Dinarland Highlights – 11.14.22
Frank26 (KTFA)
Article:
“Central Bank Governor: We were keen to facilitate the procedures for opening the first branch of a private bank abroad“
CBI GOV TELLS THE IRAQI CITIZENS ABOUT THE SATELLITE BANKS INTERNATIONALLY.
[Iraq boots-on-the-ground report]
FIREFLY: All these deals with other countries can’t stay at a program rate. We feel it will…not mess around with any of this 1190 mess but straight to 1 to 1 and then float from there. Too many deals with too many countries that are taking major investments here.
FRANK: There you go…now you’re understanding and you are applying logic to what you are seeing with your own eyes from your leaders…things are moving at a very fast pace…when you see the international contracts being activated right in front of your eyes, before the 2023 budget is even open that tells me your new exchange rate is solid and as strong as titanium.
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RVAlready (TNT)
Looks like the finish line coming soon.
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MilitiaMan (KTFA)
Article:
“The Central Bank: Our reserves have reached $90 billion and there is no change in the exchange rate in the 2023 budget“
We can clearly see that they have enough reserves to last 22 months. The world average is 11 months per the World Bank… That level of reserves is very good…They will need stability and appear to have that largely covered. They do tell us their money supply…The average value of a note issued (six billion of them) is roughly 13,833 per note.
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MarkZ
[via PDK]
Question:
What are you thinking on timing? Are you still thinking before Thanksgiving?
MarkZ: Bankers are still excited and very upbeat. There is a lot of chatter out of Iraq for this week. News out if Iraq “Al Sudani begins the first procedures to activate the Iraqi private sector” also “Economic circles welcome the opening of an Iraqi bank branch in Dubai” They want investment in Iraq and they want to build their economy. To do that you need an international currency.
Lots of good chatter but nothing I would consider solid news tonight. Sources are still upbeat but, nothing is moving.
[…Iraq has told the people that things will happen this month. Budget is supposed to be sent for approval…the 15th of this month.]
I am absolutely hearing the same thing. It’s ante up time.
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Pimpy
Article Quote:
“…according to Saleh, a government adviser, there may be an option to gradually increase the value of the dinar. ‘Any future adjustment of the exchange rate must be gradually implemented over a one year period to provide an appropriate climate for price adjustment…'”
I’ve stated before…the best move is to do it in increments and that’s what it sounds like Saleh is saying…I’d rather have a thousand baby steps to get there than to sit here for years and years with no change...
You have the prime minister and the Central Bank saying there’s no intentions on changing the rate…it’s not going to take long until we find out what’s really going on. As soon as the draft budget comes out and we see it we’re gonna know if there’s a rate change in there and if there is one, how much.
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Nader From The Mid East
A lot of talk about the budget. They’re gonna pass it November/December…they said between the 18th and 22nd (this month). I think they’re gonna pass it. They have no choice…Here’s the thing. I always expect the worst…don’t think it’s gonna change the day after the budget comes out…you never know…even if the exchange rate is in the budget I think it’s not going to be what we think. It’s gonna graduate though from there.
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Jeff
...You’re in the middle of a budget period right now so they can’t revalue the currency during the middle of a budget period because budgets are calculated off the value of the currency. If they were to try to change the exchange rate in the middle of a budget they would have to amend that budget and plug new numbers and values into the budget. That’s the only way they could do it. Right now they don’t have any intentions of amending the budget. That’s not what their intentions are…
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Walkingstick (KTFA)
[via Frank26]
All past budgets of Iraq have had a rate line item to calculate the budget’s expenditures. When you see the historical 2023 budget its goals are not a reality with a program rate. That’s why the CBI now educates the citizen at a faster quicker pace about the new exchange rate and about the new small category notes to match that new rate. That new rate is coming to a bank near you.
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Breitling
90% of their [Iraq’s] economy is based on oil/petroleum products. So that means they have a great and fantastic future…the world is not about to give up its oil…they have a product that’s…use is important. It’s not gonna go away. The question is when do they get in the market? What do they diversify? And how do they diversify? It’s adding value to their currency and to do that they have to pass banking laws...
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Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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