News from Iraq
Jan 21, 2011
In spite of a lot of excitement over rumors that the dinar has already revalued, the fact is that it is still for sale at the low price.
Unless PM Maliki's hand is forced, he could continue to drag his feet on the appointment of the final three cabinet ministers, including the Security minister. The article above says that he is "studying" the qualifications of the candidates, but everyone knows that he is really studying his political options, rather than their qualifications.
He does not want to appoint the ones being proposed, because he wants his own loyalists in those positions.
No one knows how long this could drag on. Look how long it took just to form a government! However, pressures are building upon him, both internal and external. With the people of Tunisia rioting, and unrest throughout the Middle East, his hand may be forced.
Even so, the Parliament took a two-week recess in the middle of the month and will be reconvening on January 30. The political wrangling does not cease, of course, but it is unlikely that we will see progress hit the news until after Parliament returns. Hey, it's their country, they can do as they please.
Meanwhile, there is still time to purchase dinars. Vinnie assured me that his source was able to get in a fresh supply last Monday. You can call him to place orders at:
There are rumors and some credible reports indicating that some banks are now buying dinars at a higher rate, prompting some to call this a "revaluation." In actuality, these banks are just stocking up on dinars for themselves, expecting to make a profit when the official revaluation does take place. Some US banks are doing this now.
Should you "cash in"?? You can sell at whatever price you may negotiate with any buyer, whether privately or to a bank. But keep in mind that if banks want to buy your dinar now, it is only because they expect to make a profit when the actual revaluation takes place officially.
The biggest danger is impatience. Don't sit on the edge of your seat waiting for "the event." Go about your business, and keep an eye on the news. Don't spend more than you can afford to tie up indefinitely, even if there are times when the revaluation appears to be imminent. This is just being practical and is the same advice a financial advisor would give you. (I am not a financial advisor, so I will call this a suggestion, NOT "advice.")