Dinarland Highlights – 6.16.23
MarkZ
[via PDK]
“Government movement to fulfill the requirements of iraq’s ascension to the World Trade organization.”
This is enormous. There is something very important they need to have to be a full member of the WTO…they need an international fully accepted currency. It is here in print…This means reinstatement or revaluation…not a float. Iraq is moving quickly.
Member Question: Mark, IYO how long do you think it will take for the Iraqi Dinar to reach over a dollar?
MarkZ Answer: Well, I think they will pull the trigger in the month of June. It is floating and pushing the market forward but , if you look at the budget they need a re-instatement of a very meaningful re-valuation to meet it. They do not need a slow, steady climb…I don’t look for a slow climb but a “BAM” Rate Change!!! The biggest piece we have for today is…The budget is currently sitting on the President’s desk…and expected to be signed and fully implemented today…It may already be signed and returned to parliament as we speak. We are waiting on that news to break in Iraq…
What I am hearing out of Iraq on the budget is the president has it – he signed it and it will be announced tomorrow in the Gazette and in the mosques. This is a big one…The Rumor from Iraqi financial circles…Is that they do plan on starting a float this weekend of about $1.00 and float to see what kind of stability it has before they pull the trigger for the rest of the world and for us. So this will start “in-country only”…We are already seeing the numbers move. The official rate is around 1310 but it is showing in the markets at considerable better. This shows they are positioning for an immediate roll-out over the next few days. …they are moving forward and moving forward quickly.
Member Question: I wonder if the Kurdistans paying their employees back salaries on June 18 means the RV must go before then?
MarkZ Answer: it appears we will see it most likely by then…but, nobody knows for certain. We are all guessing at this point but, it would make sense…My redemption folks still think they will work this weekend…but I think it will be next weekend.
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Frank26 (KTFA)
Article:
“The Iraqi Trade Bank and JPMorgan are discussing the development of banking operations”
CHASE TOLD THE WORLD THE IRAQ DINAR IS A SCAM… NOW THEY TELL THE WORLD IT’S THE GREATEST CURRENCY IN THE WORLD
[Iraq boots-on-the-ground report]
FIREFLY: The CBI governor said the other day about a significant decrease in the dollar exchange rate against the dinar. He said it is coming in days. How long we don’t know but he said coming days.
The CBI tells all of its banks you have to open branches in the largest cities we have. What a better way to advertise the new national currency and the new exchange rate in these big cities. No sense in going to the little city, you’re not going to get that much information to spread. Go to the big cities it’ll spread very quickly and we’ll let every citizen know with the app on the phones we game them…Build banks in all the largest cities of Iraq? I guess they have some kind of a big announcement or a big project or some big service that they’re about to offer the citizens of Iraq. Fascinating…
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Mountain Goat
I had an interesting conversation with my CBI contact…I was told that the IMF, World Bank and the US Treasury has given the “green light” to reinstate the currency and liberate it back to the foreign currency exchanges A.k.A. FOREX. What does this mean? This means, as I was told, that they plan to move ahead with the redenomination beginning this week in preparation for FOREX…once they do the “project to delete the zeros” they will first monitor it for inflation for a few days or more. We just don’t know. Yes, they will have to change the rate close to $1USD per dinar inside Iraq first and see what happens. This may go on all next week even so be patient or it may not be so long.
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MilitiaMan (KTFA)
Article:
“Parliamentary Conquest: Passing the oil and gas law depends on a signal from the government“
There is no stopping this machine now. The law once in FINAL play will pave the way for the oil & gas law. We are going to see some seriously historic things coming out of the country.
Think about it – What’s it going to take to rebuild a war torn country? At 1310 there’s not enough dinar in the world to do so. You can do all the math calculations you want but their budget’s not going to work at 1310. It’s just not going to do that.
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Paulette (KTFA)
The IBBC is an Annual conference. The Iraq Britain Business Council hosts this in London at The Mansion House. Alaq [Governor of the CBI] is no longer on the speaker list. Hopefully, it is because he is too busy at home.
The budget value is the same at 1300 as it would be at 1-1. It is based predominantly on oil sales denominated in USD. It is just the amount of IQD that differs. The rate is just a number to the currency value. $1,000,000 USD value of IQD at 1300 is the same as a $1,000,000 USD value at .25. It is still $1,000,000 value. The value is the same but the amount of IQD is the only difference. It is just a number tally system.
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RayRen98 (TNT)
[via Babysmom]
IT’S REPORTED THAT THE PARALLEL MARKET RATES AND THE RATE ON THE STREETS IS 1,050 DINAR TO 1 USD AND CLIMBING. TIME WILL TELL.
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Clare (KTFA)
Article:
“With the document.. the budget law reaches the Presidency of the Republic for approval”
Quote:
“The budget needs to be approved – formally – by the Presidency of the Republic within 15 days, and after publication in the Official Gazette, to be effective.”
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Pimpy
People are going ape crazy about what the new exchange rate is going be. They told you already that they’re not going to do anything with the exchange rate until 2025. Having said that, is it possible something could change between now and then that would have them either reduce or increase the value of the dinar? Of course there are. We’ve seen that happen…
The deletion of the zeros off the currency has nothing to do with the exchange rate. These are two different issues altogether…they just want to delete the zeros off the currency. That’s it. Nothing more. Nothing less…Understand ‘delete the zeros’ is more of a psychological thing for the citizens. That’s all it is…Now that things are getting back on track we’re going to see the deletion of the zeros…So before the redenomination, 1000 dinars cost to buy an apple. After they delete the 3 zeros/redenomination you could buy the apple with 1 dinar. That’s all this is…it gives the impression the currency is strong and has nothing to do with the exchange rate…
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Walkingstick (KTFA)
[via Frank26]
Question:
“What is the next step of monetary reform?”
It depends on the exchange rate. If the budget comes out and it’s 1300 to 1 the next step is to change that rate because 1300 to 1 was only to be used to carry it over into a budget…The workings of the budget cannot exist at 1300 to 1. Absolutely not.
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Bruce (The Big Call)
[via WiserNow]
…15th of June was supposedly our end all be all day to be notified – to get the toll free numbers and set appointments…we had a window from Tuesday morning to Thursday morning… Guess what – the window closed…but there is some light at the end of the tunnel – Because we did hear that things that need to be complete – need to be done – are being done…we have heard that the President of Iraq will sign off sign the budget off on Saturday. And maybe they’ll put it in the Gazette on…on Saturday. And maybe that’s when it happens. …So I’m gonna say let’s see…what the weekend can bring…
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Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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