Dinarland Highlights – 5.4.23
Mountain Goat
…we are close and Iraq is moving in the right direction. We have never seen such progress before in the direction we are looking for. But let’s not over-speculate. There is still much to be done but they will get there. I am still holding firm that we could see a reinstatement before June. The evidence is now right in front of our noses. Let’s see what happens before now and then…
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Bruce (The Big Call)
[via WiserNow]
They have been paying and they’ve acknowledged now that they’re paying their contractors, their retirees – their military in new Iraqi dinar at the revalued rate…We talked about lower denominations of dinar is in the ATM ready to go…We know people personally that have exchanged in Iraq that are Iraqi citizens – we know that firsthand. So things are moving along nicely…
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Walkingstick (KTFA)
[via Frank26]
These 8 points are from the minute notes from the latest CBI and their private banks meeting that they had last week. The individuals [who got them] were at the executive level.
1. The subject was about employees are now paid in IQDs throughout Iraq] because it is their national currency. They are proud of the monetary reform success.
[Follow up to Walkingstick’s CBI minutes post below]
Do you remember 3 or 4 years ago when [Guru] Walkingstick’s firm was selected by the Central Bank of Iraq as part of a testing with 2 sets of books? One accounting book was to pay the employees of the firm in USDs. The other was to be kept private to pay the Iraqi citizens in IQDs. This was called the RV Phase Recalculate, Recalculate, Recalculate of the exchange rate. The test was successful …it took all those years for what we told you to finally come out. The books were paying the Iraqi citizens in IQDs instead of American dollars. The other book that was open was paying in American dollars to their employees. The test was to see what exchange rate is capable of sustaining the Iraqi dinar.
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MarkZ
[via PDK]
I am excited. Excited about today…excited about where we are headed…excited about all the progress we are seeing… I continue to hear from a lot of different sources like contractors and in the finance ministry over there…that there is a lot of pressure on…and they seem to have a goal in mind somewhere around May 10th…but it could happen before that. None of us know the exact timing. We are guessing based on what we see and hear. All of the indicators are very solid right now. These are exciting times…frustrating…but exciting.
They are telling them in the mosques to be prepared for new paper. They are referring to “new Currency” New paper money…new bills…They will be different, they will look different, and they will feel different. They are bringing the people up to speed. They are not giving them a “when” yet. But, they are telling them it’s in the very near future. And they need to be prepared because its coming at any time…I keep hearing from all my contacts there…including contacts inside the government…That they have indeed already passed the budget and are waiting to announce it…it is done. I agree…they are clearly making provisions for HCL and oil deliveries and things are moving forward… Based on the rhetoric coming out of Iraq I am confident we will see great value in the extreme near future.
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MilitiaMan (KTFA)
We hear there is a timeframe for them to have the whole country…online electronically sometime around June 1st…that’s what we’re hearing. It’s not necessarily in writing, cut in stone but effectively based on what we’re getting from the banking side of the equation…
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Frank26 (KTFA)
Article:
“The Central Bank participates in a workshop to support the proliferation of points of sale (pos)“
Quote:
“Deputy Governor, Mr. Faisal Al-Haimus, stated that this bank is the best support for the private sector participating in the paradigm shift…The reality is that this cooperation will soon reap its positive fruits“
It’s a paradigm shift. Heck yeah! …to have something so dramatic from a program rate to a float on your currency that only would add value to it on a constant basis?!? Paradigm shift is right! Holy guacamole! This is fantastic article…they’re talking about the new small category notes that’s the only paradigm shift that’s occurring I promise you. The Monetary reform takes the IQD into a new dimension.
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Deepwoodz (KTFA)
The only thing that makes sense to me at this point is that they chose 1310 for a reason and not just some random number or percentage. Once they achieve symbiosis of rate at the current 1310, then they drop the zeros at that point. Why else would you have chosen that lame number in the first place? Right? Right.
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Nader From The Mid East
I’m going to try to give you the best I can because I’ve been busy for a couple of days, not working…working at home, traveling a little bit in Iraq…We’re almost there I promise. Just a little patient. A couple more weeks okay, everybody will be happy.
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Trader
[Tax Story]
I met with my C.P.A. firm here in Tucson, Arizona on April 3rd, for a billable 1-hour. He stated to me that this investment in foreign currencies, upon exchange, will be taxed at the Capital Gains rates, which can range from 0% to 20% in tax year 2023, depending on the taxpayer’s income, marital & filing status, & the length of the holding period of the investment. Holdings over 1-year are taxed as Long-Term Capital Gains, but if the holding period is under 1-year:
“Net short-term capital gains are subject to taxation as ordinary income at graduated tax rates“…directly from the actual official IRS.Gov Tax Topic #409; pages 1-2. My research also shows the following statement of fact in: IRS Publication 525; Taxable and Nontaxable Income – page 34; “Foreign currency transactions. If you have a gain on a personal foreign currency transaction because of changes in exchange rates, you don’t have to include that gain in your income unless it’s more than $200. If the gain is more than $200, report it as a capital gain.”
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Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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