Dinarland Highlights – 11.21.22
“Are they going to show us the rate before the budget?“
They can. I don’t think it’s smart…they are but only to the parliament and the cabinet.
We already have a seated government, it’s just not announced. Let them announce it when they give you the budget law because then that seated government will bust open the piñata of the budget and that budget is explosive!
“A source in the Central Bank: It is too early to trade 20,000 dinars, and no old denomination will be withdrawn“
“no old cash denominations will be withdrawn, and this denomination will be added to the rest of the denominations with the aim of improving and enriching cash circulation.”
[…there is a rumor the Dinar rate has been released…]
…I am hearing similar guys…I am not hearing those rates have been posted yet, and this is directly from the sandbox. I am hearing from my sources $4.81 and $11.90… We will not know for sure until we are exchanging…imo that seems like a very “pie in the sky“ rate. I do not believe we will see the rate of $11.90… I hope I am wrong. But, the $4.81 rate sounds very plausible…and spot on for the in country and international rate.
I am hearing they have great expectations of it being posted in the next 36 hours or so…we do not control the timing. It could be sooner or a bit further off…we will see… we are hearing that the “oil for dinar” rate could be up to 3 times higher than the street rate…Starting yesterday afternoon we have been hearing these rumors from many sources. I can tell you conclusively that this rate is not available yet in Iraq at this present moment…Just do not make radical financial decisions on these rumors…
Still hearing great things from banking contacts and Iraqi on the ground contacts…the rates of $4.81 and $11.90 is old…they are recycling a lot of news right now…That being said – I am still hearing that 36 hours is still a target. 36 hours started this morning…so I guess that would be by tomorrow night…that may be premature…we will see.
Does it benefit Iraq to have a higher exchange rate? No, not right now. They have to rebuild. They have to rebuild their private sectors. They have to rebuild their public sectors. They have infrastructure…The cheaper currency gives them an advantage but we also know a cheaper currency affects…poor people and creates more poverty. As the economy strengthens, the infrastructure strengthens, stability is there..you can see them increasing the value of their currency.
Remember, Iraq Imports nearly everything and until they build a diverse market economy that is manufacturing, agriculture, they will not be self-sufficient. This is critical.
“30% trading volume increase in Iraq Stock Exchange in October 2022”
The banking sector experienced the highest share in trading at 46.9%…companies distributed dividends during October, the commercial bank of Iraq with a dividend yield of 18.4%, the Bank of Baghdad…3.6%…
Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
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