We get a LOT of emails from individual readers and investors regarding dinar rumors. Some are tips about a rumor, and others are just asking what the latest “Dinar rumor” is, so we figured it would be a good idea to make one central place to discuss dinar rumors.
I would suggest bookmarking this particular page so you can find it easily, and we’ll also link to it from the side column of DinarSpeculation.com. Please add your questions about the latest dinar rumor and also post information you come across regarding the Iraqi Dinar below! This doesn’t have to be 100% dinar news, unconfirmed and confirmed dinar rumors are ok. (Of course… a confirmed rumor isn’t really a rumor, is it?) We will use our contacts to verify or debunk any hot dinar rumors, but as always – the help of the readers is invaluable and we need you to post here!
Best regards,
Dinar Speculation Team.
Related posts:
- Time to debunk some rumors on the Iraqi Dinar
- Rumor stopper.
- Dinar Trade behind in orders…
- 11-2-11 official Wednesday chat
- Oil: The parliament will discuss the oil and gas law during its meetings next Read more: http://dinarvets.com/forums/index.php?/topic/60518-oil-the-parliament-will-discuss-the-oil-and-gas-law-during-its-meetings-next/#ixzz1I6uvz7YX
First dinar rumor is that Iraq is out of Chapter 7. So far this rumor is unverified.
Until the gov. of Kuwait has been paid what they claim they are owed through the debt repayment imposed on Iraq and the gov. of Iraq is no longer in Bankruptcy,,,there will be No RV.
A close friend of mine works at the embassy in Iraq and is in touch with one of the Senior Executives at Warka bank.
She couldn’t name the person for obvious reasons, but she was told to start saving as many Iraqi Dinars as possible… apparently Warka Bank has had a group of I.T. people working on a “confidential” project around the clock for the last 72 hours or so, and she heard it had something to do with exchange rate changes.
These rumors sound very exciting….from what I have read on the News from Iraq site, Texas, Iraq is threatening to sue Kuwait and acting as if they see the lack of cooperation to lift the sanctions as if Kuwait is declaring war…..they probably will give in to that kind of pressure. Iraq Oil ministry has just won a legal battle and attained $$$ from other countries…..also pressure from UN and the U.S.may be too much for Kuwait. If they are smart, they will take the offer of investments from Iraq….who knows? This is my first ever comment and is ONLY an opinion. I have been reading all the info on the sites for several months now and this is the best reading I’ve done yet! GO DINARS and God Bless us investors REAL GOOD!
Can someone answer this question? Is the WARKA Bank a subsidiary of Central Bank of Iraq? Where were the RV come from?
Attention Dinar Speculation admins! Your site is at the brink of “Pumpers Attack”. Make some actions right away!!!
I heard recently that members of the CBI have proposed doing a lop off all circulating notes except the 50 dinar note. Has anyone else heard of this,and what would be the advantage for them to do this?
What is an RV?
An RV is the revaluation of currency, in this case the Iraqi Dinar.
Pual, the lop theroy has been put to rest a long time ago. The Lop is not going to happen.
CobraKiller
I would like to know if there is a date set to exchange the dinars. I also would liuke to knmow the latest news from the dinar for investmetns… Thanks. Can someone answer this questions ASAP….
well i talked to my local bank, and they currently do all exchange with foreign, except dinar right now!
she informed me that if and when the iraq dinar begins to exchange on the growth of there economy,and when the diner goes up, that most all the larger banks in the usa, will, exchange it!because they will make money too!
she said just wait cool
Hello Jessica,
No one can answer that question. All I can say is that we are very near the end of this journey. There are people waiting since 2004 and only recently things that needed to happen in order for this to be a reality are happening. We have to wait for chapter 7 to be lifted in order for Iraq to become international again. When this happens the currency will get it’s value. Some people think they could get re-instated to what it was $3.22. The last of news that I heard is that today Prime Minister Maliki and UN Chief Bi Kan-Moon along with Obama and Kuwait reps had a meeting but I don’t know what was the outcome.
Do you think it is time for a little more investing and where are we going to be able to exchange the Dinar?
Hey JoAnn,
One thing I know for sure is that you shouldn’t invest more than you can afford to lose, just like Las Vegas!
As far as trading the Dinar in, if any of these “dinar rumor” happen and an RV takes place, you will be able to trade your dinar in pretty much anywhere – local bank, or at worst, a nearby branch of a major bank like US Bank, Bank of America, Chase Bank, 5/3 Bank, etc.
The question is, to me, how much do I really want to trade in right away? If they RV at $1.00, will it go up to $3.00? If so, I should just trade in a small amount to play with and KEEP the rest until it goes up more! Or are they going to put a time limit on it, forcing us to trade in at a smaller rate? That’s one of the reasons I have a Warka Savings Account.
Would somebody please explain to me what WARKA accounts are? If it is a bank in Iraq, is it wise to be searching THEIR website instead of CBI? Thanks to anyone who can explain…..:)
mPierce, WARKA is an Iraqi bank that deals with foreign investors (such as a US citizen). You can open an account with Warka bank and invest in Iraqi Dinar that way – see this article here: http://dinarspeculation.com/2009/07/09/how-to-open-a-warka-bank-account/
To the admins – keep up the great work, thanks!
Oh, I should have mentioned – CBI is Central Bank of Iraq. You cannot open an account there.
here’s a hot rumor! Is SafeDinar recalling Dinar orders and closing the doors?
http://dinarspeculation.com/2009/08/03/safedinar-out-of-business/
The latest rumour… Thursday will be the day all banks will exchange the IQD. Keep your eyes open.
