Monday, September 9, 2024

Tony’s Monologue: It was a long weekend, but nothing has changed. They are still saying it is done and we are waiting. Tony did get that some people/dignitaries might have been paid out over the weekend. The banks had meetings Friday after our call to go over some issues and make some changes. They also were decided on timing and how you can move money and what the time frame was. How to set up the other accounts, how to move dollar amounts without it being on hold, wire transfer of 500K to 1M could be delayed up to 48 hours. That you can move over a million dollars, but it could take 24 to 48 hours. There will be some requirements if you want money moved from bank to bank. Notarized affidavits from that bank manager saying that it is a legitimate account and live. Again, they will make you sign a document that once you leave with cash that they are not responsible for what might happen to you. This is brand new that all the banks will be interlinked at the BAC’s so money can be moved. They will have a procedure so they can do it and verify it. It was all hands-on-deck at 6 am this morning. Some banks had their people in all night. Tony got a call at 520 this morning that it was about to go and be ready. Tony notified Ray and yet we are still here waiting. Tony also just got a text message saying the same thing. They thought it was a good day today at the banks. The IMF is saying Tuesday or Wednesday. The banks do have rates on the screen with the dinar - 3.81, VND - .47, Rupiah - 1.08, and the ZIM - .00000030. That means that .30 is the starting rate for the ZIM and it really makes you wonder what the high rate will be. Tony is expecting an update call after the call today. They were expecting it between 8 am and 2 pm today. 

Q & A:

-            Why the difference in rates from last week and today’s call? That was what the banks were seeing last week and what they are seeing this week. These are the rates you will probably see at the tellers and FOREX. When you go into the “BAC” you will probably see a different higher rate. 

-            What is the rate on the Bolivar? Both Ray and Tony have asked for it and not received it from their banking contacts. 

-            When we call the 800 numbers will we go to Wells Fargo and not the other banks? You are going to go into the Wells Fargo BAC and after you exchange you can divide up your money with other banks. If you want to deal directly with a certain bank, then you will have to call that specific bank. 

-            A caller reported that he has a friend in the State Department, and they have an app that they can trade currencies on. All the currencies that we are interested in are on there and supposedly they are trading the currencies. 

-            Iranian Real might be revalued but we might not be able to exchange it. Supposedly the rate will be around 3.18. 

Wrap Up: At this point, all we can do is wait. They are sitting there waiting. Tony knows people who are at the bank waiting to exchange along with the bankers. Some are inside the bank, and some are outside the bank waiting. Supposedly Tony will get a call after this call and narrow the window down some more. Tony thinks it will be after 5 pm today and more than likely 1 am to 4 am. We know the rates and the system is ready. Be prepared and know what you need to do after your exchange.