Dinarland Highlights – 4.25.23
Its interesting on the rate…. I am hearing from some contractors in Iraq that they were able to complete some deals today at $1.60…There is a tremendous amount of chatter from contractors involved in Iraq today. We had reports from contractors that we feel very confident about that said they actually did receive those dollars.
We are hearing from Iraq that they are fully section 8 compliant…Its finished…. This is another key piece…its done. I believe at this point they have already passed the budget…I think the GOI is sitting on some huge news and will simply announce it and a rate change soon…. I could be wrong…but that’s what I think. Iraq is doing everything they can to move this forward…
Saleh – the financial advisor…is talking about how secure they are in Iraq…the amount of debt …and how the government has more money than debt. I believe they want them to know these figures…so when the value changes – the people already know.
The parallel rate…is the rate that the street operated at. For a long time, the street rate charged higher rates for dollars that were purchased by dinar. The CBI rate is the official rate and there was a variance between the two. Since the official currency in Iraq is now the dollar [dinar ?] and illegal to use dollars, the street vendors are forced to play fair or use the same rate as the CBI…the parallel rate is flattened in Kurdistan whom always operated at a higher standard than Baghdad. Now the rate will go international and that is what we’ve been awaiting
[Iraq boots-on-the-ground report]
FIREFLY: Something is about to pop…it has to. After EID we expect some changes to the current rate. To more like 1000 to 1…
FRANK: Pay attention to your prime minister. He is trying very hard to tell you your currency is at 1.5 to the American dollar. It is possible they may start the float at 1 to 1.5 instead of 1 to 1.
I suggest if in fact they do what they say they’re going to do, ‘We’re going to do it soon’, ‘We’re going to do it in weeks’, ‘We’re going to do it in days’, ‘We’re going to do it now’, ‘We’re going to do 1.5 times.’ By that equation that Al-Sudani is giving you, not me…if that holds true what they’ve done is they have adjusted the rate again to squeeze the black market…
[Response to Guest Guru Dallasdude below…]
Of course it  is better than 1460 but looking at the bigger picture…Dec 2021…they devalued their currency, stoking the flames of anger and resentment from the citizens…which is what a sanctioned rate of 1190 was prior to the 1460. Now a return to a rate of 1310 doesn’t even get them back to prior levels of destitution. I know this is what they are advertising at the moment, but the citizens are not raising any alarms. They know better than we do what’s coming. Sadr has been completely quiet as well. This all bodes well for a rate change, and soon!
[Response to Guru Deepwoodz from 4-24-2023]
I disagree…1190,1160 or even 1100 does give more purchasing power to citizens…I agree with the scenario you have layed out as per articles…just don’t agree on a imminent time-frame..hope I am wrong, I am prepared for a little longer wait to get to the 1 to 1..
“The value of the dinar in the parallel market increased by 5% since the beginning of the month“
“The Governor of the Central Bank, Ali Al-Alaq, said earlier this month that the central bank is on alert to restore the exchange rate of the dollar to its normal position…”
When they say ‘the parallel rate‘? It means 1 to 1. And now when Sudani says 1.5 to 1 what does it mean? He is talking about the parallel exchange rate which is a market rate determined via supply and demand. The currency value of the Iraqi dinar will run parallel with the official market exchange rate that they are establishing for the float. That rate is determined by supply and demand…the CBI…They don’t want a parallel currency because that means they will use the USD in the market place…they are depolarizing. The 1.5 is true.
When it comes to the parallel rates, this is in almost every county, you’ve always going to have some kind of black market that’s involved in currencies. The black market issue will stop once the Iraqi dinar gets very close to or passes up the US dollar in value…then you’re going to see things turn around.
Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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