The rate of exchange, not as certain , right now, between 4.40 and 4.60
i work long hours. when home i’ll dig up information!
Tom – Could you please state your source from where you obtained the possibility that the RV is between 4.40 – 4.60?
The RV , was being negotiated , the rate I heard most recent is 3.07. Folks are going crazy out there, the most recent rumour of it being revalued was tomorrow ,will be exchanging at some us banks . I do not know anything for sure. I am not in USA so, I dont know what will happen here.
Tom the 3.07 was the rate that I had heard it was going to possibly be revalued at as well. That is why I was wondering where you might have heard that the rate would be higher than that. I too heard that it’s possible for the revalue to take affect tomorrow with some US banks. Thanks for the information.
I hope you guys are right. This has been long awaited.
Well Thursday has come and gone and none of the US Banks opened their doors for Dinar exchanges…..and the RV wasn’t announced to the public…….if it’s really been negotiated. Still have that hope!!
i think you are selling dinars and posting these rumors to boost your sales
There may be no announcement, just a rate change.
why is it that none of the dinar selling websites are getting wind of any of this info? i know this is completely a “rumor” blog but some people like myself are really looking for more reliable news.
How do I get on this site
If this means anything, E-BAY will stop auctioning Dinar in 1 hour.
Troy: If you were directing that comment towards this site, you are wrong. We do not sell Dinar, we only post information regarding it.
Tom: Where did you get that information, and has it came to pass?
joking86: This is not a Rumor “site”, but this is an article about rumors. 99% of the articles published on this site are verified by trusted news sources, not “my uncle’s brother knows a banker who drives a taxi…”… please look at the posts made on dinar speculation, you’ll see this to be true.
Everyone: thanks for all your contributions, when we hear rumors we like to try to verify them through various sources before we give the information out. Keep on posting!
Obviously E-bay did NOT stop auctioning Dinars. Where are you getting your info tom?
Does anyone know if anything TOM has said to be truth….just curious?
Sorry forgot this is a rumor article! so i guess its ok
E-bay is still auctioning Iraqi Dinars, My mistake , it looked like it was halting, but then a new batch came up for auction. Alot of dealers are having a hard time getting this currency. As for information I am getting , is from others , with so called contacts, I will say this. I have never seen such a thing as is going on with this supposed re valuation, it could possibly be the biggest boom since the california gold rush. Or , the biggest scam in history, I will believe it is closer to a gold rush, or I would not have bought any Dinar Myself. Lets hope it is next week .
If you look at the natural resources that Iraq currently has: Probably the largest oil reserves in the world, as well as natural gas. The fact that it will form a democratic government and will hopefully stabilize violence. Also it has great access to the gulf for export and import. With all these factors, Iraq should be the next kuwait. If the rest of Iraq can stabilize and get it’s act together as well as northern iraq has, I believe it has the potential to have a strong currency. I think it will come it close to Kuwait’s Dinar 3.48. When that will happen, is the million dollar question. I do know that here in the US chase bank was buying and selling dinar currency. However, as of december 15, 2008 chase banks stopped buying and selling Iraq dinars. Not sure why.
Kuwait and most gulf states have a set rate for their currency as opposed to western countries that have a floating rate.
ive been to different dinar forums and i continue to hear about “medic”. so who or what is this about. please explain
Medic , is a smart man, he sees things others miss
Medic is a pumper, he has predicted rates and bank announcements and all kinds of stuff… always wrong. People hang on his every word because he pumps them up, and they buy Dinar, and his promises and “info” never comes true.
Medic is a pumper. Period.
oh wow what’s he like the messiah or something? what site can i find him on?
I was just wondering has it been confirmed definitely yet if the sanctions or Chapter 7 have been lifted on Iraq. I have found alot of news that it is leading up to it but none that say it has happened.
Susan, Chapter 7 has not been lifted.
So is there any word of a revaluation or will it really be after the sanctions are lifted and I see sites that say they believe it will be around August 23 is there anything to this
Just curious, but who said that date and what are their sources? I haven’t seen anything on IMF, UN, or CBI sites – and that would be pretty big news.
It was another blog site once again rumors but they also said Iraq was out of Chapter 7 so that is why I asked the question because this site even though a rumor site seems more knowledgable.
Mark: dinarinfo.net is a wesite where they are claiming the rv has to take place on or before the 23rd of august
So any new info yet….This is killing me….lol….if this is suppose to happen what is the holdup???
I’ve never seen anything other than rumors and reposts come off dinarinfo, so that’s not too exciting. Where did the date supposedly originate?
Well, we are all playing in the hands of Dinar Sellers. They are the one taking advantage out of it, because rumour of changing currency is again there.
If we look into the CBI site there is a maturity date of selling Iraqi dinar, so what will happen next.
if we look into the value of the IQ that is
New 150 IQ= 1 old IQ
that means new 1 IQ=.0213 $
So, spreading trillions of ID all over the world is only to collect funds and now talking about rebasing or revaluing is a joke with the investors.
May I add if the value of the ID will not open high like 1 Id= 1$ US, then the whole world system may not crash as already 72nd US bank had submitted bankcruptcy
The dinar jumped to .00090 today. Any information on what’s going on?
If you use gocurrency.com it shows 1IQD=0.000900009USD
My suggestion is just wait and see ID 25000 note worth $20 cannot just be wasted
OK, Has anyone heard anything new as of yet that can be verified. I have read so many rumors this is kinda like playing the lottery only I know when I lose at that instantly
HAHA! Great comment, Susan… I never looked at it that way.
I have $10 in the Powerball tomorrow, wish me luck!
