Contractor Returns from Iraq: TAKEN FROM ANOTHER SITE

Contractor Returns from Iraq

TAKEN FROM ANOTHER SITE

This came to me from the person that I introduced to the Dinar about 6 months ago. He emailed it to me and I called him as soon as I received it. Being that I know whom he got it from I know there is no reason for this not to be true. I got this on Monday but have had much hesitation on posting it just because I don't want to get jumped on and bashed. If you don't like the information keep your thoughts to your self and move on. For those that are just hear to take in all of the information and see how it fits the puzzle enjoy!


One of our clients, also a dinar holder, is business partners with an electrical contractor in Iraq. This same company has family that is also working with the US military disengaging land mines and other explosives.

It appears that when it comes to the contractors in Iraq, news of the RV is hush, hush. Even phone calls are monitored. When a contractor of this nature makes a phone call, if the conversation goes to dinar value or RV, the call is immediately disconnected. Many of the contractors know nothing of the RV. Such was the case with the explosives technician – until today.

Apparently, it has taken until last Friday for all of the Iraqi banks to be physically ready for the electronic transmission of rates. This explains some of the delays surrounding the RV (but not all, I am sure).

The explosives technician came very close to quitting his job in Iraq because he had not been paid for 5 weeks. (This tells me Iraq has been intending to pay contractors at the new rate for a few weeks now, but technical and other issues have slowed this down.)

His company offered to loan him money if he needed some, but he was questioning why he was not being paid by Iraq. He had previously been paid in dinar based on the old rates. He was being paid via a Smart Card. (Now, this is the first time I had personally known anyone to confirm that they actually had one of those Smart Cards in their hands and that it was actually functional. Forum rumors are one thing, but an actual person close to home is another.)

This contractor left the country unpaid and unhappy, but he still had his Smart Card (similar to a debit card). Today he discovers that he finally received the last few weeks of unpaid paychecks. There was nothing unusual about the amount he was paid (in dinar) for the work he did, but when he went to the bank to convert and draw out USD, he was given a rate equal to about $4.10/dinar.

This rate was obviously after the bank took their conversion fee and spread. When you do the math on this converted rate compared to the previously reported Smart Cart RV rate of $4.40, it reveals that the bank took a spread of 6.82%. This spread is close to, or just a bit greater than, the spread that banks commonly take when converting foreign currency (5-6%). You can go to any bank that takes Kuwaiti dinar or Euro or Canadian dollars and compare the bank rates with the CBI or FOREX rates and learn this for yourself).

Bottom line, it appears from this man's experience we have learned that:
1. The Iraqi banks are now (finally) online to receive the new rate (and from forum rumors, it appears that the international community of banks were prepared to receive the new rate over a week ago (i.e. the "pinging" that tested the system was successfully completed).

2. The rumors that their Smart Cards have been loaded at a rate close to $4.40/dinar has been physically verified.

3. The RV inside of Iraq appears to have been officially released (at least to the contractors being paid with a Smart Card).

4. WHEN the rest of the world will see the new rate, is still unknown, though common sense says we may only be only hours or days away from it showing up on the FOREX, therefore, at the banks. (This disparity in rates could give a number of contractors an exceptional advantage if it isn't rectified soon.)

Once out of Iraq, this contractor was able to be informed by others as to why he suddenly saw this unexpected massive increase in his paycheck. Guess what this contractor arranged to buy next, since there are still places in the world that sell dinar at the old rate???