Dinarland Highlights – 6.30.24
Banker
…The new Budget was included in the latest Gazette but the rate was not given. I now have it from three different sources that Iraq is planning a nationwide celebration for this Sunday 30 June. There are many foreign dignitaries in country for the party and the rate will be announced and the new ATM’s with the new currency will be opened…
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MarkZ
[via PDK]
Something fun popped into the news yesterday…both from banks and exchange locations in Iraq. There was a notice that they are expecting distribution of lower denomination bills in July. Both of the confirmations I received this morning from contacts on the ground inside of Iraq used the same words that they were told to expect them to distribute/disperse lower denominations in July. That tells us how stinking close we are…Why would they need theses lower denominations unless the currency is worth more? …
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Frank26 (KTFA)
[Iraq boots-on-the-ground report]
FIREFLY: We are now hearing from our news on Channel One that Iraq has been fully accepted into the WTO. This is going to be official…July the 18th.
FRANK: To join the WTO Iraq does not need a currency with value. No, that’s not the point. Iraq needs a currency that has no restrictions, no handcuffs, no limitations in order for it to float on an international market…whatever the case this is very good.
The ATM machines are like piñatas. They’re ready to burst wide open and give everybody their sweet blessings. No doubt.
The #1 reason, the only reason why we didn’t have a new exchange rate, new lower notes, is because of the t-------m that was coming from Iran…Not anymore…You see more clamping down. More arrests, more money being returned.
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Clare (KTFA)
WTO Article:
“FORMAL WORKING PARTY MEETINGS 2024 18 July 2024 – THU 18 JUL 10:00 Working Party on the Accession of Iraq”
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Walkingstick (KTFA)
The ATM machines, they’re all poised like centurions that are standing there. These ATMs are guarding the lower notes. It’s time for all of this to come out now. It’s just the budget we are waiting for. We’re not waiting for any laws, we’re not waiting for any new procedures.
[Iraqi bank friend Aki update]
AKI: It’s about time.
WAlKINGSTICK: What he’s telling us is it’s about time to release the budget and the new exchange rate with the lower notes. That’s what he meant.
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BuckeyeTree (KTFA)
We are at the end of June, and Sunday, June 30, is mid year, an opportune time. Almost daily there is a cascade of news in articles from Iraq…IMO, June may end with great news, and, if not with what we seek, but maybe news that brings us yet closer to what we seek…Now ATMs are out and official WTO full member status as of July 18. IMO, the window seems to be getting smaller and startup of those idle ATMs dispensing and working maybe closer! IMO.
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Sandy Ingram
The four factors that have or can affect the Iraqi dinar currency…The first…is the ’24 budget…presents a significant issue for Iraq. The World Bank’s assessment that Iraq needs an oil price of $90/barrel to meet budget requirements is a stark contrast to the current oil price of around $80…This ongoing issue boils down to how the World Bank reviews financial data and how Iraq view the same data. The second factor…until 2014 Iraq almost always created jobs for college graduates…In the eyes of Iraq, a government career is part of the benefits of being an oil rich county…One reason the budget is so large is that Iraq is budgeting for over 700,000 new government jobs.
The third factor…there are two exchange rates in Iraq…The official rate is round 1310 to $1.00. The market rate…fluctuates higher around, 1450 to $1.00 and cause issues, even protests. The market rate is the rate at which people live day-to-day… Because Iran and Syria need and want US dollars the US Federal Reserve has encouraged Iraq to rely more on the Iraqi dinar than the US dollar. This effort keeps Iraq out of trouble with the US Federal Reserve and the Department of Treasury…The issue of the two exchange rates is expected to be resolved over time. As of January 1, 2024 all transactions are mandated to be conducted in Iraqi dinars and the gap between the official exchange rate and the market value is anticipated to decrease, offering a sense of stability.
…This is the most concerning issue that is brewing. All oil revenue paid to OPEC is in US dollars…Iraq’s oil revenue is received by the US Federal Reserve first and then allocated to Iraq…The fact there are backroom talks over the position of OPEC going forward leaves [us] concerned for Iraq’s Financial safety especially if the country wants to receive oil revenues in the dinar currency. However this would be one of the best steps to strengthen Iraq’s currency…OPECs power is being threatened from within and this could lead to an uncomfortable situation for Iraq.
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Suzie
WTO Article:
“FORMAL WORKING PARTY MEETINGS 2024 18 July 2024 – THU 18 JUL 10:00 Working Party on the Accession of Iraq”
This is good news for Iraq on their accession to the WTO. Hopefully they will have or shown us by that time a new rate for the dinar. While international trade and economics are the important criteria for membership, having an international tradable currency is not a “cast in stone” issue but I certainly would think Iraq WOULD want that for credibility purposes if nothing else...
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Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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