Tag Archive | "iraqi dinar"

Latest Iraq Dinar News – warning to investors, Wisconsin Dept of Financial Institutions, no dinar currency exchange and more – brought to you by Iraq Business News

Poll: ISIS and the Dinar Traders

Following the insurgency by ISIS/ISIL, and the declaration of a ‘caliphate‘ to be known as the Islamic State (IS), we have seen an increase in enquiries to Iraq Business News regarding the future of the country’s currency, the Iraqi dinar (IQD).

These enquiries typically come from people who have been persuaded to speculate on the currency by buying Iraqi banknotes, often in the hope of a stratospheric returns.

Many of these people, who like to think of themselves as ‘investors’ rather than speculators, genuinely expect to make a thousand-fold return on their money, and therefore are not concerned about the very wide spread between the current buy and sell prices, which can make this a very lucrative trade for currency dealers.

For those who promote the idea that the Iraqi dinar will revalue (or ‘RV‘, as they term it) to 1,000 times its current price, the increase in terrorist activity has several implications.

On one hand, it makes it more difficult to argue that Iraq is on the road to recovery, making the ‘Big RV‘ a more difficult sell. But on the other hand, it provides a useful explanation for why a revaluation, which they have been claiming was imminent for several years, will not occur any time soon. As a result, they can save face and extend the life of their business model. Meanwhile, others have argued that revaluing its currency would provide the Iraqi state with the strength it needs to fight the insurgents.  Read more …

Posted in Banking & Finance, InvestmentComments (0)

CBI Currency Auction Results, 24th July

By John Lee.

The Central Bank of Iraq (CBI) has reported that 9 banks took part in the first of its two currency auction on Thursday.

A total of $110,683,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar.

In its second auction, 15 banks took part, buying a total of $185,890,000 at a price of 1166 Iraqi Dinars (IQD) per dollar.

(Source: Central Bank of Iraq)

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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 Wednesday.

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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