Dinarland Highlights – 3.18.24
Mountain Goat
So according to Shafaq News/ The Parliamentary Finance Committee discussed, on Thursday, with the Central Bank of Iraq, the monetary policy and banking system in the country and ways to increase the value of the Iraqi dinar. I quote from the article – “to discuss monetary policy, the banking system in the country, and ways to increase the value of the Iraqi dinar.”
Folks I don’t know about you but this article was WOW!
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Frank26 (KTFA)
…JP Morgan representatives at a Chase Banks, why are they there? And why do they have all of these cubicles that they’re setting up?…They don’t even say it’s not a scam, they simply say when it happens we’re ready for you. The whole mantra/attitude is changing but it doesn’t change all at once. It’s a slow process. It travels from the east to the west…north to the south. That information is slowly being given to everybody that is going to be involved in this exchange process.
The Prime Minister is going to Washington DC …He’s going to talk to the U.S. Treasury about the new exchange rate…He’s talking to it with everybody.
I was excited when Sudani suggested 1.32 but now I am crazy excited to see Alaq the governor of the Central Bank of Iraq suggesting the same thing.
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MilitiaMan
Article:
“Parliamentary Finance: The federal budget is in the corridors of the Council of Ministers, and there is no specific date for sending it”
Quote:
“On June 12, 2023, the Iraqi Parliament approved the tripartite budget law for the years 2023, 2024, and 2025. Last year’s total budget amounted to 197 billion dinars, which is the largest in the country’s history.”
Take note that they used 197 Billion Dinars. That is a little over $150 million USD at the current exchange rate of 1,310 IQD… Seriously? I do not think so, unless they have done something we have yet to see.
Al-Sudani talked about having $1.00 equaling 1.32 dinars…I believe in my view is when they drop the three zeros from the exchange rate, what you’ll have is about .76 USD. Then they apply the Real Effect Exchange Rate to that. And that’s going to be based off of their assets…
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Pimpy
Everyone is excited that Iraq has completed all the requirements to join the World Trade Organization but the bigger question is what’s next for Iraq?
…There’s this impression going on around the Iraqi dinar community that this is going to happen next week or next month. Is this true or could the process take longer? …What’s remaining for
Iraq?
Approval by the general council…which is composed of all WTO members. …As of now they don’t appear to be on the calendar to be voted in…We got between now and June to see if indeed Iraq is added to the calendar…unless for some reason the WTO holds a special session…
Vietnam became the 150th member of the World Trade Organization back in 2007…with the same icky exchange rate. Not only that but…Vietnam is currently trading on the Forex…In addition to that Vietnam is on the Swift System…When you try to look up Iraq there is no Iraq because they’re not on the Swift System. So you have Vietnam with a way worse exchange rate than Iraq part of the World Trade Organization…on Swift and they’re trading on the Forex…If Vietnam is there with their current exchange rate then there’s no doubt…Iraq…can be on these programs as well [at their current exchange rate].
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MarkZ
[via PDK]
I think things are in a mad dash to the finish line… We have an impending visit from Sudani here in the Us… We have Sudani on Friday mentioning the rate of $1.32…which is very specific…
Comment: The $1.32 rate is actually .76 cents US for each dinar…. Al Sudani promised the Iraqi people the dinar would be stronger than the dollar. .76 cents is NOT stronger.
MarkZ: They may be floating the rates of $1.32 and .76 cents to get people ready for a change. I still think it will be more in the $3 or $4 range…but I could be wrong. IMO $1.32 and .76 cents rates would still be fantastic..
…There is a tremendous amount of chatter from my contacts with expectations for the next day or 2…we will see but I think that may be a little premature…I do feel really good about where we are.
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Fnu Lnu
On the issue of Old Notes (circulated) versus New Notes (uncirculated) I can tell you this. The “Oil for Dinar” program is very real and those are called Private Placements. They require ONLY uncirculated notes to participate. Otherwise, if you aren’t in such a Private Placement exchange then it doesn’t matter at all. Also, new uncirculated notes of certain serial numbers are going to be used as Bonds. The new Dinar have all the info needed to be used as bonds and it was planned this way before the new notes were printed. They will be used on the unregulated trading platforms in Shanghai as part of certain trading packages.
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Clare (KTFA)
Article:
“Al-Sudani intends to visit Washington to lift the ban on banks prohibited from dealing in dollars”
Quote:
“The head of the Iraqi Securities Commission, Faisal Al-Haimas, announced that three Iraqi banks were sanctioned by the US Treasury, and 25 banks were banned from dealing in dollars.”
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Walkingstick (KTFA)
WTO means currency restriction free, therefore all members can use multiple foreign currencies to buy, sell and trade but Iraq has decided…all…contracts that have been recently signed with Sudani must be converted into Iraqi dinars.
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Samson (KTFA)
Article:
”Al-Sudani: There are those who want to obstruct reconstruction, and they will not discourage the government from proceeding with its plans“
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Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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