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Dinarland Highlights – 12.10.22
Sunkissed (TNT)
Article:
“Al-Sudani meets Al-Sisi and affirms Iraq’s keenness to maintain relations with its Arab and regional milieu:”
How can a country be a pioneer when they’re dependent upon another country’s currency because their currency is worthless? We all know that would be ridiculous! …Iraq is telling us exactly what they are doing here. Getting investment promises so that the moment they go article 8, these agreements go live so the international monetary process succeeds! This article should give everyone the assurance that Iraq is serious and on the threshold to ACTIVATE everything they have put in place and set in motion.
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Frank26 (KTFA)
Article:
“Al-Sudani and the International Monetary are discussing reforming the Iraqi banking system and efforts to combat c********n”
THERE IS NO REASON TO REFORM IRAQ’S BANKS UNLESS YOU ARE REFORMING THE MONETARY REFORM… THAT’S WHY THE IMF MEETS WITH THE CBI DAILY!
The CBI is having explosive meetings right now with many countries and entities in preparation of [Iraq’s] budget and new exchange rate…the word ‘mechanism’ is being used to cover the new exchange rate in the budget…keep looking for that word because the governor of the CBI will be using it a lot from now on…
Iraq is going to be a currency hub IMO and the IMF, World Bank, U.S. Treasury and all these entities have done a wonderful job getting the IQD in position to return to the glory days. Now will Iraq comply and go international and float? Or will they continue a gradual increase. I don’t know but either one of these scenarios goes in the right direction and that’s what’s happening IMO.
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Nader From The Mid East
The CBI or the government… didn’t make a decision yet to support [the dinar] with anything. It’s detached from the dollars but not completely. It should be detached by the end of this week or next week the beginning…the government have to support it with whatever they have reserve, gold…put if back on petroleum dinars…they have to attached it to something else. It’s going to take a couple of weeks.
…It has no support. That’s why you see the dollar going up from 1460 to 1551 and it might get to 1552, 1553. You’ll see in a couple of weeks it going back…things will get better. You will see…The dinar needs some support…attached to some assets…the dinar will go up up quick. It will be a dollar…I want to see 1160/1170 for now. If it goes in that range I’m sure it’s gonna go quicker after that. Right now we’re waiting for it to go in that range…
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MarkZ
[via PDK]
From Iraq:
“The d******t announces the formation of a committee titled (Article 40)”
The Kurdistan d********c party announced today a committee to legislate the Oil and Gas Law. We were told a week or so ago that they had agreed to the framework…and this is it. It is now official and announced in Kurdistan. Long ago we were told that article 140 was one of the last stumbling blocks for revaluing the Iraqi currency and they have now worked out the differences with the Kurdistan region including profit sharing, taxes, revenues ect…For those of us that have been following this a long time…this is very good news…
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Pimpy
When it comes to Iraq we’re always taking one step forward and three steps back…There’s problems with the currency auctions…they just can’t seem to get it together...the Federal Reserve has been auditing the currency sales…and they’re not liking what they see. Some of the biggest issues that foreign investors and the International community had with Iraq – Money laundering and financing of terrorists…at least they’re catching these things…working with the United States to fix the issues…
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Paulette (KTFA)
Sudani’s GOI continues working and I believe will pass the Budget in December…It then goes to Parliament who will likely read it after reconvening approximately 1/07/23…This will be the “1st Reading”...It will then go to Parliament’s Finance Committee for “study and observations”…this often can take 30 days or more...Parliament then does the “2nd Reading” …changes may have to be made which legally requires it go back to Sudani and his GOI to make changes...Upon return to Parliament, if all is agreed by Parliament, it can go for third reading and vote which is usually done “line item by line item”
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Kaperoni
I have stated numerous times the auctions are twofold, the first is to provide dollars to pay for imports for the country, and the second being to control the exchange rate by a balance between dinars and dollars. This new action by the central bank will put more dollars in the auction weakening the dollar and strengthening the dinar which Parliament has been talking about for several months because of the effects on the poor.
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Clare (KTFA)
Article:
“Central Bank: The exchange rate of the dollar will be returned to normal within two weeks”
Quote:
“…the exchange rate is still disciplined and will be returned to normal within two weeks, no more”
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Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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