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Dinarland Highlights – 2.18.24
MarkZ
[via PDK]
Comment: We have no one in the UK to help us with our exchange.
MarkZ: Your process will work almost identical to ours in the US. This whole process is international and will go around the world. I hear international banks will also issue contacts and numbers for you to exchange. More of your banks are already up to speed on handling foreign currencies than banks in the US. When it happens you will get notices as to which banks are handling redemptions. They are wanting your business
We have had so many stories lately with banks….I am getting them constantly. And yes, they are expecting rate changes soon. It’s fun to be getting all these bank stories that we never got in the past.
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Mountain Goat
Question: We all have like 25000 dinar notes after the 2 extra zeros are gone and we can go to FOREX will we have any problems cashing them in at the new FOREX rate after the month is over?
Mountain Goat: So, there is no time period set for exchanging our dinars outside of Iraq. However, having said this, we must refer back to Dr Shabibi’s media news interview years ago when he said in about 10 years after the reinstatement the CBI would null and void these 3 zero (not 2 zero) notes that we hold…
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Frank26 (KTFA)
[Iraq boots-on-the-ground report]
FIREFLY: Sudani talked about going to Washington DC to meet and get all oil reserves and assets from oil held in U.S. Treasury.
FRANK: Dang! Like they don’t have enough money! Wow!
The high quality sample sheets [of new lower note dinar samples] are for the employees but eventually when the CBI is ready then they will invite the Iraqi citizens to come to the banks through their apps on their phones…flyers…billboards…television…commercials to come in. ‘We would like to introduce you to the new lower notes that we would like to be giving you.’ They’ll project these new 1, 5, 10, 20, 50, 100 on the Channel One Iraqi Financial News.
When this blessing occurs, where do you go? Do you go to a bank? Do you go to an American Bank? Should you go to Iraq and use an Iraqi bank? Can I use the kiosk at an airport? Can I use a credit union? You want to use a large bank. You want to use a bank that would help you with your wealth and management. Don’t go to a mom and pop place…We have a bank of interest – [Chase Bank]. Many of you thought it was going to be Wells Fargo. It’s highly possible Wells Fargo will still play a part…We should consider Chase. We should consider a big state bank…
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Jeff
Article:
“The Prime Minister of Iraq receives a new invitation without an appointment to visit Washington”
Sudani will be visiting Washington after they’ve revalued their currency to discuss getting their possessions back from the United States, such as all of their OPEC oil dollars...We have other collateral and assets on them, we need to give them back.That’s the reason he’ll be going to Washington after the rate has changed…
Article:
“The Central Bank of Iraq decides to restore the mechanism for financing Iraq’s foreign trade, starting next March”
…The Central Bank of Iraq is preparing the regular banks of Iraq to start being prepared to be able to trade the dinar against foreign currencies…To trade the dinar against other foreign currencies the dinar itself must be tradable…The step of revaluing the currency is what makes it tradable against other currencies… Again, what they’re telling you here is they’re going to start preparing for this. They’re not actually going to start doing it. They’re preparing to do it March 1st…This is a step of them setting the stage before the big event.
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Pimpy
A lot of you are asking me…how does the deletion of the zeros affect the stocks over there in Iraq…I know we were told that the deletion of the zeros comes off the exchange rate, which is wrong. It actually comes off of their currency, their bank notes. It’s called a redenomination…Since 2013 they’ve been talking about the deletion of the zeros off the currency. They put the zeros on when inflation is really high…Now that their inflation has been kept in check for quite a while they’re talking about removing the zeros off the currency. No where in there does it say the exchange rate. It says the change does not affect the currency’s value against other currencies. Instead it simplifies transactions and improves the economy’s overall efficiency.
The ISX is the primary stock exchange in Iraq…the redenomination of the Iraqi dinar will not directly impact the ISX or the stocks traded on it. Stock prices are determined by market forces such as supply and demand…If there’s any kind of effect on the Iraqi Stock Exchange it would be that people might panic a little bit…The prices are all done in US dollars. It’s not in Iraqi dinars…so redenomination is not going to have any effect the value of the stocks on the stock exchange. If they change the exchange rate against other foreign currencies it will affect the stock prices…
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Clare (KTFA)
Article:
“Sudanese Advisor: Iraq is on the cusp of a transitional stage in the development of promising economies globally”
Article quote:
“…international studies estimate that the share of natural resources per square kilometer relative to the area of our country is the highest in the world.”
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MilitiaMan (KTFA)
[Mr. IT Guy Bank Story]
My brother asked [JP Morgan Wealth Manager] whether he could bypass the US dollar and exchange straight from the IQD to gold and silver and the private banker said he didn’t know but he would find out and call him back.
MILITIAMAN: My understanding is that is possible…I have been told some time ago by more than one source that if the currency is traded on the FX…an international acceptable foreign exchange currency…they’ll take that currency in exchange for precious metals.
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Sandy Ingram
[Comment in response to…how a small developing country increases it economic stability and the value of its currency]
‘If this infrastructure happens, of course, it would be good for Iraq’s economy and GDP. However, that does not translate to any RV or RI…It could strengthen the dinar, but the term “strengthen” does not mean higher rate like dinarland is hoping for. It simply means the economy is good and the currency is not weak…‘ SANDY: You are correct. We can only hope the currency increases in value against the US dollar…It’s our hope the value will increase against the US dollar with or without an RV.
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Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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