Dinarland Highlights – 6.10.21
Bruce (The Big Call)
…you know I don’t go into rates – don’t go into detail – I just tell you they are still very strong – better than we ever thought they would be…
Kazimi and Ghaleb are in cahoots. They are on the same floor. They are standing on the same terra firma. They understand exactly what they are doing with their reforms. One of them is in charge of one reform. And the other one is in charge of the other reform but ironically enough one reform can’t be launched without the other reform going first or simultaneously. Ghaleb and Kazimi are in deep conversations with the Fab 4…they meet everyday…right now the topics they are having…are hot on the economic and monetary reforms…
“Dollar price close at 150 thousand dinars in Baghdad“
For every dollar you get 1500 dinars. It’s going in the wrong direction. This means people are losing faith in the dinar and they’re getting away from it by grabbing US dollars. You don’t want that to happen. You want people to stay confident in their currency. The government is going to have to do something about that and I think we’re going to see that real quick.
…there is a lot of chatter about today through the 14th. All I can say is buckle up. I think we are right here at the end. And this has been difficult for all of us. Stay hopeful…we are in a great spot…At this point I believe we just need somebody to press the button.
[…the new banking system is not fully functional…but they are working hard to fine tune it.] I agree…and think this has been the largest part of our delay at this point. They attempted on June 1st to change banking software around the world. It did not work well…it was too big of a technological leap to mesh with the older equipment. I am told they have made tremendous progress and are close enough to pull the trigger now.
I want you to notice something. These terms ‘implementing a new mechanism‘ are being used for everything that’s needing a new exchange rate. They are implementing a new mechanism…You know them all – the salaries, the budget, the HCL, the farmers, the white papers.
One of the most frustrating things is to watch the Central Bank of Iraq and its new governor learn the procedures they need to maintain the exchange rate. This seems to happen every time they get a new governor. Maintaining the spread is a balance between dinars in dollars. The CBI needs to make sure that they are fully liberalized to provide that foreign currency per IMF guidelines. It’s also a catch-22 of sorts because they don’t want to just spend all of their reserves to fulfill the demand when the majority of the demand are people manipulating the system for profit. The solution is to curb this corruption not reduce the foreign exchange. But Iraq seems to have an inability to do so. As a result we see the foreign exchange at the auctions continually going up. And when they reduce the currency available then the spread begins to climb.
Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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