HAT TIP: Email
Here are our thoughts on this email/post by the person from South Africa & Net 1 UEPS:
1) We don’t believe that Mr. “X” would divulge confidential info to a guy he does not know over the phone! Mr. “X” would risk loosing Tens of $Millions if not Hundreds of $Millions in contract fees telling this guy contractually CONFIDENTIAL Information – he would NOT do that!!!
2) Furthermore, the Iraqi Finance committee head is separate from the CBI. It is Dr. Shabibi that knows the rate and when to set the value and release the value!
3) The RV rate has already been approved by the IMF to reinstate the original IQD’s value to pre Iran/Iraq war plus 20%.
4) We feel that this author may be trying to achieve a “good” purpose by calming people down from the garbage put out by Hack Gurus like Okie, BullDog75, JonnyWG and others!!!
5) The author may also be trying to keep people from wasting their money on Reserves!!! We agree, you should only buy what you can afford, and purchase your IQD outright it and hold it – and get off the “guru intel” Reserve Roller-Coaster!!!
~ Mr. IQD
ORIGINAL EMAIL LETTER SENT/POSTED
As you all know, I reside here in South Africa.
Following last night’s discussion post from “M” relating to the South African based Net1 UEPS Technologies company, who launched the smart card payment system in Iraq, I decided to contact Net1 directly, to try and ascertain whether they have been given ANY indication of a possible currency re-valuation in IRAQ, or when the three zero’s will be dropped from the IQD currency any time soon.
Having made a few phone calls, I was eventually directed to Net1 UEPS’s sister company (NEUEPS) which can also be found at www.net1ueps.com
After being transferred from the one person to the next, I eventually got through to the “Project Manager” (Mr. XXXXXX) who was involved in the roll-out of the smart card system in Iraq eighteen months ago. Mr. XXXXXXX is still very much involved in the day to day operations and upkeep of this highly effective payment system.
Now here is the crucial part. I first started making small talk with Mr. XXXXXX, to gain some confidence, and in the line of our conversation Mr XXXXXX was kind enough to share with me that he is very actively involved with various government officials in the finance department of the IRAQ government. These officials travel between Dubai and South Africa on a regular basis, and also meet with Mr. XXXXXXX here in SA on an appointment basis, to discuss new and better ways of improving the smart card system as a whole.
I proceeded to explained to Mr XXXXXX that I was quite aware of the fact that Iraq is trading with a highly undervalued currency, as well as the fact that I knew about the possibility of them dropping three zero’s from their currency denominations very soon. At first I was extatic to hear that he was fully aware of the IRAQ government’s plans to do this, as he stated categorically that this was one of the SPECIFIC topics that were discussed with the IRAQ finance department, when they initially presented the key features and benefits of the smart card system to IRAQ two years ago.
In these initial meetings between IRAQ and Net1 UEPS, it was specifically stated by their finance department, that Iraq did in fact have intentions of dropping the three zero’s from their currency denominations in the future, and they needed to know whether the smart card system would be able to accommodate such currency denomination changes.
Mr. XXXXXXX assured me that he as the project manager, would definitely have known if the three zeros were to be dropped from the IQD currency soon, as the IRAQ finance department would have had to let Net1 UEPS know in advance, of their intention to do so, or at least, their INTENTION to re-value their currency soon for that matter. Mr. XXXXXX also told me that in the line of his daily conversations with IRAQ finance officials, it became apparent that it is NOT a priority for IRAQ to drop the three zero’s from their currency denominations at this stage, OR to re-value their currency in the very near future, as there are MANY outstanding political issues that need to be addressed first, before ANY such changes can even be considered.
Mr. XXXXXXX also assured me that there is therefore NO direct or indirect indications…….not even by a long shot, of IRAQ’s intention to revalue their currency soon, or to drop three zero’s from their currency for that matter. He also said that as a contractual obligation between Net1 UEPS and IRAQ’, they would HAVE to inform Net1 UEPS of such changes, at least thirty (30) days in advance, allowing them to prepare and subsequently alter their systems, to accommodate for such intricate changes.
I’m really sorry to be the bearer of bad news here folks, but Mr. XXXXXXX finally went ahead and said……I am of the opinion that it will take at LEAST another eighteen to twenty four (18 – 24) months, before we will see any such currency changes taking place.
On a more positive note……Mr. XXXXXX assured me, it is a given that the IRAQ dinar WILL be re-valued in the future, as this would be the ONLY way that IRAQ will truly be a major player in the international arena, given their already massive daily oil productions. He also agreed to send me an e-mail the minute anything changes, or should any information above be made known to him.
So….the good news is….our investment is safe and sound folks!!!!!
I am not being negative here, but have subsequently made a decision to refrain from listening to the Guru’s any longer, and to focus on my immediate and more important priorities. We know that our investment WILL come to fruition one day. It’s not a matter of IF, but rather a matter of WHEN!!!!
Naturally there is a possibility that the IRAQ government might be keeping this all HIGHLY confidential, for obvious reasons. Maybe not even Net1 UEPS here in South Africa is supposed to know about any anticipated currency changes soon…..that is until the time is right of course……who knows……!!!
Yours in vigilance,
[END OF LETTER AS EMAILED TO US]