I guess no matter how many times I say this on my blog there are people out there like the Dinar Forums that are still going to believe what they believe and that’s okay. Let’s look at one quote shall we.
For an example Good_Karma on the dinar forum stated this.
“Why would they even go to the pain of sending USD abroad in increments, after every IQD auction, to pay for debts. They have more than enough foreign currency reserves to take care of that. I think these are IQD being sent abroad. They need to sell IQD for USD, before they send the IQD abroad to ensure that the IQD has an equivalent USD reserves (from the sale).”
If you go back and read the thread you see that they are talking about the CBI auctions of the US dollar as reported by the CBI. It is true they are having US dollar auctions and transferring the US Dollar each and everyday directly from the Central Bank of Iraq.
However, here is the facts, the CBI is transferring US dollars to all the State and private banks through out Iraq, because that is what they (State and private banks) are using to transfer abroad to either make deposit or pay debt or anything else they would like to do with that US currency.
The reason the private and state banks are wanting the US currency is because as you well know it is a fully convertible currency in just about any country in the world, unlike the Iraqi Dinar which is worthless outside the country of Iraq.
Believe it or not!
I want to be clear I have no problems with the people in Dinar Forum World (DFW) it’s just that several of them are
well just looking in the wrong direction. I hope that they take my comments and really look into the CBI auctions.
So, that you will know just like my Colleagues and I have known going on 3 years now.