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Dinarland Highlights – 12.7.22
MarkZ
[via PDK]
[Are we anticipating the dinar rate change this week?]
We are anticipating an announcement thereof and possibly a lower sucker rate. This is before the actual RV The sucker rate is to get many to give up, cash in at the lower rates and then go away.
Pressure continues in Iraq as we see more and more local politicians join ranks. We now have well over 100 parliament members and leaders that are pushing for the CBI to make the decision and make it now…before the holidays. The push because of inflation and the market crunch in Iraq is to do it before the holiday season which is beginning within days over there. Yes it is in the hands of the CBI…parliament is really pushing them to release it before the holidays…and are willing to replace the leader or minister of the CBI in order to do it if that is what it takes…. It is a open conversation over there. I spoke with some contacts on the ground …and they are hearing this as well.
Not a nothing burger today…but not nearly the news I was hoping for overnight last night. “Budget Law absent from Iraqi Parliament for 30 days” This is playing out as we speak today. I am being told from some contacts on the ground that they are hoping to extend the parliamentary session through the 9th or 11th of December to get the budget squared away first. …but it is supposed to end tomorrow as parliament goes away for a 30 day recess. This is normal for the holidays.
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Mountain Goat
One could almost say the news is once again just all about the currency. The pressure builds for the CBI to act now. Over 100 of the parliamentary members claim they will not even attend parliament sessions to vote on the new budget unless this issue is addressed in the budget. …These are exciting times and personally I can’t see the CBI holding back this reinstatement much longer….
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Frank26 (KTFA)
The Paris Club agreement…paid off 80% of Iraq’s debt to the world, then Iraq agreed to re-institute at a 1 to 1 rate at least…they’re simply waiting, the Paris Club, for this announcement. The CBI says they want the rest of the money the Paris Club is holding. Iraq IMO tried to pull a fast one but the Paris Club said, nope! No recovered fund returned to you until you change your exchange rate in order to cover the rest of your debts.
[Iraq boots-on-the-ground report]
FIREFLY: The Prime Minister came out and says we’re going to have foreign currency in our market.
FRANK: Yes, because you’re going international.
FIREFLY: Sudani told us the U.S. Treasury says that our currency is off the high risk bank list and then he went on about how good the Iraq’s banking sector has done with International instructions and guidelines and laws and rules. We’ve never seen this CBI and the US treasury talk like this...
FRANK: The United States Treasury did everything they could to help the CBI have a new exchange rate…The U.S Treasury is making sure the CBI is linked up internationally with every bank in the world and not for a program rate...
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Pimpy
I’m not saying it’s not going to change come this budget, mostly likely it won’t because the Central Bank said this is the rate it’s going to be for the next 5 years. We are now 2 1/2 years into that 5 years. We’ll wee what happens when this budget comes out…
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Sandy Ingram
So what would they [Iraq] need to do in order to…increase the value of their currency? One thing they could do would be to create a new currency like Kuwait did and provide a window of time when people could exchange the old Iraqi dinars for the new currency or they could go digital.But where does either of these options leave us as investors? …Get a valid passport…there are ways you and I will be able to fly into the Middle East..we need to prepare for this option now…
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Kaperoni
…This [auction] action by the CBI will not only help the citizens but it will help them with the IMF to meet compliance. Further liberalization also helps encourage investment in Iraq . The real reason why they’re doing it though is to try to get the exchange rate back in line with the 2% spread limits the IMF has imposed. The current exchange rate in the market is around 1490 which is on the cusp of exceeding that limit making them out of compliance.
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Clare (KTFA)
Article:
“Al-Maliki makes the approval of the oil and gas law conditional on this matter”
THAT IS NOT NURI AL-MALIKI ….. IT IS A DIFFERENT GUY SAME LAST NAME
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Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
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