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Dinarland Highlights – 6.15.23
MarkZ
[via PDK]
The reports coming out of Iraq…the official rate is around 1310…. So a US dollar officially will buy 1 thousand 310 dinar…well that was true a few days ago.
…In the “parallel market” today [Wednesday] …and what they are seeing in the streets…is a rate of 1050…so one US dollar will only buy one thousand and 50 dinar. This is enormous news and coming from several regions in Iraq. This means it is stabilizing and correcting itself quickly. How the CBI responds to this will be interesting. That is almost a 10X change in value in 3 days. That is stunning progress out of Iraq.
The Iraqi people believe there is a revaluation imminent…Let’s talk about rates. We are seeing rates all over the board in Iraq. …The official rates have not changed yet. Iraqi people are holding onto their dinars…they are getting rid of US dollars and other foreign currencies and hanging onto their dinars. After the passed the budget in Iraq they wanted to see the dinar grow stronger. It seems the dinar is substantially stronger than the official CBI rate right now…My bankers at redemption centers believe they will be working this weekend.
Article out today and the President of Iraq is back in Iraq from a European tour. In a nutshell the President who has been out of country but needed to sign off on the Iraqi 3 year budget. He is now back in country…and he is expected to sign the budget so it is fully implemented tomorrow.
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Mountain Goat
…I was told by my CBI contact they must get the budget passed first, then ratified. I am hearing from my CBI contact that it does not have to be in the gazette, but that to get the green light for the reinstatement they need it passed in parliament and ratified. The Kurds must be happy! …All I can say now is … Get that champagne in the frig!
I feel we have been in a critical period of the currency reform program since January of this year. Now we are in a “vital” period since the three-year budget has been passed on Sunday June 11th. Anything could now happen and is going to happen. In fact, this week could be pivotal.
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Frank26 (KTFA)
[Iraq boots-on-the-ground report]
FIREFLY: They say on the news the exchange rate is set to the budget for oil exchange is at 1300 dinars…that is a completely different exchange rate than what we had yesterday. 1320 was before the budget was given to us now that the budget is finished we’re seeing 1300 to 1.
FRANK: If that’s what they are intending to do, that would be pointless because the exchange rate of 1300 would only give you pennies for the HCL. Remember, the exchange rate can be changed at the flip of a switch and back to January 1, 2023 when they determine it.
FIREFLY: JP Morgan is working with Iraqi Trade Bank…
FRANK: JP Morgan is in Iraq and they’re meeting with every bank that is in Iraq and then the governor of the Central Bank of Iraq says to all the banks you have to open more branches…I’m impressed. The #1 bank in the United States of America talking to every bank in Iraq. At this point it’s logical they should. JP Morgan wants to take the Iraqi dinar on its back…where are we going? The International world. We’re going to start on Forex…Wow…Can you say bye bye to the sanctioned rate?
FIREFLY: We understand that and it’s all been on television all day.
FIREFLY: TV keeps talking about the next 2 month the securities laws will allow all kinds of trade and Forex transactions.
FRANK: Forex transactions is the reason why Chase Manhattan is now involved with the Iraqi dinar. It is part of the international float. Every day you get closer and closer to the announcement of your new exchange rate for your new national currency.
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MilitiaMan (KTFA)
Budget ’23,’24,’25 Approved. Hasn’t been signed by the president of the Republic.
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Kaperoni
More good news…everyone was wondering what’s going to happen now that they pass the budget? Well it seems the next process for Iraq is for Parliament to pass a new Securities Law…Over the years we’ve talked many times about Iraq needing a new Securities Law in order for them to open their private sector internationally, trade and support the private sector…New Securities Law…should open the door for Iraq to float their currency.
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Pimpy
Article:
“The government expects broad stability in the dollar exchange rates in the coming days“
People out there saying, ‘Oh, this means they’re going to change the exchange rate.’ They might or they might not but people should not get excited and expect the exchange rate to change. I’m not saying it’s not. What I’m saying to you is this – hang tight. Slow down. Be grounded. Wait until we hear 100% for sure that the exchange rate is going to change.
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Walkingstick (KTFA)
[via Frank26]
Everything we are seeing in the budget being shown to the citizens of Iraq…is an impossibility without a new exchange rate to match the reforms. 1300 was simply to carry it over into a new budget.
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Clare (KTFA)
Article:
“Chairman of the Securities Commission, Faisal Al-Haimus: Forex and trading in oil, commodities and international companies are prohibited in Iraq“
Quote:
“The Chairman of the Securities Commission, Faisal Al-Haimus, revealed that the next two months will witness the arrival of the Securities Law to the House of Representatives…the law will give the authority the legal support and tools to carry out its work properly. And its approval will lead to a qualitative leap in the work of the Iraq Stock Exchange.“
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Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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