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Dinarland Highlights – 6.27.23
Mountain Goat
Does Iraq need a tradable currency to be a member of the WTO? NO! NO! NO! However, it seems plausible that they would want a tradable currency in the midst of everything else going on…They are also about to embark on an economic reformation/revolution as investors are now flocking into Iraq to get a piece of the action…Iraq is about to emerge itself into the global markets.
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Frank26 (KTFA)
The budget is in the gazette. The question is what’s next? ...Is the budget open right now? No.Is the budget implemented right now? No...Just because the car is in the garage doesn’t mean it’s going down the highway at 100 miles an hour. It has the ability to do that but it’s not doing that. The budget has been put in a position for a new exchange rate.
EID will end on July 2nd…IMO between now and the 2nd they are working to change the exchange rate in the budget…The budget will be opened on July 3rd.
Question: “Is there such a thing as redemption centers?” Of course. That’s where you’re going to go exchange, which is a bank.
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MilitiaMan (KTFA)
Everybody should know this by now…the Ministry of Justice announced the publication of the general budget is in the Iraqi fact sheet…they put it in the gazette. It’s definitely taken care of on that end. What’s the next thing? …The Iraqi government will come out and will send to the parliament after EID the instructions on the budget. Why is that important? Because the instructions are going to be telling…
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MarkZ
[via PDK]
Iraq is definitely positioning to go full blown International!!! Between their developments, projects, paying off the WTO fees…they have done everything at this point that we can think of to go International. I continue to hear great expectations from sources about tomorrow the 28th through the 3rd of July. Most think it will be this week…. I hope that is accurate.
Still hearing tremendous expectations from tomorrow – Wed to July 3rd. It makes sense we could see it in that time period.
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Pimpy
The Iraqi budget has been set in stone. It has now been published into law. Instructions for how payments are gong to be allocated have already been issued. As soon as the holidays are over you’re going to start seeing a lot of people get the money they need for projects… We should start seeing a hiring wave happen. As more people get back to work over in Iraq and they start building a much stronger economy which in return strengthens the Iraqi dinar…
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Sandy Ingram
Here’s why the IMF is concerned over Iraq’s new budget. The budget is based on oil prices staying at $70 or more per barrel…The budget is not only based on the price of oil but on the number of barrels per day – 3.5 million barrels…This is why the IMF said the budget is based on…”too rosy a picture”.
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Paulette (KTFA)
PAULETTE: I still don’t understand why the Budget couldn’t be implemented at a Program Rate…Every Budget previously implemented was at a Program Rate even though many have said that it couldn’t be done. The value of the Budget is and has always been delineated in USD as the revenues for the Budget predominantly come from oil sales in USD. The MOF given authority by the Budget Law then requests the CBI to exchange USD for IQD in order to pay the expenditures.
RANDY: You’re right, it can open at 1300, but it looks like financial stupidity, and three year international financial s*****e if it holds at that rate, all this work for despair?
PAULETTE: that makes a little more sense. So, they could but would they is the real question…one would have to conclude that they are certainly not planning on carrying the budget at 1300 much longer. They are attempting to De-Dollarize but don’t have a current Currency Structure to do so, they have reduced the 3 zeros in circulation and are predominantly utilizing the 250, 500 and 1,000 denominations, to really De-dollarize they need to be able to utilize IQD to purchase imports, they have improved the banking sector to International Standards, they are forcing Merchants to utilize the POS units, And, infusing the market with trillions of IQD will likely lead to inflation…
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Walkingstick (KTFA)
[via Frank26]
The New security law is another step for the new national currency to leave Iraq’s borders.
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Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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