Dinarland Highlights – 10.26.22
…Look at the amounts of assets Iraq has. Not to mention the new electronic system in place is returning 100s of billions of dinars… All of this supports massive value for the exchange rate change success.. imo
[Response to Gurus Samson & Nader Exchange Rate Articles below]
…Rehashed articles about not changing the exchange rate…when they clearly have every intention of doing so...They printed new notes in 2018 to the tune of $500 million real close, it is the Governments program to new currency issuance and therefore, the date of the cabinet not disclosed consistently is used to keep those in expectation of that at bay until the final moment..imo…
“Iraq’s export of its oil in the form of derivatives instead of crude… It will bring in 60% more revenues, to achieve $15 billion per month“
“if Iraq refines all the barrels of oil that it exports at the present time…and exports them in the form of derivatives instead of exporting them as crude oil, Iraq’s daily revenues will reach 495 million dollars, or about 15 billion dollars per month, but when exported as crude oil Its revenue will be approximately $297 million per day, or less than $9 billion per month.”
“The central bank resolves the controversy over the dollar exchange rate plan”
“...the central bank…does not intend to change the value of the dollar…changes…will create a state of instability…and increase speculative activity in the currency…With regard to the negative impact of the current dollar exchange rate on people’s livelihoods, especially for the poor, the central bank believes that the government can…improve food stamps to mitigate the consequences of dollar appreciation instead of returning it to its old value.”
Nader From The Mid East
This article coming this morning in the news…
“Parliament Finance Committee, Nermin Maarouf confirmed the Central Bank of Iraq has no intention of changing the exchange rate of the dinar against the U.S. dollar.“
in Iraq it does appear there are some updated values for in-country. It appears Iraq is trying to pull more dinar off the streets. Rates went from a 1450 to 1200 as an interim step as they unpeg and try to pull more dinar off the streets in preparation of a higher value. That is what a banking contact is telling me. They have sucked up trillions now from circulation.
My last update is they are now expecting a rate of $4.83 at the street level…i have always been told we should make more than that in the “oil for dinar” contract. But this higher street rate is good news for the Iraqi people…if this figure holds solid.
There is one piece that’s a huge “tell” as to where we are at today. I can now tell you with great certainty that I know a bond person with 100% of their money. This is exciting news to me. I don’t know what that means for us “timing-wise” yet…Earlier it was a rumor and it has now been confirmed. I feel very confident telling you the process has started…
We know there are 3 countries where we can go and exchange the Iraqi dinar – In Iraq at the Central Bank of Iraq, Kuwait…and Jordan…When Kuwait revalued their currency after the invasion of Kuwait by Iraq they did something that concerns us greatly. They only allowed the old Kuwaiti currency to be exchanged at banks in Kuwait. This…excluded people who were not Kuwaiti citizens from the currency exchange to the new currency…it only seems logical Iraq may do the same thing.
We as investors must prepare ourselves for travel and even then travel may not be enough. In order to open a bank account in Iraq you need an Iraqi ID. You cannot just go and open a bank account and I haven’t found anywhere online where I or you could open a bank account. I am looking into other ways but it looks bleak. We may need honest Iraqi people to help us…
Bruce (The Big Call)
…we’re getting from the sources that are very high up and very close…to the transaction itself, of our exchanges are saying that we in tier 4B…that’s our internet group – should be notified…before noon tomorrow [Wednesday]…if it’s late coming in tomorrow for some reason, we would set appointments and start Thursday… I’m excited about that. But the good news is we are hearing from Iraq…certain transactions…the rates are moving up – and we know that certain Iraqi citizens are being able to exchange through ATMs even here in the United States…I think that shows that we’re very close ourselves.
Article from the central bank about reducing the exchange rate – [Thinking] it’s an indication of a significant increase. Wrong, they were only talking about restoring it back to what it was a year and a half ago from 1460 back to 1170…There will be no reduction in the exchange rate in the near future. Parliament can talk about it all day long but it’s not happening.
They’ve already made it clear as day they were going to change the rate. As a matter of fact even Sadr, one of his campaign promises was to change the rate at least back to the old rate. We more likely are going to see the rate change go back to 1190 dinars to start with and then over time slowly build back up.
Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
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