Dinarland Highlights – 2.28.24
Vinterv
Article:
“Iraq has completed requirements to join WTO”
Quote:
” …Minister of Commerce of Iraq, has confirmed that Iraq has completed the requirements to join the World Trade Organisation (WTO) after completing economic reforms and improving the business environment.”
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Goldilocks
Vietnam is showing trading statistics that indicate a self-sustaining economy that is growing, and even has, greater potential going forward. At this point, Vietnam is showing momentum. When a country starts to show a trade surplus, it indicates that a demand for a country’s goods and currency is in higher demand. Thus, creating the need for an increase in a country’s currency value.
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Frank26 (KTFA)
[Key Bank story]
BANK STORY LADY: I’ve been banking with them for about a year…A few months ago I was talking to my contact and I was telling her about the exchange and asked if she had heard anything. She hadn’t and they probably weren’t going to deal with it at all. She even asked her higher-ups and they didn’t say a thing. She said she had a list of people to call and if she heard anything she would be in touch. Over the last few months I’ve kind of given up on it…I had a talk with her the other day and she said, ‘I’m so glad you called. We just underwent training for the exchange.’
FRANK: The dinar?
BANK STORY LADY: Yeah. It must be coming.
[Iraq boots-on-the-ground report]
FIREFLY: Sudani did a speech putting economic and banking reforms as a major priority.
FRANK: I’m all for it! …All of their efforts of their energy is directed to the success of the monetary reform first that will then bring success to the economic reform…This sequence cannot be reversed…Your day is coming.
If you have S----m Swiss dinar notes, they’re worthless...but if you have Iraqi dinar that you purchased from a bank or a licensed broker you should be okay.
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MilitiaMan
Everything we’ve been seeing in the news…is quite intense in respect to a lot of the things we’ve been talking about... Article: “Iraq’s Minister of Trade: We seek to join the World Trade Organization and expand our economic relations with the world” That’s pretty bold. Quote: “…Iraq is now able to enter the global trade market through the organization on a large scale.” There you have it…That is a massive quote.
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MarkZ
[via PDK]
Comment: I am of the belief if they reinstate to pre-war rate…it will be at $3.22
MarkZ: I am of that belief as well. I think that is their minimum…I do not expect a wild or crazy float. It is not good for their money if it swings wildly. But to me it’s looking like it may be one BAM then done for a rate change.
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Clare (KTFA)
Article:
“Prime Minister: The government has placed the issue of economic and banking reform among its most important priorities”
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Walkingstick (KTFA)
When you see the prices in the market of Iraq start to drop, get excited. They would be parallel to the exchange rate.
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Pimpy
Question:
“How is the development road project going to be funded at 1310?”
The development road project is not the world’s largest project. It’s not even in the top 20. But it is a very expensive project...Pay close attention…
Article quote:
“This year’s budget is Iraq’s largest at 198.9 trillion Iraqi dinars, about $153 billion based on the exchange rate. The 2024 and 2025 budgets will be the same unless the cabinet requests any changes and parliament approves them.“
This budget has already calculated...What did it say in the article? ‘With the current exchange rate. And what is the current exchange rate? 1310 dinars per dollar.
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Harlequinc3
Over the years, there’s been many articles about the old currency retaining its ‘nominal value’ — the denomination remains the same, a 25,000 dinar note remains 25,000 one dinars. And the new 25 denomination remains 25 one dinars. 1 dinar = 1 dinar. Denomination value just means ‘name’ not exchange rate. The confusion arises from people thinking ‘value’ means exchange rate, when it’s just talking about the nominal value — the ‘named’ value of the dinar, which in this example is a ‘25,000 dinar’ note — that’s its name, not its exchange rate.
To an Iraqi, an exchange rate of pounds sterling to dinar is meaningless. 1 dinar is just 1 dinar. But what does that 1 dinar buy? That’s what matters to an Iraqi…IMO, the latest article is explaining, the named value of both notes don’t change (it doesn’t affect the ‘nominal value.’) It answers the question about a lop of the old dinar, explaining you will exchange 25,000 old dinar for 25,000 new dinar (electronically) at a 1:1 value — the named value remains the same. Of course, for people outside Iraq they will be exchanging 25,000 dinar for their home country’s national currency of 25,000 dinar at an approved exchange rate.
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Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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