Dinarland Highlights – 2.27.23
There’s a difference in RV and RI…RV is when you re-value a currency. We saw a revalue when the Iraqi dinar went from 1190 dinars to 1450. That is an RV. An RI is when you had an exchange rate for whatever reason they changed it and then once it was done they just reinstated it. That’s what happened to Kuwait.
When it comes to Iraqi dinar there’s a lot of variable that’s involved. It isn’t going to happen overnight. It’ll most likely happen in increments. There’s a lot of things that people have to take into consideration…
The exchange rate between the USD and the IQD is still at 1458 on the international currency feed. We don’t know why it has not calculated to 1300 per the CBI’s rate change…[I’ll] keep you posted.
Many of my contacts thought they would wake up to a new rate today at the earliest…most likely by tomorrow…. I am watching it. Overwhelmingly they believe this time this is “it”…That they have scheduled it and are waiting on the release. None of us know the exact timing …but we do know everyone is ready for it.
[I saw…that Iraq is going 1 to 1 and redenominate at the same time…and then let it float.]
That would make logistical sense. But as I understand it…the gold treaty needs them to come out at a higher rate. But if Iraq is frustrated on waiting…it makes sense for Iraq to come out at a lower rate and float. If it floats I believe it will float up…their goal was to reach the $4 mark…But, it would be nice to get the new big rate all at once.
Very quiet on the Iraqi RV front, almost like there are NDA’s or something…they are talking all around things as if they have an NDA…been reaching out to individuals from the US side and they will talk about a lot of things but won’t answer questions…several strange conversations today. I hope this means something good…I am still hearing positive things about this week…the goal was still to get things out the door by tomorrow night. We will see if they meet it or don’t. We don’t know the timing…but we know it is exceptionally close.
You don’t care about the exchange rate as it reaches 1 to 1 do you? Of course not. You’re not going to exchange. You could. You could still make a nice little profit out of it but you’re waiting for the 1 to 1. You know the rate at which it will float.
How do you think the value of the Iraqi dinar is going to go up? On its own? Forex is the float.
Typically, it [the budget] will go through First Reading and then go to Parliament’s Finance Committee for review. This review is often at least 2-3 weeks and often much longer. It then comes back for Second Reading and if all agreed, it can then be passed. If not agreed it will go out for at least three days before Third Reading and passage paragraph by paragraph with the first paragraph delineating the rate.
“The Kurdistan Regional Government announces reaching an initial agreement with Baghdad on the draft budget law“
“the Iraqi government revealed, two weeks ago, that the Ministry of Finance had begun to re-prepare the general budget for the year 2023 according to the new exchange rate (130) thousand dinars per 100 dollars.“
…Yes – I’m deemed negative but in actuality it is not negativity but looking at ALL articles, not just the ones that are favorable…
When we’re talking about value we’re talking about things that are determined from what? Income streams beget value…and assets create value. They don’t want to underestimate the value and they don’t want to overestimate the value. They want it right it line with what is fair or real – Real Effective Exchange Rate is on the table…
When you look at their actions…about 2 weeks ago they had a major meeting in Washington D.C…the Iraq Central Bank met with the U.S. Treasury and Federal Reserve to lay out all the ongoing future requirements and steps that are going to be put in place regarding our money, their money and some other currencies out there and some precautionary steps in regards to the dollar – the cans and the can’t do’s. A lot of good things are happening…
[Response to Guest Guru KandG post]
For me the mystery is due to what we’ve learned, that they cannot reveal a major change in their rate due to legalities…There are finer details and inner workings we are not privy to… I for one am not worried…there are hundreds of articles in just the last couple weeks alone concerning the exchange rate, contracts, other countries, online platforms, sonar devices, etc. None of this makes sense at 1300, 1190, or even 1:1. All this sounds like one of the most valuable currencies in the world.
Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
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