January 24th I became a little antsy so I called again to the WF rather than wait 2 days. This time I was able to speak with the original foreign currency teller who first mentioned they were waiting on a system change over to process orders. She said, she was working the drive thru, but she was sure the change over still had not happened; however she wanted me to hold a minute because there might be away to order my dong.
I heard her talking to a male about dong, then when she returned she said: Mr. ______ although the system change over is not complete, I was just told by Male foreign currency Teller, (whom I've also purchased from), that I can do a " fore stall temp command" (what ever that is?) and get around what they are doing and get your order. I said please do, so she did and placed the order.
Well this morning the Male foreign currency teller called me to inform me that my order came. After telling him I was at work and would be down Monday morning to pick it up; I asked, had the system change over been completed? He said no, it has not and now they are saying it could take as long as another week the 6th or 7th. I said wow! What are they doing? His exact words were: there just telling us a system change over, but whatever it is they have been working on it since late November; folk here are getting suspicious... I told him, I'll see them Monday.
I hope the 6 or 7th was just a head fake!
Stay tuned, I'll update long as we're here or is useful.
3.) UPDATE: January 23, 2018. I followed up as I said I would by calling the same WF this morning, to have a order processed for vnd and rupiah. This time I got a third foreign currency teller; whom I also have had to process orders for me. She said I'm sorry, Mr. ______, our systems are still being converted over. She ask me to hold for a second while she inquires about the system being ready to process. When she returned, she said please call back in a few days. I then asked, how long have you been trained in processing foreign currency? She said 2 years. I then asked have you ever seen anything like this before, with your foreign currency system? She said NO! Never! They just keep telling us "the system software is being changed over"! I told her thanks, I'll check back in a few days.
Guy's, when you factor this lead bank local level activity in, with all of the surrounding Intel, I'm getting more excited by the hour.
1). Hello TNT...on Tuesday of last week, I called my local foreign currency branch, of the "lead bank", I'm in the southeast USA. I called to inquire about purchasing a little more vnd and rupiah. The foreign currency teller who is very familiar with me as a customer of previous purchases; explained that she could see the current rates (same old rates, she's a foreign currency teller only), however, she said we can't transact any exchanges due to a "system change over". She said we should be back up and running Friday the 19th, so call or come in and I'll place your order. Of course I asked is it just your branch? She said no, it's bank wide. She then volunteered, "but i don't think it's a rate change".
2). Well I called today, she was out on break so her manager took the call. The manager informed me they were notified last night that bank wide the systems will be back up, this coming Tuesday. She then apoligized and said teller should have notified me.
Has anyone else had this experience, with WF. Remember one of the bank stories from last week, where a member was told by some rather obscure branch manager in a Walmart Store, who said to the member, I'll see you on the 24th? Is it possible, the little guy got it right? The 23rd, 24th? Time will tell..
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