Dinarland Highlights – 10.7.21
…we see…the oil prices jumping again…Tuesday, reaching their highest levels in at least three years. Brent crude rose to $81.48 a barrel has put substantial amounts in the foreign reserves of Iraq. This is huge news and Iraq should certainly take advantage of the high prices.
I did speak with some Iraqi contacts today again…They say there has been a lot of clean up…as they anticipate a release of the new rate no later then midmonth. Sooner than later is what they are telling me. They have made it very public over there that they have loaded the ATM’s with lower denoms. And that they have printed and prepared all the lower denominations as well…they still are saying they are ready and prepared. We are all hoping we get over the finish line any day now. I wouldn’t be surprised to get that call at any time. Iraq has already been given all the mechanisms…their finance minister came out and said they are now prepared to let their rate float to its real value….
[do you think we will be done by the 15th?]
At this point…based on what I am hearing…I do.
Yesterday we got plenty of news that there was a big clean up going on in Iraq… I did speak with one redemption center contact and they have every intention of having to work this weekend. They have been told to “expect to work”. I take that as a good sign…unfortunately no one knows the exact timing so all we can do is keep watching it from the edge of our seats… There is a lot of indicators in Iraq for the 15th through the 17th. Heck, There is a lot of indicators for today and tomorrow from Iraq. Nobody knows the exact date. But we are close…
…the outgoing administration wants credit for revaluing the currency…and…they have the new rate to start with the new administration and the new calendar year for them.
Is the Iraqi exchange rate about to happen…on the 17th? …You guys were bombarding me with this. CBI Document [Instructions for buying and selling foreign currency for the year 2021] …All this is saying is there’s new policies/procedures that are going to be implemented dealing with the exchange companies and it’s going into effect on 10-17-2021…Nothing in there says they’re going to make the rate change happen…look don’t get me wrong. It’s not that I don’t want it to happen on 10-17. If it does I’ll be thrilled to death…all this means is they’re implementing new policies and procedures.
Look we all want this to happen. There’s a lot of great news. A lot of positive information that’s been getting out there so let’s not force something that’s not true. There’s nothing in here that say that the rate change is going to happen 10-17. As usual you guys turn me into the bad guy. I don’t want to be the bad guy. I want you guys to be grounded. I keep talking about how I think the Iraqi dinar is to go up in increments…that doesn’t mean there won’t be no RI or not RV…there’s a lot of great/positive things happening over there in Iraq and I’m excited about it…it is interesting [this CBI document] I’ll admit that. What does it mean? It’s hard to say…
The rate if I had to guess – The Kuwaiti dinar is worth $3.32 . I think the Iraqi dinar is going going to come out at the rate that it was decommissioned at – $3.22. It’s a guess. Everyone’s got a guess. Not financial advice.
Iraq is working very hard to create the conditions to diversify its economy. The goal is to not rely on oil which is currently about 93%. It’s going to take a lot of work and time. Only with the success of that diverse economy can the dinar go up in value. We believe they will float it at a time when the economy is thriving. It will be a gradual increase over time.
Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
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