Dinarland Highlights – 9.3.23
“SPECIALISTS CALL FOR A REVIEW OF THE IRAQI FINANCIAL SYSTEM”
“…the financial and administrative system in Iraq needs to be restructured…”
…of course Iraq does not need all these structural changes to reinstate their currency as the value is already in the dinar with the oil market. Building the economy will only enhance the dinar and bring the rate up even more…
I have a dear friend who used to be military…but still works indirectly. Therefore consider my friend to have contractual agreements. These contractual agreements are with Iraq and Vietnam. My friend calls me and say, ‘Frank, I’m ready to expand…but my financial people are telling me wait...There is a major financial change that is about to occur and we think it would be wise for you to just wait. You see Iraq has a lot of dong in their reserves and Vietnam Central Bank has a lot of Iraqi dinar in their reserves.‘ Something is happening.
“What do you think the rate should be?“
You have to understand this is a Middle Eastern currency. Do you think it should have the value it has now? Of course not...Saudi Arabia what’s your exchange rate to the dollar? $3 plus. UAE what’s your exchange rate to the dollar? $3 plus. Saudi Arabia…what’s your exchange rate to the American dollar? $3 plus. Do you get my point?
…If they lift 3-zeros that’s still not enough because that would be at a 1 to 1. They need this thing to float…IMO I think the Iraqi dinar will at least come out at 1 to 1 because that’s what they say. Then I believe deep IMO they are going to float this currency. That’s when it’s going to get tough on you. You’re going to be so tempted to go to the bank and exchange everything you’ve got at 1 to 1. Wouldn’t you like to exchange at 2 to 1? 3 to 1?…I believe 1 to 1 is their goal but the hard part is for you to decide if you want to exchange at a higher exchange rate…
Iraq is ready to go international. What we’re hoping and praying for is they show us an Article VIII compliant exchange rate and show us their new currency they’re going to be using in the near future. I think those new small category notes that were printed back in 2018 need to get exposed to the world…
Somebody reached out to me and said, ‘Pimpy what do you think of this [Ebay] deal?’ For $37 you get 5,000 dinar…5,000 dinar is equal to what? $3.80. Don’t get caught up or trapped in that kind of thing. Make sure when you’re buying dinars you’re not spending a ridiculous amount of money higher than the actual value…
…with the extended holiday this week between now and Thursday the indicators seem to be really coming together. We see that 1132 rate all the time behind the scenes…but the CBI has a different rate that is published.
As far as Iraq revaluing their currency there is no more problems…If they’re going to be regional you’ve got to look at Iran, Saudi Arabia, all these local currencies…and you can average out the value of the currencies of the Middle East…They need to maintain that balance. Either way it’s going to be a major revaluation.
The CBI needs to free itself and move to IMF Article VIII but in order for that to occur they need to meet IMF compliance before they can accept Article VIII. Part of that compliance is maintaining the exchange rate within 2%…Iraq has had trouble doing this. Until they figure out how to make a stable exchange rate within country I don’t see them accepting obligations of Article VIII…
Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
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