Dinarland Highlights – 3.7.23
“Iraqi government to carry out reforms for economic renaissance”
…it says they are ready for a “financial renaissance” and a return to being one of the top in the world…
“not quite” a banking story… Someone needed to pay a bill and took some VND to a currency exchanger in a local mall. When he told the staff there he needed to sell some to cover a bill…she asked him “Do you know what is about to happen? He said yes but needed a bill paid today. She checked the rate on the screen and then said she didn’t want him to lose out and changes could happen at any moment over the next few days. This to me is awesome as you are starting to see this from certain banking and exchange personnel. They are seeing things.
…very positive information has been provided from the Treasury to Tier 1 banks, including my personal banker, confirming that our event is going ahead.
[Iraq boots-on-the-ground report]
FIREFLY: My bank friend thinks soon we will see the CBI talk about the lower notes and the upcoming rates. It’s all pointing to this. He says everything now being set at 1320 but he still thinks we will see another move soon on the exchange rate. Then to 1 to 1 ratio before the float internationally.
FRANK: IMSO everything your bank friend is telling you is 100% correct. This month of March will show you what he…told you. You will see your new small category notes and new exchange rate. Remember you will see it first in article print and then it will be given to you physically. These are exciting times as we cross the finish line together…
If the budget comes out at 1300 it will not stay at 1300 for long. I hope that you can tattoo this somewhere you can always remember it…there’s another exchange rate coming…there’s another rate change coming. It was 1750. It’s 1300. There’s another rate change coming.
How long will the float go before they cap it? …possibly inside of a year and then afterwards will they cancel the 3-zero notes? ...probably not. No. The central bank wants to collect all of them.
The Council of Ministers referred to dealing in dinars. It says there’s no justification for citizens to use foreign currency in local transactions.In other words in their local transactions there’s no reason to be doing anything outside of the dinar…if you’re going to go buy a car – dinar. You’re going to go buy a loaf of bread – dinar. Just the way it’s going to be…
A lot of people asking me if the Iraqi dinar exchange rate has changed again. No it has not. When you hear people out there whether it’s from the news or people posting about the exchange rate they’re usually talking about the open market rate which is different than the official rate. We know right now the official rate is 1300. We know the black market is somewhere around 1450 which is where they wanted it in the first place…
It’s on the exchange…the Iraqi dinar is. It’s not on the big one, Forex, but it is on the local exchange…right now it’s trading on the open market at 1459 dinars for every $1…that’s the one  you don’t want to get higher. The higher this gets the worse off it is for us. That means more people are wanting US dollars and they’re willing to pay more Iraqi dinar for that. We don’t want that to happen but right now it’s been maintaining in the same area now for quite some time.
How Iraq caused the currency crisis – Here’s what happened. Iraq spends around $900 million a month on Iranian goods. $50…is for electricity and gas…Now the mistake – The U.S. and Iraq decided to pay Iran in Iraqi dinars. Surprisingly Iran said okay. Iran then proceeded to the Iraqi daily exchange auctions to trade the dinars for U.S dollars.
The Federal Reserve Bank in New York City had a fit and began implementing restrictions…You see, the U.S. holds the money Iraq makes from oil sales…Iraq is caught between the U.S. massive amounts of oil revenue and OPEC controlling Iraq’s oil exports and Iran controlling Iraq’s electricity…the bottom line – Iran obtained large large amounts of the Iraqi currency that Iraq needs to pay government salaries and run the government…this is a global issue.
Nader From The Mid East
The street demonstrations you see…First it’s for the food baskets. Second is for what we call it ID – retired people want more money. Third is for the exchange rate…purchasing power. Power to purchase more things with their money. That’s what they want to do. That’s why you see there’s a demonstration.
“Parliamentary Finance stresses the introduction of the new salary scale before the budget legislation”
I’ve often thought about some of the things they would have to do BEFORE changing the rate. One of those things was to change the salary scale. Why? Google shows the national minimum wage to be 250,000-350,000 dinar per MONTH. Not much income at 1460 or even 1310, but if you plan on going through a major change, it would behoove you to change the scale accordingly. Don’t ya think? …it states that has been the going rate since 2018. Which one can also confer that during the rate change in Dec. 2020, they did not make an adjustment. They also did not make an adjustment BEFORE going back to 1310. So, Why do they need one now would be the next question I would ask, with a grin on my face?!
Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
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