So Good Luck Hope ya win
I keep hearing about coinage in Iraq how does everyone seem to know about this or is this just rumor also. Or has someone somewhere actually seen these “coins”
OH and Adam Montana did ya do any good on that lottery thing
Anyone got any new good news about the dinar?
Thanks
Has anyone heard anything I am reaching desperation. My husband has been fired and I am about to be foreclosed on but I have a little dinar and if it would revalue I could at least pay my house note any news at all would be appreciated.
A successful Iraq will bring it’s currency Iraqi dinar from historic lows to an internationally recognized currency with world value.
New Iraqi Dinar has advanced 25% since the end of major combat operations.
The value of the new Iraqi Dinar, which had slipped to between 3500 and 4000 against the US dollar before April, 2003, advanced to 1,500 new iraqi Dinar to the dollar following the end of major combat operations in July, 2003.
The United States has pledged over $18 Billion, military and civilian support, debt relief and economic ties that will give Iraq the capability to develop its potential as a $70 billion a year economy, one of the largest in the region.
Iraq’s oil reserves over $10 trillion.
A vibrant country with a highly educated population of just over 22 million people, Iraq possesses oil reserves of over $10 trillion at the current market value.
Released from the repressive regime of Saddam Hussein, Iraq has the potential to become a $70 billion dollar a year economy, with one of the largest oil and gas reserves in the world, second only to Saudi Arabia.
Major industrial nations from around the world are in Iraq.
Major industrial nations from around the world are present in Iraq, either as military or civilian support, to assist Iraq in its desire to establish a safe, secure and economically sound country.
Trillions of dollars have already been pledged for repair and restoration. Reconstruction of the infrastructure including power, water, road and highways, IT and phone systems, and health and human services, has already begun.
Iraq is making all the right moves.
Regional agreements.
Iraq is quickly establishing beneficial relationships in an effort to export its oil and gas reserves through already established pipelines in its neighboring countries.
Monetary system of Iraq.
The monetary system established by the new government encourages foreign investment, a key to develop a strong economy.
Central bank of Iraq.(CBI)
The Central Bank of Iraq is an independent agency, not affected by the political parties of the many factions in Iraq.
Iraq Stock exchange market.
A new iraqi stock market opened recently with over with record trading volumes pushing iraqi stock prices drastically upwards for the 27 firms listed, with over 2 billion shares changing hands in only 6 trading sessions.
Iraq Bond market.
The central bank of Iraq offered its first treasury bonds on July 18th, with broad participation of the private commercial banks of Iraq.
Iraq Real estate market.
Real estate in Iraq is booming, largely because of the severely depressed prices due to the restrictive policies of the old regime. With money flowing into Iraq, citizens are now buying houses in neighborhoods generally reserved for government officials.
Iraq Oil production.
With the new government firmly in place, the reconstruction of the infrastructure including rebuilding many of the major oil fields is steadily going forward. Iraq has signed tentative agreements with international oil companies to exploit its vast oil reserves.
Hope going forward.
It is hoped that within 1 to 2 years the oils fields will be producing sufficient oil to build a foundation for revenue and within 5 to 10 years Iraq will return to its place in the world economically, socially and politically.
Iraq is no more Saddam Hussein’s precious house because he is in the grave. In actual fact, it belongs to the whole world at large. Allah is The Lord of the Worlds but He entrusts certain people to be in certain lands to rule for Him. As in Qu’ranic Chapter 30 Verse 22, He has excellent reasons to create languages and colours… (of His intelligent creatures, regardless of race, language, status and religion to live and die in any land as He wishes, neither overly fat wishes of “Jihadists” nor “Slovenians”). In Qu’ranic Chapter 31 Verse 34, we all won’t know we may migrate to a foreign land in future to live and die right overthere as He wishes.
The word “Insha-Allah!” means “By Permission of God” is already written in the Bible under The New Testament of James Chapter 4 Verses 13 to 17 to warn all Believers and Christians alike not to promise what we couldn’t deliver because we’d never know we might die before the sun rises tomorrow.
Qu’ranic Chapter 4 Verse 29 clearly states that Believers mustn’t commit suicide and Chapter 4 Verse 92 killing innocent people in the streets or elsewhere is simply reckless murder in the first decree.
Every year since 9/11, Allah(swt) has converted numerous thousands of non-Muslim people in the United States, Germany and United Kingdom alone despite 9/11. The terrorism of “Jihadists” is likened to a small drop of plain water in the vast ocean. If the suicide bombers are replaceable, so do anti-terrorists like us who believe in peaceful living. If America is marked as Satan, it is wrong to curse the land Allah(swt) has created. We can curse the injustice of a corrupted person but definitely, not his soul. But we can curse Satan and his soul for sure! How do we know all past, present and future American presidents are Satans? We don’t see any horns like cows growing on their heads. As Sunnis, we believe in The Second Coming of Jesus Christ together with Imam Mahdi (the future ruler of the whole world to welcome Jesus or Isa(as) personally).
As Chris Angel and David Copperfield can do magical wonders, our Muslim saints can do much better than them. We are not told by these Muslim saints that such “Jihadists” are right in murdering innocent people anywhere. The blind leading the blind is a true saying targetted at the “Jihadists”. It is a great insult to Islam! Please do understand the meaning of Islam is Peace. Islam is not Terrorism at all. Do not possess the tunnel vision of a frog in a well and misunderstand Islam for whole life. We do not support terrorism.
Here, let us talk about why revaluation of Iraqi Dinars is highly possible. Please take note:
Latest news on: The Unique Situation of the Iraqi Dinar
A backgrounder on the Iraqi dinar, including details on why the Iraqi dinar is positioned for a huge rise in value.
