(Kaperoni): Dinar Updates 8/28/12

Iraq is lining everything up to invite banks and investors and participants to come into Iraq and when you see all of this line up you can clearly see that we are getting closer to the point in which they will hopefully take their currency on an international level and give it some value.

One of conditions (for WTO) is that Iraq gets their currency up to be more in line with the US dollar. They are inviting foreign banks to set up operations in Iraq and having that is also a WTO requirement. Foreign bank branches in Iraq must be Basil III compliant. From Iraq’s banking standpoint they are moving towards international standards. They (Trade Bank of Iraq) are moving towards getting Iraqi citizens on credit cards, debit cards (VISA, MC accepted globally), and so on which gets them away from the paper currency which is obviously a problem in the country in multiple ways. This is all focused on what we believe to be the month of September and the activities that are going to happen there.

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