Dinarland Highlights – 2.7.23
[Word on the street in Iraq is that 1 IQD will be $3.00 USD, time will tell if this is going to be true.]
$3 to $4 seems prevalent in many discussions. A bit too soon to know. We will know shortly enough.
We received information from CBI of their proposing a change to the rates to Parliament today, the 6th of February. This information is confirmed as it came from the Central Bank of Iraq Media Bureau. We do not have any information pertaining to any specific rate or date, but this information may be an indicator of forward movement on our investment.
Nader From The Mid East
This morning the parliament, I don’t know what the parliament have to do with the dinar, they’re saying they’re gonna put it up to 1300. That’s pretty good. It’s not bad. It’s like 15% down [Down is good for dinar holders]. I hope it continues like that, goes down. I think the float starts already but still not strong enough…you got the news, the dollar it’s gonna be…by the end of the week maybe 1300 then we see from there. It’s not bad from 1460 to 1300. I hope from 1300 to 1000 and then a little less and less and that’s how we’re gonna go…I think it’s gonna be good. I think we’re ready.
Not a country in the world is going to be more than $5. More than $4…$28, $11, $16 when I see that I just laugh. I don’t even want to comment about that. If we get to 1 to 1 we’re lucky...$16, $28, $11, even $7, $8, $6 that’s too much. When people say 1 to 1 that’s reasonable. When they say 2 to 1 that’s reasonable. When they say $3-$3.50 to 1 that’s reasonable. But when they go up above $3.50 that’s a big big dream. You’ll never see $28. That’s crazy.
“Advisor to the Prime Minister: The dollar exchange rate will be reduced according to the proposal of the central bank“
When they say ‘the dollar exchange rate will be reduced’ that’s the right direction. You want the dollar to be reduced, not the dinar. Nobody, I mean nobody knows what that exchange rate is going to be…
The hot topic of the year appears like is the dollar exchange rate. Once again I hear all kinds of flying rumors and I tell you guys just be careful. Stay grounded and don’t get suckered into anything. It’s great to hear all the excitement that Iraq’s talking about changing the exchange rate but if you’re expecting some huge ridiculous exchange rate you’re going to be upset...
We know people were getting ready to protest but they were promised an exchange rate change and things seemed to have slowed down just a little bit…
We hear from local markets that the dinar is floating from 17 something down to 15 something…and this week the government says its going down to 13 something. It continues to move in the proper direction now… the government said they are counting on a peg later on this week of around 1300 which is temporary and allows it to find its value…Over the course of this week it has improved its value about 20% but, it’s not what we are looking for… We are still getting great chatter from the banking side of it…And the chatter is still great from Iraq…so not much has changed. There was zero bad news overnight.
“Iraq revalues currency to 1300 IQD per 1 USD. – Cabinet statement”
“Iraq revalues currency weeks after replacing central Bank head”
They are showing clearly that they have the ability to change it at anytime at will. I am getting some interesting feedback from the banking side on this. They are ecstatic. They have been looking for this first move. Treat this as a rumor but many of my bankers that are involved in the exchange process are convinced that after Iraq made that announcement this morning we are now in a 48 hour window since they have now made that first move. Treat this as rumor…The thing you treat as fact is the process is well underway.
“The Council of Ministers approves the amendment of the exchange rate of the dollar, equivalent to 1,300 dinars“
“the Council of Ministers approved the decision of the Board of Directors of the Central Bank of Iraq to adjust the exchange rate of the dollar against the dinar, equivalent to 1,300 dinars to one dollar.”
“The Central Bank of Iraq begins selling dollars at the new official rate“
“The Central Bank of Iraq will start selling the dollar at the new official rate, starting tomorrow, Wednesday, 2023/2/8, and will continue its procedures and steps until the dollar exchange rate stabilizes according to the official exchange rate. The exchange rates will be as follows: 1300 dinars per dollar purchase price of the dollar from the Ministry of Finance. 1310 dinars per dollar The selling price of the dollar to banks through the electronic platform. 1320 dinars per dollar selling price of dollars from banks and non-bank financial institutions to the ultimate beneficiary.”
[Iraq boots-on-the-ground report]
FIREFLY: The CBI governor is going to meet with the United States Federal Reserve on February 7th about the exchange rate. All day on television that’s all they been talking about, how they have things in place. They also told us that they’re going to arrest smugglers.
FRANK: As soon as they are done in Washington DC and return back home things will start to show up.
Articles – What is the theme? What is the mantra? What repeats itself over and over and over again? The Iraqi dinar exchange rate. What has changed is they are saying there will be a rise. There will be a change. They use verbs, adjectives, everything that indicates it’s not going to be left at the program rate...
“The Central Bank of Iraq begins selling the dollar at the new official rate“
“The Central Bank of Iraq will start selling the dollar at the new official rate, starting tomorrow, Wednesday, corresponding to 2/8/2023, and will continue its procedures and steps until the dollar exchange rate stabilizes according to the official exchange rate.“
IN THE FLOAT YOU WILL HAVE TO KNOW WHEN TO HOLD ‘EM & FOLD ‘EM BUT BEFORE THAT YOU WILL WATCH THE EXCHANGE RATE GRADUALLY INTERNATIONALLY FLOAT TO, 1 TO 1…
There’s no RV…there is an accepted rate…there is no need for an RV…because they have agreed upon an exchange rate to reach via a float. When they did this they factored in the unknown:
1. Inflation fluctuation…they are going to make adjustments if there’s an inflation fluctuation. It’s called a float.
2. Oil sale prices mainly for the HCL.
3. Resources of Iraq – tapped and untapped… that’s important because that way you can determine where you’re going to get the REER and the float.
4. The flow the IQD in a float will be within +/- 3%…the currency will be asset backed by the CBI for the first time.
Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
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