The Iraq Dinar is set up in a very simple, almost crude fashion. The set up was a quick fix after the invasion, seeing that the banking sector in Iraq was about as developed as a model T. Without a modern bank system in place, the “crude and simple” was chosen as a workable interim model.
A Brief History of the Dinar
With Saddam’s face plastered all over it, the old dinar had to go. The Saddam dinar also was of very low quality, and could be easily forged on a simple copy machine.
After the invasion, new bills were immediately ordered, but due to the enormous amount needed, some of the old Saddam dinars continued to be printed and circulated until the new ones arrived.
The new dinar bills started to arrive, and they brought with them all the modern safety features one would expect. A wide spread of denominations was chosen, both to make the daily handling easier, and to cover for value variations in it’s exchange. Finally, a reasonable time period was granted in order to allow the citizens of Iraq to swap the old Saddam, and “Swiss” dinar in.
The Central Bank of Iraq (CBI)
The Central Bank of Iraq (CBI) was set up as an auction system, with the CBI sitting on the newly printed currency, auctioning older outdated dinars and other foreign currencies with Iraqi banks for new dinars. Now that the currency exchange has been completed, the CBI also sends nearly half of it’s daily auction of dinars to foreign banks in Kuwait, Jordan and beyond.
If you go to the CBI official website you will see the daily auction, the currency is now primarily sold in exchange for US dollars. The CBI is slowly but surely acquiring US dollars to help back the worth of the dinar. Everyday the amount of dollars in it’s vaults increases.
The exact number of dinars in print, in circulation or on hold at the CBI is exactly known. By doing some very simple steps, full control is achieved through:
1. Limit the amount a person can bring with him if he is leaving Iraq, to a very small amount (in this case, 100,000 dinar);
2. Knowing the exact amount sold to banks outside of Iraq.
Once you know the amount of dinars out there, viola, you have complete control over it’s fate. The CBI simply sells more or less to hold the dinar in a position exactly where they want it to be.
Given this situation, the dinar will not strictly be pegged. It has been called ‘pegged’ by some, but in reality you will have some small fluctuations on the dinar value, which you have likely noticed if you have followed it over time. These fluctuations are a balancing act by the CBI.
Simply put, truly pegged currencies don’t move from the currency it is pegged to.
This is the basic Iraqi dinar system. Now some may already be asking, that if the Dinar is endlessly sold, wouldn’t it flood the market, making them worthless? No, because you have exchanged your US dollars for your dinar, which helps to back the dinar through the above explained CBI mechanism.
Now, this is a very temporary system. Interested readers will of course note that any currency that is not free flowing is a hindrance to full economic development. This fall, new Iraq investment laws are suppose to be passed by the elected Iraqi parliament, allowing international investment companies (read: Big Oil) to invest.
At this very moment, oil company survey and geological teams are crisscrossing the desert, testing grounds, staking claims and hopefully not giving each other a black eye. Again, this is not Iraq government, US government, US Government contractors, US armed forces, etc. running around, this is oil companies. The future mega investment in Iraq which will help drive the economy forward.
A Question of Priorities
Some may ask if we shouldn’t take care of the violence first. If Joe Everyman is building a house, is it relevant that his young children are fighting? The short answer is that ‘Big Oil’ is operating in many areas of the world where violence is the norm, not the exception.
By last June it was announced that no more printing of the dinar is necessary, meaning that we are most probably in the end part of the ‘first stage’, and are ready for the dinar revaluation. It would be an suicidal economically to leave the dinar in it’s current low range, and let the oil companies come in ‘on the cheap’. The dinar MUST have a much higher value at that time, otherwise Iraqi will be sold off for literally pennies, or dinars, on the dollar.
While the exact arrangement of the investment law is not yet settled, deals have already been made in how the oil revenue will be shared amongst the different regions and groups in Iraq. So things are moving forward.
It is not yet known if the revaluing of the dinar will be an overnight thing, with no previous announcements, or if it will be a gradual increase as necessary. It should be pointed out that the value of many oilfields in Iraq is also not fully known, because actual modern geological surveys have not been done for decades, if at all, but even with this lack of recent study, the known reserve in the ground rivals that of Saudi Arabia. It is hoped that in the next decade, Iraq will achieve the same oil output as its southern neighbor. Nobody can deny that the potential is there.
From the time the pumps start working, Iraqi society will start getting more and more benefits from the oil revenue. The finances will be available for roads, schools, the electric grid, social programs, new equipment, better computers, etc. These oil-funded infrastructure improvements will help drive manufacturing, and in turn, generate more jobs. Social unrest is handled with police and justice, but it must also be handled with economics. A prosperous nation is a happy nation.
Finally, Iraq has been blessed with something very few Arab countries have. Water. The agricultural heartland of Iraq have one of the highest potentials of big development. With proper development, it could be the Iraqi equivalent of the orchards and fields of California’s central valley. This development and the potential of it will only strengthen the dinar now and in the future.
Exciting Times, a Positive Direction
For the dinar, these are exciting times, but even more interesting when it comes to investing in the Iraq stock exchange, because as the oil revenue will start making things possible in Iraq, the opportunities to be in on the ground floor on different investment start ups, will increase. Knowing this is a nation destined for great wealth it makes it even more exciting.
Saudi Arabia, Dubai, the Arab Emirates and Kuwait; are they rich and prosperous states? Of course they are. Why are they wealthy? Oil. Oil is money. Iraq is practically floating on oil. When do the oil companies want to start pumping? … Yesterday.
Will Iraq continue to be a poor nation? Will the dinar continue to be at it’s all time low?
