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Dinarland Highlights – 5.21.23
Mountain Goat
…we can slowly see the fourth package of currency reforms being rolled out and long-term effects of it. This is simple economics 101 folks. Create a demand and the price of the item increases. This time we are talking RATE, the rate of the dinar. So, create the demand and people will pay what they need to pay for it. The CBI has already established a fair official rate of 1320 dinars per the dollar. They are now telling us they have matched the parallel market…Remember the value has been in the dinar all along. The value is based on assets and so when will the final global rate match the true value of the dinar? We wait for this day and its coming VERY SOON!
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Frank26 (KTFA)
[Iraq boots-on-the-ground report]
FIREFLY: They told us on TV that the new social security law and the retirement law will be activated. It’ll be activated after 90 of these laws are published in our Gazette…
FRANK: Even those two things are being adjusted with a new exchange rate IMO…
You can go to the CBI website and you’ll see that it’s still the same rate. There is no float occurring externally. It’s not on Forex. It’s not being traded anywhere internationally. We don’t see the new small category notes yet. There is no new exchange rate to take it to 1 to 1 to de-peg…
They’ll all cross the finish line together – the new exchange rate, the budget, the HCL, the new small category notes, the coins, the ATMs and bring back all the electronic cards and everything that was canceled and frozen for a few days...
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Clare (KTFA)
Article:
“Saleh: The insurance law allows employees to transfer to the private sector with all their pension rights“
Quote:
“…the approval of the Social Security and Retirement Law for Workers…has become one of the most important pillars of building the social market in Iraq, pointing out that the law will allow state employees to transfer their full pension rights to the private sector and vice versa...”
Article:
“For the first time… two private Iraqi banks with assets exceeding two trillion dinars, and Asiacell achieving historic profits“
Quote:
“… Asiacell Telecom Company in Iraq achieved historical profits amounting to more than 100 billion Iraqi dinars in the first quarter of the year 2023, with a growth rate of 60%…net profit growth of Zain Iraq, to reach about 40 billion dinars in the first quarter of 2023, an increase of 800% compared to the first quarter of 2022.”
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Pimpy
I would love to see Iraq change the exchange rate again – lower it. Go from 1320 per dollar and bring it down to around 1100 [Note: going down in this instance is good for dinar investors]. By doing that this allows Iraqi dinar to be stronger so when they’re importing goods they get to buy more goods with their dinars. People would want more of the dinars than they would the U.S. dollar. It think it would be a good move. It’s not a huge increase…they were at 1190. I’ll just get it back down to 1100 and see what happens from there…
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Sandy Ingram
Article:
“First robot-powered factory opens in Iraq“
This is really great news for Iraq. Iraq now has its first robot powered factory…the robots are from Germany. The investment commission and economist in Iraq are happy with the investment and believe this type of investment can provide a diversified stream of income for Iraq…
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Nader From The Mid East
The rate I don’t know if it’s gonna change or not to the budget but they’re gonna have to change the rate. They have no choice…I don’t know if it’s gonna float internationally. I think it’s gonna go straight reinstated to $3.38, $3.45 or whatever…
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Bruce (The Big Call)
[via WiserNow]
…I believe that we are sort of waiting for Iraq to put their rate out – And they’re supposed to do that Sunday…Put the new rate out and tie that in with their ATM machines that are already loaded with the lower denominations…Now when the new rate comes out Sunday, which remember, Sunday is Iraq ‘s first business day of the week. So when it comes out Sunday they’re starting business and all the ATM machines throughout Iraq will be activated. And working with the new rates for the lower denomination notes – dinar notes that are in those machines.
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Kaperoni
Community comment:
“…If it [the dinar float] starts going up two or three hundred points a day or even a week I’m gonna empty my savings buying more…”
It is my opinion you won’t be able to buy any physical dinar. My guess is you’ll be able to deposit your dinar in a dinar denominated account through a ECM/brokerage firm and trade electronically.
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Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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