Dinarland Highlights – 11.2.22
[Iraq boots-on-the-ground report]
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…
FIREFLY: Again the CBI is meeting with Sudani…and they are giving reports on all Iraqi banks…some are calling for a 1200 rate to come back. Many are saying don’t change it to that because the reform itself calls for a rate change and that change will be better...
FIREFLY: The reforms have a rate change and that’s the next thing that’s happening. The government today said why do you think I’m changing the rate to 1200?
FRANK: ...Find me one person talking about the 1200. And who is it? Framework. Anybody else? No. Only the Framework is talking about 1200. The CBI, experts, economists are talking about the 1200 that the Framework are talking about.
FIREFlY: The next step of the reforms is a rate change…and the budget will be tied into this.
…we need the reinstatement on FOREX to be able to go to the bank and exchange at the rate we want. In this regard, there was some new bit of very good news in the articles this week…an economists spoke up about the reinstatement. WOW! No, he did not mention the word “reinstatement” perse, but described exactly what the process would be and should be. He only left out the float part... The other amazing part about this same article is that it also talked about the program rate and changing the exchange rate. Yes, both concepts of changing the exchange rate compared to each other in the same article. WOW! WOW!…Is this just the beginning of the push to go international?
[Is it true that if we exchange with the first basket –we cant exchange with the 2nd?]
I am told that is no longer true …there will not be a “true second basket” Now one basket of everyone that is ready will go….and all others will go individually as they are ready…we should still be able to take advantage and invest in the other countries currencies as they go…after the initial first basket. All those not ready I expect to float and float quickly to where they belong.
“World Bank: The policy of changing the exchange rate of the dollar is the prerogative of the Iraqi Government”
Everything is done…we are waiting for them to pull the trigger…There is all kinds of information coming to us on that front.
We have a lot of contention amongst the finance ministers …my contacts in Iraq . I was told what they would like to do is go back to the 1200 rate …do that for a couple of weeks…then do a 1 to 1 rate with the USD for a short period and then reinstate it to the full value to allow them to suck up more dinar off the streets. I am still told that doesn’t affect us as we are covered under a contract rate with the “oil for dinar”. But that is the rumors I am hearing.
I’m still hearing…they anticipate an exchange rate increase back to the original, and I don’t mean the 1190 dinars, they’re talking about the $3 rate. There’s not indication of that anywhere out there…if anything they’ll reinstate it back to the original rate where it was . That’s the first step.
“Iraq is the eight Arab country with the fastest growing economy in 2023“
This is phenomenal news for Iraq…this is what we want. What we really need in order to get a very decent increase in the value in the Iraqi dinar is a stable government with stable county and low unemployment numbers. We need to get there. Hopefully this new government being formed is going to tackle these issues.
“Al-Maliki proposes 1375 dinars to the dollar exchange rate“
“The reduction in the price of the dinar and the failure to address the consequences for the citizen has caused a difficult economic and living crisis. and integrated.“
“Bank of Jordan opens its first branch in Iraq“
“The decision to branch out in Iraq comes to enhance our regional presence and to translate the bank’s strategy that it has adopted to expand its business in the countries of the region, whose markets are witnessing remarkable growth and promising opportunities, which will positively reflect on the services provided to our current and future customers.”
The likes of the CBI to revert back to 1200 makes absolutely no sense at all. It would…fire the street up like no other. The citizens expect purchase power not a slap in the face.. The private sector will never get off the ground with out an international IMF Article VIII compliant currency. 1200 will not make muster.. EVER… imo..
“This is the controller.. Economic: Changing the dollar exchange rate is very possible”
It looks like there is still a push to counter the article about that there is not a move to adjust the exchange rate. We can see the hand hold by the World Bank today saying the GOI has the prerogative .. The private sector is not going to get up and running without an adjustment to the rate change..
Remember the currency [dinar] is at an artificial rate and they’ve manipulated it by printing so much currency. The way they get the value back up is to reduce the note count. If they want to diversify they need to reduce their note count, start adding value to their currency and that way international markets…take their currency seriously.
Nader From The Mid East
No investor is going to take a risk and come and invest in Iraq. They know their dinar is very low and it doesn’t have any values. (This is for Iraq people, for the politicians if one or two of them listen to me. I know there’s one or two listen because I received a couple of messages) …If I was an investor I would not invest in Iraq for now because the dinar it’s very low. What I’m gonna do? I can’t even use it out there.
Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
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