Tag Archive | "iraqi dinar"

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CBI Currency Auction Results, 23rd July


By John Lee.

The Central Bank of Iraq (CBI) has reported that 17 banks took part in its currency auction on Monday.

A total of $237,207,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar.

(Source: Central Bank of Iraq)

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CBI Currency Auction Results, 21st July


By John Lee.

The Central Bank of Iraq (CBI) has reported that 8 banks took part in its currency auction on Monday.

A total of $101,354,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar.

(Source: Central Bank of Iraq)

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Dinar Fraud Trial Begins


By John Lee.

Ohio based publication The Toledo Blade has reported the beginning of a new trial of three local men accused of intentionally deceiving investors with the now familiar refrain that the Iraqi dinar will dramatically revalue.

The accused ran a firm BH Group along with two hedge funds, with one defendant allegedly lying about fighting in Iraq. The scale of the fraud is reported to be $23 million.

According to the report, the men are accused of promoting the currency,

“as a potentially profitable investment on the theory that at some unknown point in time a “revaluation” would occur. If the Iraqi government would increase the value of its currency from a tenth of a penny to, say, $2, a $25 investment could turn into $50,000.”

All of the defendants have been charged with conspiracy to commit wire fraud and wire fraud as well as various other related financial crimes. Read the full story here.

(Source: The Toledo Blade)

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New Dinars Have Improved Anti-Forgery Features


By John Lee.

Iraq is introducing new Iraqi Dinar notes with improved security features, such as guarantee ribbons and the internationally used SPARK feature.

The Central Bank of Iraq treasury director Ihsan Shamran al-Yasseri announced the move, noting that this was a positive step forward that would help strengthen the currency.

The new notes, to be used alongside the old until they are phased out, will include 250, 500 and 1,000 Iraqi dinar denominations as well as larger denominations of 5000, 10,000 and 25,000 dinars. Al-Yasseri said of the move:

“The new currency, of which the small value ones have been offered for circulation, is not much different in form from the notes currently being used by the public. But these are infused with safer and more effective technical specifications containing security symbols and many technical characteristics that will give the notes longer life and make it difficult or almost impossible to counterfeit. Many of the present currency notes have become overused and it was necessary to renew them with the addition of features that would make the notes more able to effectively resist the constant circulation as well as attempts at forgery.”

(Source: Mawtani)

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APRIL FOOL: IBN Reporter Wins Award


By Nora Lenderby.

Iraq Business News is pleased to announce that our intrepid reporter John Lee has been honoured with an award from the Goldman-Rothschild Institute for Monetary Efficiency.

Although no formal announcement has been made, we understand that the award relates to the maintenance of monetary stability in Iraq.

At first Mr Lee was reluctant to discuss the award, which was conferred at a private ceremony at the organisation’s underground headquarters deep in the Swiss Alps, but when pressed he said it was given in recognition of his efforts in helping to limit the number of beneficiaries of the recent thousand-fold revaluation of the Iraqi Dinar (IQD).

What people don’t yet know,” he said, “is that the ‘Big RV’, the Global Currency Reset (GCR), has already happened, and the big players have all cashed out. That door is now closed – job done. We’ve turned our billions of dollars into trillions of dollars.

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Central Bank of Iraq Buys 36 Tonnes of Gold


By John Lee.

The Central Bank of Iraq has purchased 36 tonnes of gold valued at $1.6bn to help stabilise the Dinar against foreign currencies, Bloomberg reports.

Iraq is now the 43rd largest holder of gold reserves globally, having already held 29.8 tonnes as of August last year, but the latest purchase is one of the biggest by a central bank in recent years.

Turning a portion of oil revenues into gold reserves is one strategy recommended by the IMF for developing resource rich countries.

(Source: Bloomberg)

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The Truth Behind #WeAreThePeople


#wearethepeople has been tweeted more than four million times in the past three weeks.

It looks like an anti-government protest, but who’s really behind it?

The Trending team investigates how financial ‘gurus’ are using the hashtag to encourage people to buy Iraqi dinar.

Click here to listen to the report from BBC.

(Source: BBC)

(Iraqi Dinar image via Shutterstock)

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Three Indicted for $23m Dinar Fraud


A federal grand indicted three men from the Toledo area for their roles in the operation of a $23 million fraud scheme involving the sale of Iraqi dinar currency and two non-existent hedge funds, said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio, and Kathy Enstrom, Special Agent in Charge, IRS-Criminal Investigation, Cincinnati field office.

Those indicted are: Bradford L. Huebner, 66, of Ottawa Hills, Ohio; Charles N. Emmenecker, 66, of Sylvania, Ohio, and Michael L. Teadt, 67, of Maumee, Ohio.

Rudolph M. Coenen, age 47, of Jacksonville, Florida, has already pleaded guilty to crimes related to his role in the conspiracy.

The men are charged with conspiracy to commit wire fraud and wire fraud. Huebner is also charged with multiple counts of money laundering, structuring and willful failure to file currency and transaction reports.

As a result of the defendants’ conduct, investors lost about $23.8 million from dinar sales and more than $700,000 from the sale of non-existent hedge fund “seats” and “placements,” according to the indictment.

“These defendants made false statements time and again to convince people to part with their savings and hard-earned cash,” Dettelbach said. “The fact that they falsely claimed one member of the conspiracy was wounded while fighting in Iraq is particularly egregious.”

“Illegal activity involving the investment industry has brought financial ruin to many Americans,” Enstrom said. “IRS Criminal Investigation is committed to unraveling complex investment schemes to ensure that the promoters of these schemes do not use the financial-services industry for personal gain.”

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