Dinarland Highlights – 5.14.21
“Saleh assures the Saudi delegation the importance of strengthening bilateral relations and the role of Iraq in consolidating the security of the region“
This is a big deal and it looks like they have agreed on many things. Security and Stability are a couple items, as are the economy and investments… Oh, I like this… Bring on the MECHANISM!!! ~ imo.
There is a clear and concise move to digitalization for Iraq and the region. We saw the like of 200 Senior officials from banks and Central Banks around the world with the BUNA conference on the sixth of May. Then on the 8th of May there is more on the digital transformation of the country. Now we see 300 Banks and from 20 Arab States are to attend a virtual event on the same topic of digitization in the coming days. To gather this sort of attention is for a serious reason, one is for security and stability an other is transparency and to fight corruption.
Keep in mind those that have a need to know of what to expect from the level playing field will be there. They…know now that Iraq is open for business. The recent NIC plat form from the GOI told us that investors can now make application to get into investments. That will require international standards. Along with it an exchange rate that complies too. We see today they expectation to pay salaries is post Eid Al-Fitr. That is not far off…They will need to have show time sooner than later. Show time is 18th – 20th of May…imo Things are looking very good indeed!!!
…I can tell everyone with complete and utmost assurance that there is NOT going to be an RV anytime soon unless the CBI announces going ahead with the project to delete the zeros. They have not. I know they are planning it and working out the details but the economy and other issues, such as the move to increase the reserves are standing in the way…They…need the Iraq constitution FULLY implemented. That means HCL and the Article 140 referendum that the constitution calls for. But not just written but passed in parliament and implemented successfully. Yes, these are the obstacles. We know that both of these referendums are in parliament being reviewed but not yet voted on.
…We are very close, I still see …1 – 2 more weeks when the release happens just so you have realistic expectations…
[Guru] Walkingstick and I shared with you that they have a date…and it is solid. It’s not a date that’s going to jump around all over the place. It is written in titanium. Remember that? So when I was talking with I-Team they said look at the 20th. We’re looking for the CBI to do something…it’s immovable…it’s solid…I-Team tells me almost the same exact words that Walkingstick told me almost 2 months ago. They overlap with each other. I told you, ‘In the near proximal future.’ – this date that they have that is carved in titanium. Apparently now is immovable and solid as well too…IOO.
[Can we negotiate rates?]
…My sources say all the rates are set. I believe this to be true…
Remember, the dinar is still at a PR (sanctioned) rate. Even though they have been given a clear approval to move forward by the IMF/WB/UST they still are under the old rate. And because of that, they CANNOT use the IQD to purchase goods outside of their country. The only ‘mechanism’ they have currently is to trade their dinars with the banks for USD to purchase medicines, computers, Pepsi, and other good that are not manufactured in Iraq. So, they must continue to purchase using USD until they change their rate to an internationally recognized and accepted currency…the auctions serve two purposes: it allows for import purchases…as well as drawn in more notes from the citizens. Will this change after the RI…you bet! But for now, this is the necessary process in order to continue international trade to provide what Iraqi’s need to live. All IMO.
Bruce (The Big Call)
…today has been amazingly quiet… I think things are quiet for a reason…We have heard from one source the idea of things are going to roll out in 72 hours from yesterday [Wednesday] – which would put us to Saturday – that’s a possibility…I hate to say wait and see but that’s really where we are…
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