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Post by catman on Fri Aug 09, 2013 6:14 am

Can anyone tell me exactly what it takes for a currency to become internationally tradable?  I have done a few searches on it and none of them actually showed what was required.  I can't believe it is simply by RVing the currency as there are many currencies worth less than the IQD that are tradable.  The second favorite in dinarland "The VND" is one for example.
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Post by Kevind53 on Fri Aug 09, 2013 7:55 am

International trade is done with only a very few currencies, most notably the USD. So I am not sure what the heck they are even talking about. I can tell you it has nothing to do with the value, or Article 7 of the IMF Charter, or any such thing. The only "trade-ability" I see would be on the Forex, and it is listed on the exchange there. You will not see much action however until there is a float, then I think you will see the professional traders get involved. Just my opinion, but I have found nothing to point me toward any other conclusion. Tradeable is just another guru BS term.

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Post by aksafeone on Fri Aug 09, 2013 10:39 am

The word I am looking for is "exchangeable."  When the Dinar is "exchangeable" at the foreign exchange windows here in the USA then I will believe it is something other than worthless script supposedly worth 1/8 of a cent. 

Basically, I could care less if it can be traded.  I never feel comfortable when trading with someone as some are far better at the "trade" than I am.  NO?  When was the last time you got a "good' deal at the car dealers?
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Post by Jayzze on Fri Aug 09, 2013 4:24 pm

aksafeone i got a great deal when i bought my yugo  and they even threw in lifetime car washes
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Post by catman on Fri Aug 09, 2013 7:58 pm

OK, rephrase.  What is required to make a currency exchangeable at the banks?  Is it just each country's central bank saying to the banks, " ok you can now freely exchange this currency"?
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Post by Kevind53 on Fri Aug 09, 2013 9:59 pm

I think it is pretty much up to the banks, but I could be mistaken. If they want to accept the currency they can.

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Post by rick152 on Sat Aug 10, 2013 2:13 am

Catman the first part of you're Q As to what does trade-able mean. Kevin was right about Forex and the trades made. Example...Banks everyday / night in the U.S. Take all or totally near literally sell all of their cash reserve to Buy another currency. This happens at least 5 or 6 nights a week. Like the U.S. Bank will "sell" dollars to a Japanese bank firm to buy Yen (only while banks are closed) in the hope that the yen will increase any small amount overnight. Look a .01% increase or decrease when you are trading billions can be huge profits or losses in a very few hours. Then just before the U.S. banks reopen for you and I they buy back dollars and a new day begins.
Basically everything is a commodity, just like any real businessman will tell you everything is for sale, you get attached to very little that you are not willing to part with (LOL except the wife and kids)

Iraq has been held from all of this and literally shunned. Hands off so to speak. However they are actually a very wealthy nation and once the PTB allows their numbers will be all over the place ....as to why we are here. I hope that helps a little

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Post by dinarling on Sat Aug 10, 2013 12:43 pm

catman, you need to put some britches on. Imagine walking around here with your parts half showing. Now for your question, the Deenar has always been tradiable, shoot, I'll trade you a gallon of the finest moonshine made for 100 thousand deenars!
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Post by catman on Sat Aug 10, 2013 2:13 pm

Since there are no official restrictions, any bank who wanted to do it could be buying and selling (exchanging) with the general public right now, correct?  But most are not and even say will never deal in IQD.  It just makes me wonder why we assume they would all change their minds just because Iraq declares it is worth lets say $1.00  I know the banks would make more on the spread, but many of them buy and sell currencies worth less than the IQD is now.
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Post by IQD4US on Sat Aug 10, 2013 7:01 pm

In order to do business with the USA, any bank interested must submit a request.  The real issue is sanction.  When Iraq became sanctioned by the UN and governed by the UNSC, they were removed from the list of banks the USA deals with.  They have but to petition to the Treasury Department and become "authorized" once again.

The could do this now, but what would really be the point at this time.  I get regular updates, so if I see anything concerning Iraq - it WILL get posted here.
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Post by catman on Sun Aug 11, 2013 2:32 am

There are a few banks that at least sell the IQD, could they do that if Iraq wasn't on the list?  And from what you are saying, even if Iraq were to RV on Monday, the banks in the US would not be able to exchange the dinar?
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Post by IQD4US on Sun Aug 11, 2013 4:28 am

@catman wrote:There are a few banks that at least sell the IQD, could they do that if Iraq wasn't on the list?  And from what you are saying, even if Iraq were to RV on Monday, the banks in the US would not be able to exchange the dinar?
 I would be interested in knowing what bank you can buy IQD from.  I have not found any that have had it in MI, OH, MO, IL, IN, AR, TX, LA, NV, or CA.

As far as if it were to RV Monday (I wish), we would be turning in IQD, and getting with an electronic deposit or USD.  It would not change anything for us - except that the banks would know that they could indeed trade it in to the UST and receive credit for it.

I have had access to the money exchange at the international airports 5 times since becoming involved with this investment.  I would think that since they "deal" in currency exchange more often than the banks - at least THEY would take it - nope.  They know what it is and don't even bother to look it up when I ask.

You can get just about ANY foreign currency from a bank with advanced notice so they can order the amount you want - but not IQD.  heck, we all would have bought from the banks - it would have been cheaper.

CBI at one point was on a list (and I would have to look it up) because they were thought to be selling and doing business with groups and individuals involved in terrorism.  I know that some of the Iraq Banks have requested and been removed from the list already, but not Iraq as a whole (at the time I read it close to the beginning of the year).  I have since moved and gotten a different ISP, so much of my prior research is gone.  When it comes to banking, however, I have a pretty good memory...so I will see if my memory serves me right and look for it through the week as I have time (nothing like black and white with links to support ones word) Smile
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Post by catman on Sun Aug 11, 2013 5:58 am

I don't see anything on the treasury website that says we don't do business with the CBI.  I have never purchased IQD at a bank, but seem to remember several people saying they bought it at a bank and the rate was better than the dealers.  Seems to me the bank mentioned was 5/3rd and I think I remember someone saying that chase did sell it but stopped and that someone who was recently told by their bank it was a scam was a little surprised since they had purchased it from that bank.
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Post by Regal Beagle on Sun Aug 11, 2013 9:50 am

When I first purchased mine I called Fifth Third and they did sell it at that time (about 2 and a half years ago). They do not sell it any longer. It is my understanding that the few Banks that use to, no longer do.
I believe that Banks dealt with it to provide a currency exchange service to their customers. They stopped when they realized the hype that was going on.
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Post by catman on Sun Aug 11, 2013 12:15 pm

That may well be the reason they stopped selling, but it does show that even that long ago there were no government restrictions on banks dealing with the IQD, they just didn't want to do it.
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