Dinarland Highlights – 3.15.23
Mountain Goat
[via PDK]
…in the news we witnessed yet another currency reform implemented by the CBI when the Central Bank decided in the ATMs to use only the local currency of the dinar. WOW! Previously they could use both dollars and dinars. I was also told by my CBI contact a week ago that they will soon be recalibrating the ATMs to dispense the lower denominations…
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MilitiaMan (KTFA)
MarkZ Question: Many ask me if you want to make a guess of what you think rates might be.
MilitiaMan Answer: My understanding is the IMF have the ability to go as high as 3 times the Special Drawing Rights. That is what they could do…it doesn’t mean that’s what they will do. They test systems to what the region can handle. The Real Effective Exchange rate (REER) can be derived from many different things . They are going to come up with a rate that is strong and stable and rebuild the country.
They didn’t push these guys over the edge to get them off the dollar for no reason…they did it for them to get on the dinar…De-dollarization of the country – Everybody’s got to go to the dinar…they’re not going to be using the dollar. They’re getting them physically prepared to do that…they’re going to an economy that’s going to be able to be vibrant. It’s going to have transparency. It’s going to have less corruption.
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Frank26 (KTFA)
You now have the budget. Therefore, beyond logic the new exchange rate is soon to show itself.
Not only do you see your budget as Sudani promised but you see it for the next 3 years. That is telling you they are preparing the economic reform because the monetary reform was extremely successful. The next step is for your national currency to float and to add value to it. It’s going to be a long process too but we’re going in the right direction...it’s a beautiful day in Iraq . It’s a beautiful day in the neighborhood. Amen!
[Iraq boots-on-the-ground report]
FIREFLY: Sudani is now saying any issues that were with Erbil and Kurdistan are all removed. First time in 18 years.
FRANK: How many time did I tell you not to worry about it!
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Henig (KTFA)
Article:
“Al-Sudani Advisor: The draft approval of the budget for the coming years remains indicative and amendable”
Quote:
“The draft approval of the budget for the coming years by the Council of Ministers remains indicative and amendable according to oil prices and the nature of revenues and expenditures in the coming years…”
Article:
“The Central Bank of Iraq issues the third package to facilitate the procedures for obtaining US dollars”
Quote:
“the official exchange rate of “1320” dinars per dollar will be calculated by the electronic payment card issued by the licensed authorities when used abroad,”
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MarkZ
[via PDK]
Ides of March starts today and I am hearing a whole heck of a lot of chatter for the next few days. This has me pretty excited…My banking contacts are still of the mindset that we are going to see something around the 20th or so…
Member comment: I heard to start looking for RV overnight tonight.
MarkZ: I’m not looking for it tonight…that may be premature…but I know a lot of bankers that are suddenly looking for it overnight tonight. Most of the chatter out of Iraq is looking at this weekend... Remember we do not know the timing…but the chatter is exceptionally good.
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Pimpy
One of the major stepping stones for Iraq is to get an agreement between Kurdistan and the federal Iraqi government and it looks like it’s about to be done. This would be the Hydrocarbon Law, the Gas Law is what we’re talking about. It looks like it’s going to be signed but until it’s signed just keep your fingers crossed.
How far are we from passing a budget? And this budget isn’t for just one year. This budget tentatively is for 3 years. Article “Parliament Finance: Parliament will need 30-45 days to pass the budget” It’s going to take a little time. We went form possibly the end of March to early the middle of April to now possibly…sometime in May.
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Sandy Ingram
Iraq’s cabinet has approved a draft budget law for 2023 to 2025, which will now be referred to parliament for approval and possible amendments. The operational expenditures stands at 150.27 trillion dinar or about $115.59 billion. Investment expenditures will be about $35.58 billion. The budget calculations are based on an oil price of $70 a barrel with average daily output of 3.5 million barrels…this is the first time Iraq is proposing a multi-year budget…
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Nader From The Mid East
Remember I told you the dinar gonna change rate not a lot? I said to 1260 or 1160 and it changed to 1310…That rate is just to scare people to bring their dollars to the bank and it’s gonna be another rate change like that just to scare people before reinstatement. It’s not going to be 1 to 1…not…$1.60 to 1. There’s gonna be $3.28 to 1…Maybe more…it doesn’t go more than $4…It’s a little too early still. A lot of processes they’ll have to go through. Be patient…smile…keep working. Keep happy…it’s a waiting game.
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Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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