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Dinarland Highlights – 2.26.23
MarkZ
[via PDK]
Quote:
“in order to prevent the movement of cash through borders and ports that exceeds what is specified in instructions from the central bank of 10K in dollars. The Compton security authorities follow up and inspect vehicles that pass borders to prevent smuggling. And take legal actions in coordination with the Central bank while providing the banks with the amounts discovered and their sequence numbers”
Why is this important? One of the things we were told that we would see right on the cusp of this change in value was a closing of their financial borders. They have now done this electronically and physically…IMO this is enormous news coming out of Iraq…I am more than a little excited…I am EXTREMELY excited about the news coming out of Iraq.
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Sandy Ingram
Currency Mayhem – IQD from USD to CNY.
Article:
“Iraq, short on dollars, moves to purchases with Chinese yuan“
To compensate for a foreign currency shortage Iraq Central Bank said the country would soon trade with China directly in Yuan…This happened …because the Iraqi Parliament approved a currency revaluation in response to a shortage of U.S. dollars… The Federal Reserve Bank pulled back on U.S. currency in Iraq because it was proven that US dollars were flowing freely into Iran and Syria…
This is the first time imports from China will be paid for in Yuan. Before now all imports were paid for in U.S. dollars. The Central Bank of Iraq said this move could boost the balances in Iraqi banks that have accounts with Chinese banks. It would also boost local bank balances through the central bank’s U.S. dollar reserve accounts with JP Morgan…It would work something like this. The Iraqi bank would convert U.S. dollars to Yuan and pay invoices in China
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Frank26 (KTFA)
Article:
“Association of Iraqi Banks: Dealing in the Chinese yuan may provide the possibility of reducing import costs“
Quote:
“the Central Bank will consider, after controlling the exchange rate of the dollar in the balance market, by linking the price of the dinar to the dollar immediately and not at fixed prices.”
…THIS IS EXPLAINING & TALKING ABOUT THE INTERNATIONAL FLOAT OF THE IQD THAT IS ABOUT TO START.
[Iraq boots-on-the-ground report]
FIREFLY: They are telling us on TV that the dinar is recovering and once again it will be strong. This is their words to us…that it will be strong and stable and they are saying our gas will burn off from our oil will be our energy source and GE is talking about the big deal that they just signed here.
FRANK: The monetary reform cannot exist without electricity. You can’t get the information to the citizens, you can’t do the transfers, you can’t do anything…
They’re telling us they’re going to float the Iraqi dinar. Right now it’s an internal float. 1750 to 1700 to 1550. What is it right now – 1300? We’re looking for maybe 1190? 1000? It’s going in the right direction. They’re telling you the rate. They told you they were doing an internal float. They told you they’re going to do an external float at least 1 to 1 with the American dollar. That’s when you’re going to exchange your currency aren’t you?
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Pimpy
Does the future look bright for Iraq? Yes, as long as they start getting their shit together and their government starts doing the right things necessary like providing funding for infrastructure and helping with education that helps contribute to the currency exchange rate.
The United States has been tightening the screws down in Iraq because they feel money is being smuggled/laundered…over into Iran circumventing the sanctions…which is a no-no…we’ll notice if the Untied States starts loosing up with the dollars…
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Deepwoodz (KTFA)
Question:
“article says the budget will reach the house this week.so does that mean the com agreed on everything to send it to the goi?”
I think yes…The COM is Sudani’s selected government whom Parliament gave a vote of confidence for. Between them and the PM, they are carrying out what they’ve been calling the government program. It’s supposed to be why they achieved the approval of Parliament in their beginning. I believe that this budget, like everything else it seems since Sudani came on scene, will pass scrutiny rather quickly. As it should be reflective of all the promises they made in order to gain power.
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Clare (KTFA)
Article:
“Association of Iraqi Banks: Dealing in the Chinese yuan may provide the possibility of reducing import costs“
Quote:
“the Central Bank will consider, after controlling the exchange rate of the dollar in the balance market, by linking the price of the dinar to the dollar immediately and not at fixed prices.”
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Walkingstick & Frank26 (KTFA)
A reinstatement of a currency of a country has never started at a 3+ with its exchange rate. Never…What about Kuwait? …They reinstated. They put back the rate that they took down…They went back to $3.22. That is a reinstatement. The Iraqi dinar is not doing that. The Iraqi dinar is doing a reinstatement with a re-denomination. That is a completely different story. Kuwait was an RI. Iraq is an RD plus an RI.Kuwait could come out at its original exchange rate of $3+ but Iraq’s monetary reform is a completely different matter. Iraq is a re-denomination that leads to a reinstatement of a new currency, for example the new small category notes.
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MilitiaMan (KTFA)
The government returned the budget to the finance ministry in order for them to adapt it to a new exchange rate. Our view is the 1310 is something in the past. We believe there’s going to be a different change coming…I hope you guys feel like I do. You should be excited…
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Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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