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Enorrste says that the The IMF has called for Iraq to change its exchange rate regime.

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Enorrste says that the The IMF has called for Iraq to change its exchange rate regime.   Empty Enorrste says that the The IMF has called for Iraq to change its exchange rate regime.

Post by Ponee Mon Dec 29, 2014 10:09 am

Guru Enorrste   Entry into Article VIII, as I understand it, requires an internationally recognized currency.  The current dinar is not internationally recognized.   When they initiate the float it will become internationally recognized.  At that same time the street rate and the official floating rate will be the same, which satisfies the 2% rule.  The IMF has called for Iraq to change its exchange rate regime. 

They have called for that before allowing the move to Article VIII.  
Therefore, it is my view, and I think KAP [Guru Kaperoni] and I agree on this, that the float would precede moving to Article VIII.

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Post by Terbo56 Mon Dec 29, 2014 10:20 am

I think you guys should float away on a sinking barge-
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Post by Cascadian Mon Dec 29, 2014 4:54 pm

If it's not internationally recognized, then how do I have any?  

If all is on the up and up, I can buy more dinar from a dealer.  That dealer gets it from Iraq by buying from someone there.  Conversely, I can theoretically sell back my dinar to the dealer for a penalty.  And the dealer can trade the dinar with someone incountry for US Dollars.

Right?  How is that not internationally recognized?

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Post by RoyBoy Mon Dec 29, 2014 6:50 pm

Cascstadian; I hate to burst your logic, Iraqi dinar is not a international recognized currency, the dong is  tho. I have traveled the sand box around Iraq but never in that country, you can not even exchange dollars for dinar in the airports with there neighboring countries, they say you have to go in country if you want it. Some dealers in Malaysia sell it, why? To make a buck like our dealers are doing. Wells Fargo branch in Waterloo Iowa will tell you the same, Iraqi Dinar is not a international currency. Ask around at different banks that handle foreign currency's, some banks do handle it , but ask that one Q , is it a international recognized currency. If it was Forex would be trading it
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Post by Cascadian Mon Dec 29, 2014 8:04 pm

I don't disagree that people, organizations and such may not deal in it these days.  There is a difference between internationally recognized and internationally traded.  Few want to trade in dinar and that's okay.

But I will bet you dimes to donuts that the US government for the period of Iraq War II and now Iraq War III has, trades, accepts, and issues dinar for troops, contracts, goods and services.  

I may be naive and perhaps all financial transactions are conducted solely in USD, but I doubt it.

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Post by Jayzze Mon Dec 29, 2014 8:09 pm

i have for years told them to change there rate but m told me he was to busy stealing money that he did not have the time
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