**END ARTICLE**
Source: ISX Data Services.
I couldn’t do alone, we all must quickly convey the message to the opposition parties of Iraq that if they want to win more votes from the people of Iraq somewhere in early 2010 to increase their seats in the parliament, they must promise them (by God’s Permission) about the speedier revaluation of Iraqi Dinars at an excellent rate first to enable the poor and the needy Muslims inside Iraq to improve their living standards, better their buying power, etc.; and assure them of more employment. Iraq government must do it this way without further procrastination against the revaluation of Iraqi Dinars like what PM Maliki like to procrastinate for already some years where many investors of Iraqi Dinars still keep speculating about it till today. Why keep withdrawing money to help their Iraqis without any financial gain in return at all and her debts had kept and will keep piling up without a full stop right there? There must be a way to teach them how to catch fish for their own meal everyday, not just by giving them free fish everyday.
Numerous future negative repercussions like the emergence of civil wars, corruption, criminal activities of pirates and bandits, drug syndicates, prostitution and all that you can name them may happen without any control if procrastination keeps on till next generations of Iraqis emerge. Even greater pressures on natural resources will increase as Iraq may face a population explosion in the near future. Because most Muslim families in Iraq would love to have more children suggested by the rule of Sunnah. Is Iraq government prepared for such a contingency? Only revaluation of Iraqi Dinars would enrich all Iraqis asap. By this, the pain of poverty decreases in order to welcome the joy of more future progeny next. If such procrastination continues due to corruption caused by unscrupulous governors, ombudsmen and bureaucrats, Iraq’ll suffer!
Does PM Maliki of Iraq himself involve in corruption so much so that the revaluation of Iraqi Dinars has been delayed for some years by now? I personally feel his procrastination is fishy to me. The saying Don’t judge the book by its cover is an absolute truth. I don’t trust him at all!
My mentor once told me this: Rather than competition bringing down corruption, corruption is often allowed to prevent competition. Apart from the general moral and ethical arguments about bribery and dishonesty and the effect they can have in undermining general respect for the rule of law, corruption is generally bad for efficiency. It leads to decisions made by bureaucrats on the basis of what is good for them, not good for the economy. Let us hope PM Maliki of Iraq is not a corrupted person as labelled by the Qu’ran as well. The future leader of the whole world Imam Mahdi is an honest person who will not, I believe, hold up revaluation of Iraqi Dinars like him for whatever reasons to prolong the sufferings of the poorer Iraqis around Iraq.
Continuous corruption in the government can prevent the speed of revaluation plan because some big guys inside might be pocketing more US Dollars for their own benefits, not for their economy. Qu’ran keeps warning us about the many hidden corruption occurring in the departments of governments everywhere in our space age and I am one of the persons who can see the invisible colours of their true faces. It’s okay to tell you because it’s a blog site here you won’t know who am I. I am gifted by God. Insha-Allah! and Alhamdulillah! You shall see the truth very soon about the hypocrisy of them.
We all, not I alone in this blog site, must convey such message and suggestion asap to the government of Iraq and her opposition parties before the next polling day may occur in early 2010. Iraq is a more civilised country right now after the fall of Saddam Hussein and she deserves to get her Iraqi Dinars revalued at an excellent rate to rebuild her economy asap in a fair way like what Kuwait has received.
Singapore is such a small dot in the world map and if she could be so financially successful in businesses with stabilized economy without any mineral resources at all, could Iraq’s future economy be better off in an even shorter period of time if she has so many mineral resources given by God under the ground ready to be shared with the whole world? If Singapore can do it, Iraq can do it as well!
China has just opened her gateway to business opportunities worldwide not long ago, perhaps somewhere around 1997. If China can do it, Iraq can do it as well! Why must the naysayers still live in the past and imagine the shadow of Saddam Hussein, even after his demise, is lingering on in Iraq. It is unfair to always keep imagining Iraq is a villain while Kuwait is a hero. Let us not only pray, just do it altogether to speed up the revaluation of Iraqi Dinars by letting Iraq governors know about our urgent message.
Please email minister@industry.gov.iq or google search for “Contact Us at USIP” to contribute our suggestions asap.
Here, let us talk about why revaluation of Iraqi Dinars is highly possible. Please take note:
Latest news on: The Unique Situation of the Iraqi Dinar
A backgrounder on the Iraqi dinar, including details on why the Iraqi dinar is positioned for a huge rise in value.
The Iraq Dinar is set up in a very simple, almost crude fashion. The set up was a quick fix after the invasion, seeing that the banking sector in Iraq was about as developed as a model T. Without a modern bank system in place, the “crude and simple” was chosen as a workable interim model.
A Brief History of the Dinar
With Saddam’s face plastered all over it, the old dinar had to go. The Saddam dinar also was of very low quality, and could be easily forged on a simple copy machine.
After the invasion, new bills were immediately ordered, but due to the enormous amount needed, some of the old Saddam dinars continued to be printed and circulated until the new ones arrived.
The new dinar bills started to arrive, and they brought with them all the modern safety features one would expect. A wide spread of denominations was chosen, both to make the daily handling easier, and to cover for value variations in it’s exchange. Finally, a reasonable time period was granted in order to allow the citizens of Iraq to swap the old Saddam, and “Swiss” dinar in.
The Central Bank of Iraq (CBI)
The Central Bank of Iraq (CBI) was set up as an auction system, with the CBI sitting on the newly printed currency, auctioning older outdated dinars and other foreign currencies with Iraqi banks for new dinars. Now that the currency exchange has been completed, the CBI also sends nearly half of it’s daily auction of dinars to foreign banks in Kuwait, Jordan and beyond.
