Highlights/Thoughts
1. If this truly is an RI, please bear in mind that those who were fortunate enough to be involved with the Kuwait RI DID NOT HAVE TO PAY TAXES. Consult with a professional on this as tax laws may have changed.
[2:17:57 PM] ****™: The RI has begun. It has started in the Middle East, Kuwait, then Jordan, and now all of the Gulf Coast Countries. The rate is an RI rate RE-INSTATE. That rate is 3.22.
It should reach North America by Sunday when Forex opens. The rate in Forex is fixed at 5.27 and that rate cannot be revoked, it is irrevocable. So we will have to wait and see exactly what happens over this weekend. THE BARE MINIMUM IS 3.22, so we should all be happy. Prepare to exchange on Tuesday as Monday is a Federal Holiday, Martin Luther King Day, banks are closed in USA.
Now, we are told that the rate in the Middle East will go up within 24 hrs. If, however, the rate reaches our shores, those of you that want to can cash in a small amount of dinar to ease up on the financial distress that we are in, you should do so. It might be a good idea to hold back and see what happens before rushing to cash-in.
Because this is initially an RI (re-instatement) and not an RV, we are told you should ask your TAX ATTORNEY & NOT YOUR CPA as it is suggested that the tax consequences will be less. Have him check out Section 988 and Section 525 of the IRS Tax Code and Presidential Executive Order 13303.
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