11-5-2014 *American Contractor

[Vixen]

11-5-2014 *American Contractor ~The CBI, Central Bank of Iraq conducts daily currency auctions where private banks along with several currency exchange money stores convert Iraqi dinar to US dollars. The private Iraqi banks have clients that have a need for US dollars to pay for goods and services because payment in Iraqi dinar is far too cumbersome for Iraq business owners. Imagine having to pay for materials for a prime power station in Iraqi dinar currency. That’s lot of paper! Iraqi business people like to use the US dollars for the simple fact that it is far easier to use and less notes to handle when conducting business. It is an example of why the CBI will in the future create a large category Iraq dinar banknote of 50k and 100k. When this happens, Iraq business will start to use the Iraqi dinar in business transactions. In Iraq, the Iraqi dinar can be converted to any of the major world currencies at any state or private banks. After the conversion from Iraqi dinar to US dollar an Iraqi based company is allowed to repatriate company profits to any financial institution in the world. This has been happening since 2004, after a handful of Iraqi banks had been approved for SWIFT transactions.