The Central Bank of Iraq
The CBI is not transferring Iraqi Dinar to other countries. The only currency the CBI would be transferring is US Dollars or the currency of that host country. The reason is the other country can not exchange the Iraqi Dinar and convert it to their own host country currency.
The Iraqi Dinar is a non-convertible currency and only valid inside of Iraq only. The CBI conducts daily auctions to the Private and State banks in Iraq in both US Dollars and the Iraqi Dinar. The auctions to the private and State banks yield the CBI approximately usd 500 million a month. The auctions by the CBI is how they make a profit to the bottom line of the CBI account to pay for employees, equipment etc., so that the CBI can sustain itself with out having to go the Iraqi government for additional funding to help pay for expenses for the equipment and employees.
When the Iraqi government is buying wheat from Australia the Iraqi government does not send the Australian government Iraqi Dinar for payment of the wheat. The Iraqi Dinar is a nonconvertible currency. When the Iraqi government sends the payment for the Australian wheat it tasks the CBI to send the payment. The CBI then sends the funds in US Currency to a Private Import and Export Bank in Iraq and then the Private Import and Export Bank send the funds electronically to the Australian government in Australia own currency. The Private Import and Export bank is converting the payment to Australia currency to pay for the Australian wheat.
All the data that some people are reading that the CBI is transferring Iraqi Dinar to other countries is false. The private and State banks in Iraq are buying US Dollars and sending them to other countries to deposit in accounts or make payments or buy goods for their clients. The private and state banks are not sending the Iraqi Dinar out of the country, which would be a violation of the CBI Banking laws and CPA Laws.
Comments
Wow, you really like flaunting those CBI banking laws and CPA law. Instead of just throwing these big words around, why don't you quote, by page and paragraph the particular articles under the CBI banking law or CPA law that restricts the trading of dinar. In fact you'll not find it. Period. You probably haven't even read any of these laws you're throwing around. The fact is, Iraq is the one who chose to put restrictions on their currency via the Art XIV transitional arrangement with the IMF. This doesn't mean that Iraq cannot make its own arrangements with individual IMF countries as far as paying them in dinars. You need to do your homework. YOu're posting false information on your website. I hope all the visitors on this site read my reply to get the real story.
Posted by: Jimmy Dinar | June 11, 2006 11:30 PM
Here, I'll make it easy for you. Here's the link to your facorite CPA law. Show me where it states that trading of the IQD or use of the IQD in international transactions is illegal. Fact is you will not find it because you're blowing smoke.
http://www.cpa-iraq.org/government/TAL.html
Oh and here's the link to the CBI law:
http://www.cbiraq.org/Binder3.pdf
Show us where it says that it's illegal by the Iraqi govt to trade IQD abroad. Again, nada, you'll not find it. You're digging yourself into a big, deep hole.
Posted by: Jimmy Dinar | June 11, 2006 11:53 PM
Jimmy Dinar,
I gave you all the correct information concerning the Central Bank of Iraq and the current laws the (CBI) are regulated by.
If after reading the laws that I have quoted and after my several posts on the subject; you continue to believe that Iraq is transferring Iraqi Dinar out of the country then that is your belief, it's just not what's happening on the ground. I thank you for stopping by and I appreciate your comments, please stop by again.
Posted by: American Contractor | June 12, 2006 8:56 AM
Well see, all you did was throw in those laws in your post to make people believe that you know what's going on. But reality is, you haven't proven anything nor back up your claim. I replied to your post with all the links and asked you to quote the particular pages or paragraphs that would back up what your "expert", 100% sure post about the export of the IQD. But I guess, you just can't because you really have no clue. So again, your credibility is in question here. I think the readers are by now p much more aware of what you're really all about. They won't be so fast to believe your ramblings on this website. Thanks for your reply.
Posted by: Jimmy Dinar | June 12, 2006 9:06 PM