Dinarland Highlights – 12.26.23
Wolverine
(from a member): I live in a very small town and called my local banker at Wells Fargo. I asked the bank manager if the bank was ready for re-evaluation of currency. He said they were all ready and fully trained and when the green light goes on his bank will be able to take any currency in any denomination. He said he was waiting on the green light.
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Frank26 (KTFA)
The IMF regulates all banks around the world. If a bank wants to come out with a new currency they will talk to the IMF about it...Whatever it might be concerning the financial structure of a country with its banks the IMF has to give the okay…Why? Because you’re dealing with every country internationally. Well, Iraq isn’t. They’re about to! And that’s the point…They’re about to do what big boys do, what big banks do. The IMF has worked with them…This is the conclusion of those meetings.
[North West US Bank Story]
BANK STORY WOMAN: All the way up until a few months ago, I kept buying dinar from this bank…The VP came into the office and says, ‘Hey, we want to know why are you buying all this dinar? Is there something you know that we don’t know?’
FRANK: Oh, my goodness.
BANK STORY WOMAN: I kind of gave them the foundation of it and then before you know it I end up walking into the bank [weeks later] they sort of shouted at me, so have you heard anything? This was in the lobby! I was looking around like oh, my gosh why are they talking so loud?
I have my fingers next to my lips. They said, oh it’s okay everybody is invested here.
FRANK: They got invested and now every time they see you they want to know more. Yeah, this is a small bank. That’s why they don’t know too much about it. But the fact that you planted a seed with them and you know very well they went and asked questions to the right people in the banking industry. Next thing you know they’re waiting.
BANK STORY WOMAN: …They have a lot of branches in 5 or 6 states. They’re big but they’re not big like Well Fargo or other companies.
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Walkingstick (KTFA)
At what rate will the IQD go into the [Middle East] basket? I don’t know…This is an RI. This is the reinstatement phase. The goal is to reinstate the value that the Iraqi dinar once was proud of…It’s a reinstatement to get to the Real Effective Exchange Rate (REER) to a float. The key is to let them get to that number.
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Pimpy
Iraq has experienced multiple devaluations and revaluations of the currency…From 1988 to currently where we are these are the major events that affected currency. 1988 the IQD as introduced. This was replacing the IQP (Iraqi pound). This was done at a fixed rate of 1 to 1. You could exchange your IQP straight across 1 for 1 for the Iraqi dinar (IQD). 1990 when Bush went to war with Iraq of course the gulf war caused significant devaluation of the IQD. The currency lost about 80% of its value against the US dollar. You could exchange 1 Iraqi dinar for $0.31 cents US.
The funny thing is I would take that right about now because I have about four or five million Iraqi dinars. If it jumped up to $0.31, woo, I’d be happy with that because I’d get over a million dollars back. 1995 the IQD was officially pegged to the US dollar at a fixed rate of 1 IQD for $2.85 USD. 2003 we know the US led an invasion of Iraq…This led to economic instability and currency fluctuations. The Iraqi dinar was devalued to around 1 IQD for $1.30 USD…Got rid of the ones with the faces of S----m Hussein… 1 new IQD was equivalent to 1,000 old IQDs. In 2012 the central bank…allowed the IQD to float freely. This led to a significant devaluation of the currency with the IQD losing 20% of its value…
2014 IQD experienced another devaluation. This time it was due to the decline in oil prices and conflict with I--S. The currency lost about 15% of its value against the USD. [Later] the CBI implemented a new exchange regime allowing the IQD to float freely against the basket of currencies. This led to further devaluation of the currency with the IQD losing another 10% of its value against the US dollar and then not even a year later to turn around and…increase the value of the Iraqi dinar exchange rate...So yeah at one time the Iraqi dinar was more valuable than the US dollar. Do I think it can get there again? Of course I believe that absolutely but there are hurdles that Iraq has to get over.
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Nader From The Mid East
I’m not saying the rate is going to change the 1st of January but things going to be stronger, a lot stronger. Once they start using the dinar they’re going to be a lot stronger…
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Clare (KTFA)
Article:
“The Iraqi Dinar Overthrows The Dollar And Wins The Struggle To Control The Regular Market”
Quote:
“The US Treasury continues its cooperation with the Central Bank of Iraq, as many Iraqi banks have now formed relationships with international banks for the first time.”
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MilitiaMan
Multi-currency practices are using more than one currency. For instance if you’re using the dinar and the dollar, that’s multi-currency practice within internal circumstances. That’s going to go away.
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Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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