Dinarland Highlights – 11.1.22
News out of Iraq is all over the place. Seems to be status quo right now with politicians, leaders and finance ministers…but don’t take this as a bad thing. Part of them are saying ”no, no, no –we can’t do it now” and part are saying “We are absolutely doing it now” This is what we expect. We saw the same thing out of Kuwait…this is playing out exactly as expected. We have to somehow keep our calm and our patience as we work through this.
I’ve not heard anything negative and I’ve not heard anything positive either. Everyone seems to be waiting on whatever this trigger event is. Most of my sources are telling me it’s still between the 3rd and the 11th. Praying it is sooner as I know many people are suffering. Iraq news is a lot of investment fluff. Everyone is counting on Iraq having a new rate. All of the investments, cross border payments, setting up of electronic banking in the country …we know they are planning on a much higher value in their currency.
We have some interesting news out of Iraq today. Sudani stated the Central bank has the mechanism to change the rate…
”Al Sudani said…the Central bank is the only ones responsible party for changing the dollar exchange rate…and we are committed to this aspect. And we support the independence of the bank.“
This means the bank can change the rate…they do not need anything else.
From the banking side today…Bankers are through the roof excited. They think there will be a release this evening…my bankers …think we are in a 24-36 hour window. I think it’s a bit premature… It is possible they are correct…especially with the chatter coming out of Iraq today. …the remarks coming out of Iraq today… reinforced what I was told by my Finance Ministry contact on the ground in Iraq…that at this point is up to the CBI to change that rate. …There is an overwhelming level of excitement.
If the CBI considers Iraq stable enough, they will release the RV. The RVs will improve stability in the region. The UN is pushing this release. The CBI has had plenty of time to prep for this. They should let this go soon…I think the UN and IMF have given the CBI the green light…
“After the fluctuation … Assurances that there is no step to change the exchange rate of the dollar against the dinar“
“The exchange rates of the dollar against the dinar continue to fluctuate in the local market value…amid speculations from some parties that the Sudanese government will reduce the rate, although all the assurances refer to finding economic solutions and not changing the exchange rate.”
“Report: The 2023 budget will cross the $100 billion mark“
“there is no intention to change the Iraqi dinar exchange rate against the dollar at the present time, after a lengthy meeting held by the new Prime Minister, Muhammad Shia. Al-Sudani, with the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mikheeb, yesterday, Monday”
[Iraq boots-on-the-ground report]
FIREFLY: Two more positions is what they’re telling us they need. It’s enough now to have a seated government but the last two spots are in dispute between the Kurdistan parties but we do not think that’s going to delay anything…
FIREFLY: Key is back to 1190 then within 3 to 4 weeks go to 1 to 1 maybe even $1.15 soon after that to go into the $3+ range.
FRANK: Well that’s almost correct…
Iraq has made tremendous progress and strides meeting the central bank’s requirements of achieving political stability and everything…the next reform step is the rate change.
I have no doubt Iraq is going to change their exchange rate and bring it back to the previous rate. Right now you get 1450 Iraqi dinar for every 1 dollar. I’m pretty sure they’re going to change it back to where you get 1200 dinar for every U.S. dollar or 1190… you’re looking at about a 17.5% increase in value. That’s not too bad at all just depends on when you bought…and how much you paid for it…
I’m anticipating that once the first rate change takes place, depending on how it affects the Iraqi government I’m anticipating a second rate change within 6 months. Nothing major. They’re just going to go up in increment. I think what they want to do is pay attention to how these increases are going to affect the overall economy…I’m anticipating the first rate change will start stimulating the economy even more…it’s easy to get excited about what’s going on…
As soon as you see a “seated and announced” government, and that’s the key, it has to be announced. Seated and Announced. Right now they’re just piecing it [together] and telling you about it…
Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
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