If you go to the CBI official website you will see the daily auction, the currency is now primarily sold in exchange for US dollars. The CBI is slowly but surely acquiring US dollars to help back the worth of the dinar. Everyday the amount of dollars in it’s vaults increases.
The exact number of dinars in print, in circulation or on hold at the CBI is exactly known. By doing some very simple steps, full control is achieved through:
1. Limit the amount a person can bring with him if he is leaving Iraq, to a very small amount (in this case, 100,000 dinar);
2. Knowing the exact amount sold to banks outside of Iraq.
Once you know the amount of dinars out there, viola, you have complete control over it’s fate. The CBI simply sells more or less to hold the dinar in a position exactly where they want it to be.
Given this situation, the dinar will not strictly be pegged. It has been called ‘pegged’ by some, but in reality you will have some small fluctuations on the dinar value, which you have likely noticed if you have followed it over time. These fluctuations are a balancing act by the CBI.
Simply put, truly pegged currencies don’t move from the currency it is pegged to.
This is the basic Iraqi dinar system. Now some may already be asking, that if the Dinar is endlessly sold, wouldn’t it flood the market, making them worthless? No, because you have exchanged your US dollars for your dinar, which helps to back the dinar through the above explained CBI mechanism.
Now, this is a very temporary system. Interested readers will of course note that any currency that is not free flowing is a hindrance to full economic development. This fall, new Iraq investment laws are suppose to be passed by the elected Iraqi parliament, allowing international investment companies (read: Big Oil) to invest.
At this very moment, oil company survey and geological teams are crisscrossing the desert, testing grounds, staking claims and hopefully not giving each other a black eye. Again, this is not Iraq government, US government, US Government contractors, US armed forces, etc. running around, this is oil companies. The future mega investment in Iraq which will help drive the economy forward.
A Question of Priorities
Some may ask if we shouldn’t take care of the violence first. If Joe Everyman is building a house, is it relevant that his young children are fighting? The short answer is that ‘Big Oil’ is operating in many areas of the world where violence is the norm, not the exception.
By last June it was announced that no more printing of the dinar is necessary, meaning that we are most probably in the end part of the ‘first stage’, and are ready for the dinar revaluation. It would be an suicidal economically to leave the dinar in it’s current low range, and let the oil companies come in ‘on the cheap’. The dinar MUST have a much higher value at that time, otherwise Iraqi will be sold off for literally pennies, or dinars, on the dollar.
While the exact arrangement of the investment law is not yet settled, deals have already been made in how the oil revenue will be shared amongst the different regions and groups in Iraq. So things are moving forward.
It is not yet known if the revaluing of the dinar will be an overnight thing, with no previous announcements, or if it will be a gradual increase as necessary. It should be pointed out that the value of many oilfields in Iraq is also not fully known, because actual modern geological surveys have not been done for decades, if at all, but even with this lack of recent study, the known reserve in the ground rivals that of Saudi Arabia. It is hoped that in the next decade, Iraq will achieve the same oil output as its southern neighbor. Nobody can deny that the potential is there.
From the time the pumps start working, Iraqi society will start getting more and more benefits from the oil revenue. The finances will be available for roads, schools, the electric grid, social programs, new equipment, better computers, etc. These oil-funded infrastructure improvements will help drive manufacturing, and in turn, generate more jobs. Social unrest is handled with police and justice, but it must also be handled with economics. A prosperous nation is a happy nation.
Finally, Iraq has been blessed with something very few Arab countries have. Water. The agricultural heartland of Iraq have one of the highest potentials of big development. With proper development, it could be the Iraqi equivalent of the orchards and fields of California’s central valley. This development and the potential of it will only strengthen the dinar now and in the future.
Exciting Times, a Positive Direction
For the dinar, these are exciting times, but even more interesting when it comes to investing in the Iraq stock exchange, because as the oil revenue will start making things possible in Iraq, the opportunities to be in on the ground floor on different investment start ups, will increase. Knowing this is a nation destined for great wealth it makes it even more exciting.
Saudi Arabia, Dubai, the Arab Emirates and Kuwait; are they rich and prosperous states? Of course they are. Why are they wealthy? Oil. Oil is money. Iraq is practically floating on oil. When do the oil companies want to start pumping? … Yesterday.
Will Iraq continue to be a poor nation? Will the dinar continue to be at it’s all time low?
**END ARTICLE**
Source: ISX Data Services.
Why Purchase the New Iraqi Dinar
A successful Iraq will bring it’s currency Iraqi dinar from historic lows to an internationally recognized currency with world value.
New Iraqi Dinar has advanced 25% since the end of major combat operations.
The value of the new Iraqi Dinar, which had slipped to between 3500 and 4000 against the US dollar before April, 2003, advanced to 1,500 new iraqi Dinar to the dollar following the end of major combat operations in July, 2003.
The United States has pledged over $18 Billion, military and civilian support, debt relief and economic ties that will give Iraq the capability to develop its potential as a $70 billion a year economy, one of the largest in the region.
Iraq’s oil reserves over $10 trillion.
A vibrant country with a highly educated population of just over 22 million people, Iraq possesses oil reserves of over $10 trillion at the current market value.
Released from the repressive regime of Saddam Hussein, Iraq has the potential to become a $70 billion dollar a year economy, with one of the largest oil and gas reserves in the world, second only to Saudi Arabia.
Major industrial nations from around the world are in Iraq.
Major industrial nations from around the world are present in Iraq, either as military or civilian support, to assist Iraq in its desire to establish a safe, secure and economically sound country.
