Dinarland Highlights – 4.22.23
Bruce (The Big Call)
[via WiserNow]
We talked about Iraq already doing exchanges of large three zero dinar notes like we have into lower denomination dinar at a factor of whatever that rate was – That was done and they have been exchanging dinar for the last 14 days or two weeks…the ATMs that have been loaded with lower denominations were activated Tuesday morning…
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Mountain Goat
I can’t think of anything bad that has happened to hinder the progress of the currency reform project within Iraq…I believe that perhaps Iraq has already moved beyond the point of no return and now has to progress forward to the end with the currency reform. Yes, the situation today is not the normal that we have witnessed in the last two decades…With everything that is going on around Iraq they simply can not stay on the program rate much longer and I am surprised they lasted this long…The tone is different and now very hopeful for the future. Even when I talk to my CBI contact the tone is different…
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Frank26 (KTFA)
[Iraq boots-on-the-ground report]
FIREFLY: The CBI governor was on the television saying they are working extremely hard on bridging the gap between the dollar and the official dinar parallel rate. That’s the internal float they are talking about…As they do this there are several international banks that are asking to operate inside of Iraq…
FRANK: …the internal float, that’s what they are teaching you about right now.
I was hoping we’d see the new small category notes this week along with the coins and the new exchange rate but it looks like it’s the budget first. Don’t be surprised if the budget contains internal surprises.
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MilitiaMan (KTFA)
Al-Sudani Quote:
‘There’s great confidence in the Iraqi dinar noting that the exchange rate of the dollar trend to stabilize and reach the official price soon.’
They already changed the official price quite some time ago…February 7th. Now they’re saying it again…It sounds to me like there’s going to be another change…
…Government agencies, the GOI, the CBI, their delegation – they’re all talking to us about exchange rate change, forewarning…to hold onto [the dinars] because they’re going to be more strong against the dollar. They go from, ‘the dinar is the strongest.’, [to] ‘The Iraqi dinar will rise against the US dollar in a few weeks.‘ … And then he says ‘soon.’ And then the other day on the 18th he says, ‘now.’ We can take all that information to let us believe that change is coming. It’s before us…what we’re seeing now is phenomenal.
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MarkZ
[via PDK]
In Iraq “Traders complain about poor turnout despite Al Fitr” This year at the end of Ramadan people are cutting back on spending their dinar…of course they are saying its because people are poor and rising costs…but I think there is something bigger than this going on. Especially based on news from the street. I spoke with a couple Iraqi contacts that are on the ground in the country and they are saying the exchange rate officially is about 1300…or one dollar buys 1300 dinar. But, on the street people are refusing to let it go for anything less than 1100-1000. Meaning the dinar is stronger than it is posted right now. The chatter is amazing on the streets over there…they are anticipating that big change and do not want to give up their dinar.
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Walkingstick (KTFA)
[via Frank26]
With this international float that is being explained now they are proving that they can maintain the + or – 2% compliance. It’s working…
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Sandy Ingram
This is breaking news – Iraq now has a Deposit Insurance Company like the U.S. FDIC.
Article:
“The Governor of the Central Bank Inaugurates the headquarters of the Iraqi Deposit Insurance Company.“
The company will guarantee the deposits with Iraq banks approved by the Central Bank of Iraq…What will this do is get most of the old Iraqi dinars hidden under mattresses in Iraq, into the banking system. This is a major effort to regulate the number of Iraqi dinars on the open market.
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Kaperoni
What we have to hope for is that Iraq follows the guidance of the IMF and allows the currency to float and a gradual appreciation over time based on the success and growth of Iraq ‘s economy.
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Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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