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Dinarland Highlights – 8.5.23
Mountain Goat
This week I had an interesting conversation with my CBI contact in Iraq. I was told to expect yet another “official” rate change of the dinar from the 1320 rate. I was told the new measures were trying to get as close to 1000 rate as possible. I asked about a more specific number, but I could not get a commitment on the actual range. However, I was told that the measures to be taken in the coming weeks should move the dinar within this range.
What is the plan once this new rate range is met? I was told that the CBI could then go ahead with the project to delete the zeros. We know that when this new rate is rolled out the CBI will then drop three zeros from the currency. It was my feeling that they are heading to around an 1166 from 1320 rate so we are not that far to go and these new measures should take them to the rate they need.
In today’s news the CBI tells us that on Thursday (August 3, 2023), the Central Bank of Iraq revealed new decisions that will be issued next week to reduce the price of the dollar in Iraq…We know this is the fourth time the CBI told us they were implementing a package of currency reforms…
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Samson (KTFA)
Article:
“Central Bank: New decisions will be issued next week that may contribute to lowering the exchange rate”
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MarkZ
[via PDK]
Question: …do you think there will be an interim rate change in Iraq to between 1000 and 700 before they drop the three zeroes and get us to better than 1:1?
MarkZ Answer: If you had asked that a few weeks ago I would have said yes. But asking that today-I think they are going to skip that step…but we will see.
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MilitiaMan (KTFA)
Article Quote:
“The Deputy Governor of the bank…promised yesterday other decisions will be issued next week that may contribute significantly to reducing the dollar exchange rate.”
They’re talking about reducing the dollar exchange rate. They can do it in the official sense or they could be considering that to be in the parallel market sense. IMV…the quote for the black market or the parallel market…were fake. Basically the corrupt were cheating the corrupt and some of them were complaining…there’s something happening next week.
Article Quote:
“…the printing of the Iraqi currency will not be random...there’s no fear of any increase in the monetary mass.“
…What they’re talking about is education. They’re telling people educational items…So if they do print a currency…it’s going to do it for a purpose...If they increase the supply of currency on the street it’s going to devalue the currency. What they’re stating is there’s no fear of an increase in the monetary mass therefor there would be no reduction in the value of the dinar...they keep reiterating next week which may contribute significantly to reducing the exchange rate of the dollar…
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Frank26 (KTFA)
They are protecting the dinar and they’re protecting the exchange rate from any speculation, fluctuation, lies, profiteering from any Iranian thief. This is amazing. This is 304…They just blew the door wide open to bring forth the new exchange rate, the budget, the HCL, the lower denoms, the coins, the future of Iraq…
[Iraq boots-on-the-ground report]
FIREFLY: All the corrupt people in Iraq are trying to blame the USA for the issues. They’re saying it’s the USA ‘s fault. However the problem, just like Alaq told us, is in the local merchants that are refusing to get on the dinar platform and still use the dollar and smuggling of dollars outside of Iraq by false companies, by citizens we know is the corrupt that are getting caught. We know this.
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Clare (KTFA)
Article:
“Exchange offices in Baghdad are closed for fear of arrest”
Quote:
“The price of the dollar has become unknown in the markets because there is no parallel market, as it is prohibited to trade in exchange offices except at the official rate, noting that the exchange shops that opened their doors do not sell or buy dollars for fear of arrest.“
LOL!!! DO YOU THINK THEY GOT THE MESSAGE!!! PERFECT TIMING!
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Pimpy
Community comment:
“Contrary to what some think, the budget needs a significant RV to work.”
NO it doesn’t. Iraq has been dealing with this type of exchange rate for 20 years. Their budgets are based on the Iraqi dinar, not the exchange rate between the U.S. and Iraq, just their own currency.
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Nader From The Mid East
We’re waiting for next week. We see what’s going to happen. I hope we go to 1000 because once it goes to 1000 I’m sure they’re gonna remove the zeros and it’s be 1 to 1. I hope so. I hope this was gonna happen. That’s what everybody think is going to happen. But it’s tough. It’s not easy…
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Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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