Dinarland Highlights – 2.28.23
We know Iraq is openly talking about changing the rate…and in their news…you will see there are a number of contracts that Iraq has paid to other countries in the last week or so…if you do the math…it is showing the rate of $1.66 to $1.86 or so…because of the number of dinar they gave and the dollars attached to those contracts. They paid those contracts in dinar. I think they are already dealing at a higher rate…it just hasn’t made it to us yet. They still have a bit of an educational process to continue for their people. They are still educating them on the lower denominations. We know they have been printed close to 5 years now. They are prepared.
The overwhelming majority of my sources believe it will start in the next hours or within a day or two.
Member statement: I have heard that because of the amount of trade between Iraq and Vietnam…if Iraq goes first and alone…it would force Vietnam to go as well.
MarkZ: I couldn’t agree more…I have a number of contacts that have also told me that it would cause major trade imbalances if they both don’t go.
BGG (Dinar Updates)
“An oil agreement paves the way for announcing a comprehensive budget in the coming days“
“the delegation of the Kurdistan region, for the first time, participated in writing the draft general financial budget in coordination with the federal government in Baghdad.”; “…the governments of Baghdad and Erbil have reached an integrated road map to resolve the crises, indicating that parliamentary consensus exists and is awaiting the budget to be passed.“
[Iraq boots-on-the-ground report]
FIREFLY: The news is saying the budget was returned to the Finance Minster for a new exchange rate.
FRANK: …The monetary reform has been very successful to bring stability and security to your new exchange rate and you have plenty of financial support not only through the economic reforms but through the foreign reserves you have to back the new exchange rate of your new currency that is coming and the float that is about to occur.
FRANK continues: IMSO now that we are walking into the 1st week of March you are about to see the new small category notes, new exchange rate and you will be given instructions by the CBI on how, where and when you are to handle your new currency reform… This 1st week of March has a great potential and I strongly believe there’s nothing that’s going to get in the way of my opinion…
FIREFLY: My bank friend says the 2nd phase that we’re in right now is all about the currency reform. He said this will allow us to float inside of Iraq and then outside…the rate has been recalculated in the budget and he feels like when it will be released it will be independent of the rate. Whatever they have it now in the budget as a rate…they will adjust it…he feels the currency reform allows the floating…which will cause adjustment in the budget.
FRANK: 100% correct.
FIREFLY: Bank friend said…new SWIFT system and the BUMA is going on already and they are having us change from the dollar to the dinar. There’s even penalties against us if we don’t do this. They are saying that they want us to pay for things only in the dinar and told us…this system will add value to our dinar…the new SWIFT system is the building block to this.
FRANK: These international platforms are ready to go with the Iraqi dinar not with the American dollar anymore. That’s huge...More than likely, very soon…at the beginning of the month the CBI is going to show you your new exchange rate and your new currency. They will explain to you how your new exchange rate will be attached to your new currency…prepare yourself for this fact IMO.
Gold is the second largest export for Iraq next to oil and gas. You can only imagine what would happen to Iraq if they would allow an actual mining company to coming in there and mine all the gold…
“What’s going to happen with our dinar when they re-denominate their currency? I think we will be left holding a worthless currency that we have today.”
No that’s not going to happen…we’re not gonna be left with some worthless currency. We’ll be able to exchange it.
Many of us are wondering if these new deals with China…are good for our Iraqi dinar investments…what we are seeing is a small country pulling away from the west and moving towards friendships, partnerships and deals with China and neighboring countries. This is not necessarily a bad thing for Iraqi dinar investors. As long as Iraq is making safe progress we don’t care who they hold hands with as long as sanctions are not in place with the people they are holding hands with. We want an increased value in the IQD against the US dollar…
“US specialized agency: Iraq will not ‘undermine the dominance of the dollar’ by paying the yuan to China“
“Middle East officials are quick to say that the dollar will remain the currency of choice for energy,”
At this stage of the game we’re expecting them to have an education process. If they’re going to be international currency and they’re going to come out with an international real effective exchange rate they’re going to need new small category notes…from the CBI’s website back in 2018 they allocated millions and millions of dollars to print small category notes…hopefully this is one of those times where we’re going to see some education…we can see it any time. That’s where we’re at…
They are de-dollarizing because they are sovereign. They will not use any currency but their own. It will create a supply and demand…that will drive the rate. When it floats the economic reform will be the stimulus for the float as it moves upwardly until they cap it…
As of right now Iraq has achieved political stability since October of last year. They’re moving forward to get their economics launched and rejoin the international world. Those are the steps they’re in the middle of right now…
Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
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