Dinarland Highlights – 10.23.22
I think their banks and citizens are ready to go. Every time I hear about someone in Iraq, they have been told to expect an RV soon.
I think the CBI, UN, and IMF have the finish line in sight, and they are in a dead run to get the RV accomplished. …I think the CBI is ready to release the RV, once the cabinet is released.
“NATO: Iraq is an element of stability in the Middle East“
“Parliamentary Finance talks about the fate of the dollar price in the new government“
“Changing the price of the dollar from time to time has significant repercussions on the local market and the economic situation in a way. That is why we do not believe there is any direction to return the dollar exchange rate to its previous position, even by the new government during the next stage.”
…The [CBI satellite bank in US] opened…The satellite banks that have opened up around the world they are in position to collect 3-zero notes outside of Iraq’s banks for their M figures. These 3-zero notes will be converted electronically into their [Iraqi citizens outside of Iraq] bank accounts. Citizens in Iraq can also trade in their 3-zero notes for electronic accounts or for the physical new small category notes in their hands as lower denoms either through the banks or through the ATM machines.
As far as the exchange rate floating…you have to be responsible. You have to know when to hold them. And you have to know when to fold them. In other words give them up…You’re going to have to determine that based on your needs. It may be that you want to exchange at 1 to 1. Or you may want to wait a little bit and let it float and see where it caps but you’ve got to be aware of that. That is the math that you are now responsible for.
You invested in this…the math is you have to understand exactly what the float is going to do and how they’ll do it. You’ve got to be aware of when certain denominations will be canceled and the time limit. Remember the 50? They gave you 6 months to trade them in…Be aware of the math at the bank, with the spread, fees, don’t let them trick you…Be aware of the math you are now responsible for…know when to hold’m and when to fold’m because they will trick you.
Understand the central bank is its own entity. It’s separate than Iraqi government and they’re the ones that actually determine what the exchange rate is going to be. If for some strange reason the governor of the Iraqi Central Bank feels it’s necessary for a higher exchange rate than what they have they’ll make the change. But they are going to have to justify it and it might be against all normal reasons why an exchange rate changes…
If and when the dinar ever goes up in value it will be based on Iraq’s economic growth. The issuance of a 20K note falls in line with that. It’s the beginning of the reduction of the notes sizes as the dinar begins to appreciate gradually.
Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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