Dinarland Highlights – 10.7.23
…no update yet…from redemption center folks…as to whether they expect to work this weekend. I have been hitting a brick wall…their phones seem to be turned off…. I don’t know if that is a great thing or a coincidence. Yesterday a number of them told me they are on “stand by” specifically for currency exchanges. I think this is huge. Let’s see if something comes of it.
Very quiet overnight on the RV side…..but, great expectations for this weekend or the first part of this week. My redemption center folks are on call this weekend. They are not at work…they are “on call”…Last week I told you all that I know a number of bankers…put on “stand by” for imminent currency value changes. I thought this was huge news. My bank crew is sure ramped up and expecting something big this week.
Wall Street Journal Article:
“Iraq Asked for $1 Billion in Cash. This Time, Washington Said No.”
“Iraq is seeking a special shipment of $1 billion in cash from the Federal Reserve Bank of New York, but U.S. officials have withheld approval, saying the request runs counter to their efforts to rein in Baghdad’s use of dollars and halt illicit cash flows to Iran. Since the U.S. invasion of Iraq two decades ago, the U.S. has supplied $10 billion or more a year to Baghdad on semimonthly cargo flights carrying massive pallets of cash, drawn from Iraqi oil sales proceeds deposited at the Fed. In Iraqi hands, the bank notes have become a lucrative source of illicit dollars for powerful militias and corrupt politicians, as well as for Iran, U.S. officials say“
I asked [my CBI contact in Iraq] about the project to delete the zeros and was told it is coming and is now an active project no longer just a later project. I asked for some target dates and was given that they planned to redenominate sometime prior to the end of the year. To me this is so inline what we are thinking for a January 2024 reinstatement timeframe and other events also lining up.
The budget remains unapproved right now. The budget is not approved because of something they did to the budget specifically in the month of September [Amended it]. Prior to this event in September the budget was approved. They did something specifically in September making the budget unapproved…Parliament still has to approve the budget again.
“Specialist: The government is obligated to present its vision for next year’s budget in the middle of this month”
The government still being unable to implement the budget for the years 2023, 20224 and 2025 are amid secrecy and strict instructions to officials and advisors not to talk about the issue of the current or upcoming budget. Think about all of this. They are keeping what we are looking for tight to the chest. Rightfully so.. I love this!
Sudani went and told all the contractors he signed with, they can come into Iraq without any restrictions. That’s Article VIII…You are a sovereign country. You can do whatever the hell you want to do with your currency and exchange rate.
“Could Iraqi dinar go international without placing on Forex?”
Yes, but I really doubt that. Forex is going to grab it like they’re in heat. The whole world is going to grab it. I told you, as soon as it changes it’s like putting chum in the ocean, every shark is going to come. That’s when sharks bite.
“Is it worth it to invest in the dinar?”
I have them. I think it’s something to consider. You should have discretionary funds if you’re going to buy the Iraqi dinar. I hold like 4 or 5 million…I think it’s worth it. I’m just holding on to it. It’s a legitimate currency. It’s way undervalued. They have a lot of sanctions on them. So what happens if you take away the sanctions? Well then the currency will be able to function like it should without all this weight on its back. I think it’s worth it. Is it going to RV tomorrow? No. It’s going to take time. But not a lot of time. Not like before…The steps that Iraq’s taking at this present moment you can see it go up in increments without a doubt…
[Iraqi banking friend Aki update]
I can’t bring my 1 million dinars and deposit them as dinars in your bank? AKI: No. We’re an American bank.
Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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