Trillions of dollars have already been pledged for repair and restoration. Reconstruction of the infrastructure including power, water, road and highways, IT and phone systems, and health and human services, has already begun.
Iraq is making all the right moves.
Regional agreements.
Iraq is quickly establishing beneficial relationships in an effort to export its oil and gas reserves through already established pipelines in its neighboring countries.
Monetary system of Iraq.
The monetary system established by the new government encourages foreign investment, a key to develop a strong economy.
Central bank of Iraq.(CBI)
The Central Bank of Iraq is an independent agency, not affected by the political parties of the many factions in Iraq.
Iraq Stock exchange market.
A new iraqi stock market opened recently with over with record trading volumes pushing iraqi stock prices drastically upwards for the 27 firms listed, with over 2 billion shares changing hands in only 6 trading sessions.
Iraq Bond market.
The central bank of Iraq offered its first treasury bonds on July 18th, with broad participation of the private commercial banks of Iraq.
Iraq Real estate market.
Real estate in Iraq is booming, largely because of the severely depressed prices due to the restrictive policies of the old regime. With money flowing into Iraq, citizens are now buying houses in neighborhoods generally reserved for government officials.
Iraq Oil production.
With the new government firmly in place, the reconstruction of the infrastructure including rebuilding many of the major oil fields is steadily going forward. Iraq has signed tentative agreements with international oil companies to exploit its vast oil reserves.
Hope going forward.
It is hoped that within 1 to 2 years the oils fields will be producing sufficient oil to build a foundation for revenue and within 5 to 10 years Iraq will return to its place in the world economically, socially and politically.
I just want to know the bare facts. What is the speculative rate of return? I mean if I invest $5000 US in Iraqi Dinars what will I get back if “all things align” the way one wishes?
Joe if find the answer to that it will be a miracle. I have checked every site I can find and there is a lot of speculation and rumor but I have not seen any actual fact to any of it. And trust me I have researched.
vorrei sapere quanto vale oggi il dinaro swizzero e se mi conviene venderlo
*translated by admin: “I want to know what is today the swiss dinar and if I should sell it”
Here I emailed to President Barack Obama:
Mr President,
With all due respect, it is not an email meant to insult any procrastinator but I hope you can work things out speedily for the New Iraq asap because the beginning of a better global economy in greater measurements can start with first revaluing Iraqi Dinars to enrich all Muslim denominations at all levels. By and large, the majority of Iraqi population supports US Dollars and with their buying power tremendously increasing within a short period of time, only then your exploitation of their natural resources and many other things would be totally justifiable to the Iraqi government and all her people who support USA. It is time to take full advantage of Iraqis at this critical moment if you know how. Please rebuild Iraq economy to rebuild US economy. Overly-undervalued Iraqi Dinars cannot expedite enriching USA. You’ve got to see it at a different angle to get a big picture of what I am trying to tell you. If Saddam Hussein had supported USA with better currency rate against US Dollars, USA should be richer than present-day China right now. Now that the overly-undervalued Iraqi Dinars still remain, how to encourage the working population of the New Iraq to buy things from US? Is my suggestion so unfounded to you? Please rethink why China’s currency was still revalued so low when she slowly opened her gateway much wider to business opportunities worldwide when Hong Kong returned to China in 1997? It is better for the US currency not to override Iraqi Dinars right now when US economy is unstable these days. You need to better your many different business strategies to compete with all other nations but please use a different business strategy for a temporary solution that I have suggested for the New Iraq like revaluing her currency rate at an excellent rate asap. You may like to consult your own teams of economy experts to check things out first.
Please first download the two attached files belonging to americancontractor@gmail.com and one other attached file belonging to Iraqi-Dinars.com for your perusal. (I couldn’t upload any attached file in this box and I suggest your webmaster should do something to improve your blog site). Only after reading the three attached files, you may then understand why I need to suggest more lucrative ideas right here.
Between 1982 to 1989, one old “Saddam Hussein” Dinar was equal to US$3.22 or a bit more till the occurrence of Persian Gulf War (2 August 1990 – 28 February 1991) which caused the Iraqi Dinar to plummet to a value of just 1 Iraqi Dinar to US$0.33 and when the new currency was introduced in 2003 in the name of Iraqi Freedom, it was 1 Iraqi Dinar to US$0.00027. Fancy now that the current exchange rate for today is 1 Iraqi Dinar to US$0.00087.
The saying “In the world of the blind, the one-eyed person is the king” might be a good point aimed at Mr Bush jr., (the immediate predecessor of US President Barack Obama) who led all the blind nations to attack Iraq, recklessly, without first studying carefully what was really happening in Iraq at a different angle. Must Mr Bush jr. blindfold himself to step dead all the heroes and villains of Saddam Hussein’s story, altogether? Mr Bush jr. should have fully understood the Sun Zi’s Art of War or the 36 War Strategies of the Chinese before he desperately needed to attack a nation in the pretext of clearing up Saddam Hussein’s possible nuclear capabilities. Did Mr Bush jr. realize how many different Muslim denominations in Iraq were then great enemies of Saddam Hussein when he was alive and just before his plan of combat operation was created, an armed uprising against the regime of Saddam Hussein was happening in many areas of Iraq for endangering the lives of innocent ones who didn’t want to fight against the US troops for the sake of his own stupidity and boastful nonsense? Strategy 3 among the 36 War Strategies of the Chinese: “Killing with a borrowed knife” is sufficient for all other Muslim denominations to overthrow the regime of Saddam Hussein without wasting more taxpayers’ tons of money and the lives of many US troops and their enemies just for the stupid and useless idea of combat operation suggested by Mr Bush jr. Even if I could travel back to 2 August 1990 through time-travelling machine to meet Mr Bush jr. in person with such an email right here to advise him, all his toes might start laughing loudly.
