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Dinarland Highlights – 6.6.23
MarkZ
[via PDK]
“Oil surges after Saudi’s make additional 1 million bpd voluntary production cut”
To me this is important because Iraq’s value is affected by oil…I think this may be a move to help support Iraq’s value…
There isn’t a back wall date but I know what their targets are. And, things appear to be well on track for meeting them…My redemption folks are expecting a very busy week this week and weekend. They very much believe it will happen this week. Somewhere over the next few days. I hope this is accurate.
“State Forces receive draft budget and parliamentary signatures to pass it this week”
Some of the main stream news says it will be voted on this Thursday.
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Frank26 (KTFA)
The IMF said to the CBI and Sudani, ‘Get your budget out now.‘ Why? Because it has the markers…evidence…reasons for a new exchange rate and international currency…So the IMF came out last week and told the CBI and Sudani will you please open your budget instead of the same old mantra, ‘Raise the value of your currency.’ Now it’s, ‘will you please open your budget because you’re dealing with a recession.’
[Iraq boots-on-the-ground report]
FIREFLY: The CBI is saying the 20K note is not on the agenda anytime soon.
FRANK: Do you really need the 20K note? Of course not. You need the lower denominations. That’s why they told you they want to give you notes under the 250 notes…the 20K note was an idea…but it’s not being accepted…it is not compatible with the new exchange rate that they want to come out with…
The currency inflation, because they don’t have the new national currency is worthless – because they don’t have the new exchange rate – because they don’t have the budget out that will trigger the new exchange rate IMO. Yeah, this inflation is leading into a recession and that’s not good.
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Angel1
The IMF report – It was a great report. I think there were some negatives in there. The reason for the negatives is because …they are implementing some massive changes and because of that you’re not going to have a bunch of great numbers…They went from a multi-currency practice to a single currency practice. Not only that, they went digital. All of this is necessary for their new currency, for their RV, for them to go international…I saw nothing bad in that report. Recommendations the IMF gave are fantastic…Iraq is already ahead of the game on it and I’d even say rounding 3rd base on a lot of those recommendations. So far so good.
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Pimpy
I really do believe the Iraqi government, although I still question Maliki, they appear to definitely be on the right track and do what’s best for the Iraqi people. As much as they’re trying to stay neutral and stay out of trouble it doesn’t help when the Untied States is looking for any an all excuses to bring troops there… Right now we know everything is just talk. We now know the U.S. troops are going over there. There’s no uprising or disturbances that we should be focused on. Iraq just needs to keep moving forward to keep the nose out of trouble…we’ll keep an eye on it.
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Sandy Ingram
This is what’s happening behind closed doors…the Kurdistan dispute. We know you want to hear good news. However, good news doesn’t always facilitate our investment goals. As investors we need to understand what’s holding up the currency value…Turkey has put a dent in Iraq’s agenda. However Iraq started the domino effect over 5 years ago when they sued Turkey in international courts for allowing KRG oil to pass through the Cayenne Port in Turkey without Baghdad’s permission. Iraq won the lawsuit and it made Turkey so angry they closed down the oil pipeline…The bottom line is Iraq is losing billions in revenue. Revenue the country needs to climb out of the downturn the economy from the world health crisis and war.
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Kaperoni
Community comment:
“It will float but will make a large jump to begin with and hold for a bit to squeeze the printed currency out of circulation….“
Well unfortunately you don’t understand how floats work. When they float, the currency will go up but it’ll be based on several factors.. GDP, supply and demand etc. A pace will be controlled by the Central Bank of Iraq as they sell currency in blocks.
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MilitiaMan (KTFA)
At this moment if you are buying something, the smallest denomination in Iraq is a 250 note. So if something costs 350 how are you going to get that product without giving them a 500? You’re going to lose little bit of money on that because there’s no change. That’s inflationary…If you find they adjusted the exchange rate and you don’t have any small category notes or fils, it’s going to get worse…If they can support the dinar with all the commercial merchants throughout the country [with electronic POS] it’s going to create what? ...Demand for their currency. That’s how the currency will gain value…
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Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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