Dinarland Highlights – 11.25.22
“Iraq is fifth in the world in oil reserves, the cheapest to extract and the most profitable“
“the oil reserves in Iraq and Saudi Arabia are close to the surface and on the ground, which makes access to oil more accessible and the extraction process more cost-effective and more profitable.“
“Barzani’s Visit to Baghdad to follow up on agreements –including the legislation of the oil and gas law”
Why is this important? This is a first that the Kurdish region is showing clear indication of wanting to work with the Iraqi government. They are getting along, they are agreeing to budgets…a major sticking point to not seeing our RV or RI has been they disagreements between these factions… I am excited to see them all getting along.
“Clarification to the Iraqi central bank regarding the reasons for the decline in sales of the foreign currency selling window”
We were always told the auctions would slow down or nearly end just before they RV.
“Parliamentary finance is likely to approve next year’s budget at 150 trillion dinars”
Don’t worry if they are passing it with the lower rate on the dinar…I am told that is unimportant. They will simply do the conversion on the value. The big key here is they are moving forward and looks poised for acceptance.
[Iraq boots-on-the-ground report]
FIREFLY: They say the budget will be in parliament by the end of November or the first part of December.
FRANK: The goal is to have it in by the 9th of December. And the banks in the United States of America know that IMO. If we do see an announced government by the 9th then January 1st 2023 has great potential for what we’ve been waiting for…
FIREFLY: The Finance Minister comes out and says there is no change in the rate as of now and says when the new budget comes out it will also not happen. We don’t know what in the world this person is talking about because yesterday they said the opposite. We know they can’t come out and just say they are going to have a rate change. That’s illegal. So we try to read between the lines.
FRANK: Bravo! …What an advancement in attitude. He knows his laws…
The World Bank basically laid out what it is Iraq needs to do to get their ducks in a row. If they can do that then …they will see an increase in the value of the Iraqi dinar…
The only way we can see a significant increase in the dinar would be based on the growth of Iraq’s economy. Therefore, they need to pass laws and create a suitable investment environment. Doing so would then allow them to float their currency and allow the world to determine the value of the dinar based on the economic success. As a result not only can the dinar go up in value, but they can gradually remove and reduce the currency in circulation as a result.
What we are witnessing now is the final effort to sort the two seats in the PM Cabinet and the 2023 budget draft getting from the Council of Ministers to the Parliament. The reconciled 2022 numbers will likely need to be held close until the last minute for if not it would likely leak out quickly and that is to be avoided per legal issues.
The governor of the Central Bank of Iraq received on Tuesday the ambassador of the United States of America to Iraq. You will need to read between the lines to understand the importance of this meeting. During the meeting they discussed aspects of bilateral cooperation…and keeping pace with the global development in the banking sector…this news report more than any in recent months points towards real progress…
Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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