New Cd Rates

[Mr. I]

Dear Warka Customers,

I would like to bring to your kind attention that in accordance with the changes made to the interest rates offered by the Central Bank of Iraq on the 18th of April 2008 in which they lowered their interest rates by 2% thus the interest rates on our certificates of deposits are:

1- 3 months CD: 10%.
2- 6 months CD: 11%.
3- 1 year CD: 12%

The above interest rates have been applied as of the 18th of February 2008.

Best regards,

Mr. I
Deputy Managing Director
International Affairs

[TNJCroy]

Hello Mr I.

Will this interest rate change effect previously purchased 1 year CD's that were purchased at the 14% interest rate? Best Regards, TDC

[cjcossey]

I went to visit the Warka IZ Branch Bank. Had a ATM machine on the outside but only Iraq residence could use it. The interest rates was:
IQD saving accounts: 7%
USD savings accounts: 4%
Certificate of Deposits:
3 months CD 8%
6 months CD 9%
1 year CD 10%
External Wire Transfers: USD $51.00

[supercell1]

I went to visit the Warka IZ Branch Bank. Had a ATM machine on the outside but only Iraq residence could use it. The interest rates was:
IQD saving accounts: 7%
USD savings accounts: 4%
Certificate of Deposits:
3 months CD 8%
6 months CD 9%
1 year CD 10%
External Wire Transfers: USD $51.00


Very interesting, great post. By the way is there any talk in or around the banks on any change in monetary policy by the CBI? Maybe a rebase of some sort?

[HumbleGenius]

I went to visit the Warka IZ Branch Bank. Had a ATM machine on the outside but only Iraq residence could use it. The interest rates was:
IQD saving accounts: 7%
USD savings accounts: 4%
Certificate of Deposits:
3 months CD 8%
6 months CD 9%
1 year CD 10%
External Wire Transfers: USD $51.00

Few words or posts but great info. Your return on value for your posts are 100%.
Thanks, Great info.
HG

[cjcossey]

Very interesting, great post. By the way is there any talk in or around the banks on any change in monetary policy by the CBI? Maybe a rebase of some sort? Sorry, I didn't get into those questions but if I get a chance to go back I will ask.

[Ian C]

Anyone know where I can find the current CD rates on the Warka website? Are they listed there, or do I need to email Mr. I?

[BNZI]

Anyone know where I can find the current CD rates on the Warka website? Are they listed there, or do I need to email Mr. I?


Commissions and scroll to the bottom of the page.

[geowhiz]

Anyone know where I can find the current CD rates on the Warka website? Are they listed there, or do I need to email Mr. I?


Cut from Adster's Warka reply. These are current..






We offer the following Certificate of Deposits:

1- 3 months CD: 8%.

2- 6 months CD: 9%.

3- 1 year CD: 10%.

[BNZI]

Cut from Adster's Warka reply. These are current..






We offer the following Certificate of Deposits:

1- 3 months CD: 8%.

2- 6 months CD: 9%.

3- 1 year CD: 10%.

Strange.....the warka site has the rates below at present.

Certificate of Deposits (IQD):


3 months CD: 8.5%.
6 months CD: 9.5%.
1 year CD: 10.5%.

Certificate of Deposits (USD):



6 months CD: 4%.
1 year CD: 5%.

[geowhiz]

Strange.....the warka site has the rates below at present.

Certificate of Deposits (IQD):


3 months CD: 8.5%.
6 months CD: 9.5%.
1 year CD: 10.5%.
Certificate of Deposits (USD):



6 months CD: 4%.
1 year CD: 5%.




Their CD rates must float quite a bit.

[BNZI]

Their CD rates must float quite a bit.

I guessed it was probably just a case of Warka not updating their site. There hasn't been anything posted in the news section of the site for nearly 2 months now and I expected them to mention the 5 companies not trading while the electronic system is set up. :smoke:

[RoyalBeluga]

I'd hate to be one of those who put lots of their dinars in CD's and are unable to put it in the ISX now :hi:

[geowhiz]

I'd hate to be one of those who put lots of their dinars in CD's and are unable to put it in the ISX now :hi:


Unless you got in at 17%. I have about 5 grand invested in a 2 year CD which matures this October. That was money very well spent IMO. :yes:

[RoyalBeluga]

Unless you got in at 17%. I have about 5 grand invested in a 2 year CD which matures this October. That was money very well spent IMO. :yes:

Sounds good, 17% per year? Does that give you just over 1500 return? Not bad if it does :muscle:

[dagod1]

Yes but putting that money into one of the stocks that split like warka, gulf, baghdad bank, sumer, and various others is give you a better return. For example
Warka will probably offer a 40% stock split this year so if you have 500,000 shares at 2.30 is what I think they ended at before the split, then you would have is 1,150,000 dinars add in a 40% stock split 500,000 shares x .40 is 200,000 possible free shares. so now you have 700,000 shares.
When Warka reopen it will open up 40% lower because of the split. So it will open up at 1.38. and will have no trouble getting back to 2.30 by xmas and
you will have 700,000 shares x 2.30 equals 1,611,000

So in one year you went from
500,000 warka shares at 2.30 which is 1,150,000 dinars in value
to
700,000 warka shares at 2.30 which is now 1,611,00


a gain of 460,000 dinars divided by the original investment is a 40% return on your investment in one year.

Just imagine how much all those shares will be worth after the share prices reach 10 dinars each and the exchange rate goes up.

If the stock is just 10 dinars x 700,000 shares that you have then that is 7 million dinars .

so I woudl rather buy the stock and that is what I am going to do when one of my 2 year cd's ends.
Dagod1

[Screaming Eagle]

I'd hate to be one of those who put lots of their dinars in CD's and are unable to put it in the ISX now :hi:

I'm getting 17% APR on certified cash deposits. Year in year out that will beat any stock market. Did you get 15-17% in the ISX last year or the previous 5 years. When these mature I am going to jump right on the 10% CD's if still offered.

[DallasDinar]

I'm getting 17% APR on certified cash deposits. Year in year out that will beat any stock market. Did you get 15-17% in the ISX last year or the previous 5 years. When these mature I am going to jump right on the 10% CD's if still offered.

I am up 62% in 2 1/2 years and own only stocks no cd's, so I guess that is pretty good. It really doesn't matter were your money is invested stocks or cd's as long as your making money and you feel comfortable with your decision. My total investment with stocks and dinar increase in value is almost at 100% so I am very happy with what I decided back at the end of 2006.

[Wealthy Future]

Diversify, that is the target. Hit all four investments Dinars, Stocks and CD's, also that 7% you are earning with your 300,000 in the IQD savings account.

[RotaryRevn]

I'm getting 17% APR on certified cash deposits. Year in year out that will beat any stock market. Did you get 15-17% in the ISX last year or the previous 5 years. When these mature I am going to jump right on the 10% CD's if still offered.

yes I have made more than 17% a year in the ISX when you count my free shares/stock splits ect. But your 17% is also great. Where are you getting that kind of return? I'd be interested to invest some of my money there as well.

[I AM]

Not to speak for SE, but I assume he got in on the 17% 2 year CD's. Warka stopped selling them in Feb 08. The rate went to 14%, then to 12% per year a few months later.

[RotaryRevn]

Not to speak for SE, but I assume he got in on the 17% 2 year CD's. Warka stopped selling them in Feb 08. The rate went to 14%, then to 12% per year a few months later.


ah, your probably right....... I was thinking he was talking about getting that return other than in Iraq.