Dinarland Highlights – 8.6.23
“Parliamentary Finance: The budget will be implemented during the current week“
“And the Parliamentary Finance Committee confirmed earlier that the federal budget law for the next three years will enter into force during the next few days, pointing out that sub-committees have been formed to monitor exchange operations.”
“…new decisions will be issued next week that may contribute to lowing the price of the dollar.”
Okay, they have a new package. We’ve had probably…three packages so far that the central bank has talked about. Is this the 4th package? It surely looks like it is. Is this the final phase they’re going to be in? It sounds like it…Basically, there are decisions that…will be issued next week. They decided on something…could be as early as Sunday, that will contribute to lowing the price of the dollar to the exchange rate of the dinar.
The Central Securities Deposit System has a time frame on it that’s going to start as early as, as they say specifically on the CBI’s website…August 7th…All banks in the country were notified 14 days days prior to the first of August to be set up and ready to go on this new system and they have until implementation day. Their words not mine – August 7, 2023.
What this could mean is that that sets the stage for them to be able to have the ability to funnel money into the Iraqi Stock Exchange from international circumstances…That’s really really big because going international, the amount of money that will flow through their stock exchange is going to probably be astronomical. It’s going to be good for them…Iraqi citizens…investors…you and I. It’s a powerful thing. Take it seriously. It’s coming to us now.
“And finally.. 50 days after its approval.. the budget enters into force“
“The Parliamentary Finance Committee confirmed, today, Saturday, that the federal budget law will enter into force during the current week, pointing out that the budget instructions will be circulated to all ministries.”
Nader From The Mid East
I’m gonna disagree with you [Guru Pimpy] when you say the budget doesn’t need a new exchange rate because Iraq has been living for 20 years with a bad exchange rate and it didn’t bother us. No, it bothered us a lot and things are very very expensive…Why we need a new exchange rate? First for purchasing power. Second when we travel a lot especially for work or even for pleasure…If I want to come over here [The US] on vacation I can’t. If I want to go to Europe…Australia… Canada I can’t.
Forget anywhere in the world. Even Africa I can’t because when I take 2 million or 3 million dinars if you…have a family like me…15 day or even a week that’s not enough…Before 2003 when Saddam was alive a minimum paycheck used to be $3,000…which is 1000 dinars. With 1000 dinar you can do a lot of things…I can bring in my family for a week…Iraq needs an exchange rate. Need their money to go back at least 1 to 1. 1 to 1 would be very fair. 3 to 1, 2 to 1 would be better. But for now 1 to 1.
The bad guys…they took 5000 families, they moved them from where they lived, closer to Baghdad so they could open bank accounts. They paid them $200 to take over the bank account so they could smuggle American dollar out of Iraq through Iraqi banks…You’d think that would be the end of the stealing. Yah! We caught everybody that’s stealing. No. This is just the tip. This is why we don’t see the monetary reform and new exchange rate moving forward just yet. These things have to be taken care of and Sudani and Alaq are doing fantastic…
[Hypothetically] Do you see how much food I was able to buy [in Iraq] with 23,000 dinars – enough food to stretch out weeks if not a month…I got milk, bread, pounds or rice, eggs, chicken fillets, beef, bananas, oranges, a couple pounds of potatoes, I got water – this stretches out. So why would I go to the bank and swap my $100 for 1320 dinars per dollar when I can exchange it for 1550 dinars for every dollar. Do you understand why Iraq is running into this dilemma?
People who are poor are not going to go to the bank to exchange their money when they can get a lot more dinar for the dollar…People are smuggling currencies out of Iraq to countries who are under sanctions. How they’re doing it is by creating a black market. They give you more dinars for your US dollar than you could get at the bank. As you can see somebody’s sending $100 from the United States to somebody in Iraq who’s able to go to the black market and get 1550 dinars for every dollar will benefit by 23,000 dinars. You can buy enough food to last your family anywhere from two to four weeks in Iraq.
Bruce (The Big Call)
The latest information I have so far…is pointing toward Monday or Tuesday for notifications and Tuesday, Wednesday… for our exchanges… rates are changing at the banks every day with new rates with the trading that’s going on globally. I think things are happening…We’re looking forward to being notified…
Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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