Dinarland Highlights – 5.1.23
TODAY IS A HOLIDAY IN IRAQ…”Iraq suspends official working hours on Monday on the occasion of Labor Day … The Iraqi Prime Minister, Muhammad Shia’a Al-Sudani, directed the suspension of official working hours on Monday, May 1, coinciding with International Workers’ Day.“
They [The Iraqi citizens] know. They’re drilling it [that change is coming to the dinar] into them everyday, hour after hour, commercial after commercial. It cannot fail with the Iraqi citizens.
“Central: Payment of wages and salaries of foreign workers in Iraqi dinars“
THE CBI SAYS TO THE INTERNATIONAL WORLD YOU CAN TRUST OUR NATIONAL CURRENCY & BECAUSE OF ARTICLE 8 WE CAN TRUST YOUR FOREIGN CURRENCY IN OUR COUNTRY.
I don’t know when it [The Iraqi dinar rate] will be capped…I don’t know when it’s going to stop with the cap. You must determine that. It’s your stewardship/responsibility. I will say this, Middle Eastern currencies are all $3+…
There seems to be a lot of stalling happening when it comes to the budget and I’m wondering if they’re just waiting to see what the United States is going to do as far as the Central Bank Digital Currency is concerned.Are they just waiting for the United States to move into the CBDC? Because if they’re supposed to be the currency that they use then guess who else has to go into the CBDC’s. Everybody else over there…
Many of us believe the budget and HCL is done…just needing to be announced with the new rate…many of us are hearing this from on the ground contacts in Iraq. It was expected they would announce this over the weekend in Iraq…but they have not yet. The IMF is showing the special drawing rights (SDR) of the Iraqi dinar… Saying a Nominal effective exchange rate (NEER) and there is already a float going on…
It appears they have made a massive change on how they are paying people internationally. It looks like 1 USD only buys 151 dinars which would be a massive change in value over the weekend. Although they have not yet announced a price change. And it is not yet on forex…It’s a crazy thing-what they are doing. Based on this I am expecting huge movement at any moment. I have friends that are contractors over there and they used to get paid in US dollars. Now they are only paid in dinar…. We are really close.
”The State Administration sets a deadline of 10 days for resolving discussions on the budget”
If they are putting this out this means they are way ahead of that timeline now…. They put out dates to keep the timing cloudy.
Question: Do you expect a new rate inside the budget?
MarkZ answer: I expect to see it about the same time…. HCL needs that rate. (The Hydrocarbon law)
…We have a Shiite PM who was installed by the coordination framework/state of law Maliki coalition after they ran Sadr out of town…the fact that he is quiet now only means whatever made him leave is still in effect. Now we have a lot of promises, but do we really? Parallel rates? 1310? So they took a mile and are giving back an inch. No wonder Iran isn’t causing any more trouble. They don’t have to…All I want to know is why 1310.
…Why choose 1310 at all? Doesn’t compute in my mind…They jumped from 1160-1190 to 1460 with the flip of a switch. Only one reason why they can’t make an equal jump back…because they don’t want to yet. So what are they waiting on? And if you think de-dollarize, wouldn’t making your currency more valuable (with the IMF’s consent) instantly cause all the citizens to forget the dollar?
”Today, Sunday, the Association of Iraqi Private Banks confirmed that the dinar is recovering and will return strong and stable.”
The basket that they have chosen to be in is probably the safest way to start the float – at 1.5…or the CBI can come out and say, ‘We’re done.’ And come out with the new small category notes…at a full 100% asset backed after the onset instead. What do you want to start at $3.50? Ok fine. They can do that if they wanted to. Would they do that? They can.
“In the presence of Al-Sudani and Al-Halbousi.. The state administration sets a date for resolving the budget discussions”
“May 10, 2023 as the last resort to resolve discussions on budget items…The meeting was attended by the Prime Minister, Speaker of Parliament and all leaders of the coalition.“
Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
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