Dinarland Highlights – 9.18.22
Question: Can Iraq reinstate its currency today and then later RV under the gold treaty?
We have been told that is a possibility. That would be the NEER rate (nominal effective exchange rate) but, I haven’t seen that discussed in a long time...
My sources on the ground in Iraq were very quiet this weekend…the bankers are still at the edge of their seats and prepared…. They have to be…Not exactly like the “boy who cried wolf” but, they need to be ready no matter when it goes...
Nader From The Mid East
“CBI sold +1.2 billion in forex last week“
This has got me confused a little bit…Says CBI sold 1.2 billion on Forex last week…I try to call a couple of times people who works for Forex and ask them if we can invest or buy or sell Iraqi dinar and they says no. And now this article comes out and says the CBI sold 1.2 billion last week?…somebody please explain it to me because I don’t get it.
“America’s strategic oil reserves fall to their lowest level since 1984“
“US President Joe Biden set out in March a plan to release one million barrels per day over six months from the Strategic Petroleum Reserve to overcome high fuel prices in the United States that contributed to sharp increases in inflation. Energy Secretary Jennifer Granholm told Reuters last week that the Biden administration was considering the need for more releases from the petroleum reserve after the current program expires in October…“
“Al-Kazemi will fly to America tomorrow”
“Al-Kazemi will hold meetings with a number of world leaders, led by US President Joe Biden.“
[Response to Guru Nader’s Question below.]
Nader put out a video asking some questions about the CBI and the fact that they sold 1.2 billion in Forex last week. It was a legitimate question…they’re not selling the Iraqi dinar, they’re selling their foreign currencies. Remember…now they’re holding $85 billion worth. That’s important because the more you hold of different countries’ currencies the more you’re able to protect your own currency. At times when you need to you could sell other foreign currencies to help increase the value of your currency…It’s not the dinar on Forex they’re just talking about all their foreign currencies…Iraqi dinar is not being bought and sold on Forex. Not yet.
Article: “Iraq ranks 47th among the largest economies in the world” This is great news for Iraq but can you imagine had they had a government formed where they be today? Having a strong economy is a huge part of them revaluing the Iraqi dinar. The other two steps are still moving forward which is the accumulation of gold and the accumulation of foreign currency access…those will just help strengthen the dinar…congrats to Iraq despite the fact that they’re in political chaos and they still manage to do very well economically.
Question: Can we exchange in the CBI satellite banks?
You can exchange it into American dollars…you can take your Iraq dinars to these satellite banks. They will exchange them into the new small category notes which I don’t think you want…you’ll want the American dollar because you live in America. What are you going to do with the Iraqi dinar in America? You’re going to go to Walmart? What are you going to buy? Nothing. You have to use American dollars.
I get a lot of inquiries about this…money they’ve [The Inflation Reduction Act] put into the…IRS. You’re always going to have the rhetoric of ‘they’re going to strip you of this or that or whatever‘. That’s all total absolute bull…The software that they’ve been using for this massive job…is 1960’s stuff…they need to get themselves back up to par…because when you get an invalid system…that’s when you don’t have a satisfactory result…I assure you this shot that goes into the IRS is going to be a benefit…lay aside your fears about what is going to happen with the IRS.
“The Central Bank of Iraq has three reserves to serve the requirements of monetary stability and development“
“This reserve consists of: Foreign exchange papers…Which is estimated at more than (85) billion dollars. [2nd] Gold…is in the form of bullion or coins in the vaults of the International Monetary Fund…As for the third reserve, it is the special drawing rights: it is the new reserve and it is used to meet the deficit in the country’s traditional reserves and drawing rights are granted to each of the member states of the International Monetary Fund…”
“These rights are used to settle payments between member countries…Therefore, central banks, including Iraq, seek to buy quantities of gold from time to time. The most recent of which is Iraq’s purchase of a new amount of gold, amounting to approximately (34) tons, bringing Iraq’s balance to (134,4)…which made its classification become the fourth Arab and thirty-three globally. This increase is within the framework of a strategy The Central Bank to manage its assets in order to achieve the highest levels of stability…”
Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
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