Actually, Mr Bush jr doesn’t deserve to be called an one-eyed person. He was the total blind leading the blind in reality. The world had appointed a qualified butcher to have led a team of qualified surgeons to operate on their patients indeed!
I hope the world will not do likewise to the New Iraq. God must have many good reasons to hide so many precious treasures in the Middle-East Region including Iraq and that is the truth we all must agree. But it does not give the world every right to exploit Iraq. To share with Iraq’s many blessed hidden precious treasures, the need to revalue her currency at an excellent rate is absolutely obligatory, just like one of the attached files in page 2 of 6 rhetorically queried: What does the National Elections in January and the Currency Revaluation have in common? They both require a law…
For the God-fearing nations, let me forewarn you right now that we must give the same equal democratic rights to revalue Iraqi currency at an excellent rate before we need to share her many hidden precious treasures to enrich our global economy. Otherwise, we may face numerous negative repercussions, if not divine retribution, for putting Iraq in any position vulnerable to exploitation by unscrupulous outsiders and corrupted Iraqi leaders at the expense of all Iraqi people at all levels and in different Muslim denominations. I am a great supporter of human rights as well. The Divine Voice has kindly advised me during Ramadan to convey His Warning to capable person and great thinker like you not to make any decision on the basis of what is personally good for your own piggy bank back home and not good for the global economy and people at large.
My mentor once told me this: Rather than competition bringing down corruption, corruption is often allowed to prevent competition. Apart from the general moral and ethical arguments about bribery and dishonesty and the effect they can have in undermining general respect for the rule of law, corruption is generally bad for efficiency. It leads to decisions made by bureaucrats on the basis of what is good for them, not good for the economy. Let us hope PM Maliki of Iraq is not a corrupted person as labelled by the Qu’ran as well. The future leader of the whole world Imam Mahdi is an honest person who will not, I believe, hold up revaluation of Iraqi Dinars like him for whatever reasons to prolong the sufferings of the poorer Iraqis around Iraq.
Prophet Muhammad(saw) predicted in his Hadiths about the divine retribution for the wrongs future political leaders of Iraq had done would eventually come; and I hope PM Maliki and his other ministers are not labelled as hypocrites in the Qur’an as well. The prophet continued: After the destruction of the Old Iraq (under the regime of Saddam Hussein?), the Dirham (which is now called Dinar) might become temporarily worthless in Iraq. But a New Iraq would emerge with more false leaders till someday in the distant future in the Middle-East Region, Imam Mahdi(as) has to reveal himself as a young man who would be commanded by God to rule the whole world with righteousness and kindness. He also supports human rights and true democracy. No one can assassinate him at all because he is a Modern Superman who can’t fly. He must be a handsome young man to all Sunni Muslims. But Shia Muslims do reject the belief of Imam Mahdi(as). So, please don’t ask PM Maliki about the future emergence of Imam Mahdi(as) becoming our future religious and political ruler of the whole world.
However, the prophet predicted that the distant future that could be now would enjoy more blessings of goldmines for more years till the day when great amounts of wealth in the forms of money, gold, diamonds and all other precious stones might be laid out openly on the streets without security officers around to prevent theft. Learned Sunni Muslims know the global economy will keep improving from now and in future only when all righteous and wise political leaders realize the importance of speedily revaluing their own nation’s currency to permanently enrich everyone with better buying power. I don’t keep conveying such numerous messages through email with more sleepless nights just for fun. I personally have great confidence that the United States of America, all European countries, the Middle-East Region, Africa, and Asia will slowly head towards greater success in future businesses all over the world. Daily prayers to God and asking Him for forgiveness are equally important to us, if we have to go ahead safely and punctually.
Please for God’s sake, do something to revalue the currency of Iraq soonest possible to help enrich the Iraqi population, USA, Europe, Middle-East Region, Africa, Asia, and all foreign investors of Iraq, altogether.
Let God be My Witness I have already conveyed His Advice to the world key bodies here.
Thank you for perusal.
That’s all!
With Best Regards,
James translating this letter on behalf of Muhammad
Let hope 1 Iraqi Dinar will be equal to USD1.46 or above to be on a par with Kuwaiti Dinar by 50% at least. That would be sufficient for an average Iraqi who is working as a toilet cleaner to have better buying power once again. Most employed Iraqis are now controlled by rations given by their government. How do foreign exporters of goods want to supply necessary things to Iraq who can’t afford to buy them at all?
Like any third world country it’s a gamble, look for examle at the Philippines, back in 1977 it was 7.2 peso’s to the U.S.$ now today it is 50 peso’s to the U.S.$ So unless you plan on moving there to live rich in a no middle class country the currency only went south. They also had no stable government it was Marshal Law, ironically whats to prevent the dinar from going further south like the Peso of the Phillipines did? they import a lot like china and Tiawan to the U.S. there Peso never gained any strength. Saddam set the value of the dinar to beat the U.S. Dollar, I think he was hung for his war crimes, what makes people think that our U.S. country would allow the dinar to gain strength over the american dollar? our government will NOT let it happen! I found selling dinars to dreamers on ebay has made me more money than what I would get saving 2m for 15 years.
I read somewhere that there is an RV is this true or does anyone know.
It is true because to rebuild any nation’s economic developments, we need to revalue its national currency to gain greater buying power. To gain greater buying power is to improve the living standards of everyone. This is as simple as ABC and 1 =1 = 2, get it right?
Sorry 1 + 1 = 2 lah!