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Dinarland Highlights – 7.1.24
Mountain Goat
I…asked [my CBI contact] how the rate of the dinar would be determined in the future…I was…told that “you know and I know that the rate of the dinar is now being artificially suppressed”…I was told that Iraq is in a much better situation now prior to the 1990 embargo and so why not have an international rate again with at least a rate equivalent to the late 1980’s prior to the invasion…
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Frank26 (KTFA)
A few people were saying, ‘boy the news out of Iraq is really slow.’It’s not slow. The calm before the storm…that phrase fits perfect right now…It’s not slow, it’s simply very silent because that’s the phase we’re in right now. The phase we’re in right now…to announce the new exchange rate, they are being mum. They are being mum about the budget right now…
If it [the budget] comes out in the Gazette with the old rate, there’s only two budgets left, one with the old rate and one with the new rate but if they come out with the one with the old rate don’t worry about it, it’ll change very quickly.
[Iraq boots-on-the-ground report]
FIREFLY: They tell us on July the 18th we will be official but they keep hinting…that we’re already part of the WTO. They got some guy from the WTO saying that the WTO got this on our WTO calendar already… The newscast saying that is the day Iraq is fully accepted with no hold back or limitations on our currency.
FRANK: This is very good news. IMO the new exchange rate should be well before that date…
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MilitiaMan
Iraq…hasn’t had a real effective exchange rate for over 20 years…Man we’re really really close.
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Walkingstick (KTFA)
Sudani rewrote the contracts and recalculated them in accordance with the rate in the budget…They’ve been running a budget with the new exchange rate and a budget with the old exchange rate…
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MarkZ
[via PDK]
There are some things out of Iraq that should make us feel good today…“The President of Iraq approves the 2024 budget schedules” Rashid approves a number of laws including the 2024 budget tables. My contacts over there are saying they got the budget tables posted in the Gazette…but did not get a new rate. They let us know that they figured the budget of 2024 on an average price of a barrel of oil at $80 USD. This is progress.
On the Treasury side the rumors are dropping left and right. Everthing from “It’s tomorrow” to “oh no- they delayed it another month” Crazy rumors….same sources are telling different people different things. That tells us its “MISINFORMATION” and it is done on purpose. Stay calm and remember the fundamentals. Iraq is still looking great. They still have the new ATM’s, they still have conversations saying they are going to delete the zeros. And they are still having the conversations about releasing the lower denominations in July…things still look great.
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Pimpy
Article:
“Customs complete the first phase of the automation project and reveals its revenues within 5 months”
They’ve been kept in the dark ages for a long time. Everybody was doing everything by paper and pencil and it was kept that way for a reason…Banking and other institutions are seeing their companies change with this new technology are going to be excited. It’s going to make their work a lot more efficient…it’s only going to get better for Iraq. This is one of those way they can generate revenue other than from oil. This is exactly what they need to diversify. Quote “revenue rate will raise by the end of this year to 200% from what it was in 2022.” That’s a hell of an increase…it’s going to boom over there…
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Clare (KTFA)
Article:
“Dinar Explainer 1: Why Iraq has Two Exchange Rates”
Quote:
“On a recent webinar organized by the Iraq Britain Business Council (IBBC), Professor Frank Gunter of Lehigh University explained the causes and effects of Iraq’s dual exchange rate…”
1. Excessive Demand for US Dollars Internationally…
2. Internal Demand for Dollars…
3. De-Dollarization Efforts by the New York Fed: The New York Federal Reserve has restricted dollar transfers to reduce dollar flows to Iran and Syria. They have also excluded over two dozen Iraqi banks from transactions, which has increased the complexity and demand for dollars in Iraq.
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Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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