Tag Archive | "Redenomination"

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 …

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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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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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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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New 50,000 IQD Notes and Coins


The Central Bank of Iraq has reportedly announced the production of new 50,000 IQD bills and coins from the beginning of the New Year.

The new dinar bill and coins will be printed in Arabic and Kurdish.

The Bank’s Deputy Governor said that they want to produce bills of higher value than the current largest denominationi, the 25000 bill.

He explained that the coins will be produced to “make commodity marketing easier for people”.

(Source: Erbil Governorate)

(Dinar image via Shutterstock)

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