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Dinarland Highlights – 9.30.24
Bruce (The Big Call)
[via WiserNow]
…we are hearing…coming from Iraq, that they will have their smaller denominations ready to go...I don’t think they have ones, but five – 10’s, 20s, 50s, and 100’s that’s their new currency…the three zero notes from Iraq that we have…the 25,000 or 25k notes? …the 10k, the 5k, the 1k – all of those 3 zero notes have been removed from Iraq…that should be done by the 30th this month, the last day of this month.
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Kaperoni
Community Comment:
“The US Embassy in Iraq is under siege I’m old enough to remember the last time a middle eastern embassy was under siege with a weak president…I hope this ends better…Pray for US personnel in Iraq”
Not good.
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Pimpy
Article:
“Thousands of protesters trying to storm US embassy is Baghdad after Nasrallah k*****g”
Iraqi protesters are trying to storm the US Embassy in Baghdad…How does that affect Iraqi dinar holders? The last thing you need is for there to be an unstable country with protesters tying to storm the US Embassy…
Article:
“Iraqi authorities close Green Zone gate amid Shiite protests over Nasrallah’s assassination”
Things are so bad Iraq has now had to close the green zone. We haven’t heard about them closing the green zone in at least two-three years. They’ve been open that long.
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Frank26 (KTFA)
They tell you [Iraqi citizens] there is an imminent change coming to your currency almost every day now. That is very exciting. These are the words we’ve only dreamed about in the last 5 years. To see them almost every day is rather shocking but very exciting right now…This is getting crazier and crazier every day with so much excitement and so much information about the monetary reform being sent directly pinpointed to you Iraqi citizens from Sudani.
They’re giving them a date of when they’re going to stop the auctions, the window. Now they tell them we’re lifting three zeros, you’re getting purchasing power. They tell them you’re getting the HCL. Then they go a step further and they said our currency is going to be stronger than the Jordanian dinar…It’s going to be more than Jordan’s currency…I believe they’re going to reach the REER through the float at around $4.25…
[Response to Guru Clare’s Article post]
IT REALLY DOESN’T MATTER WHAT THE ARTICLES SAY CONCERNING POSITIVE VERSUS NEGATIVE. WHAT IS EXTREMELY IMPORTANT IS THAT THEY ARE TALKING ABOUT THE LIFTING OF THE EXCHANGE RATE THAT IS THE POINT THAT IS THE KEY WHETHER IT BE FOR OR AGAINST IT THEY ARE TALKING ABOUT IT BECAUSE IT IS REAL!
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MilitiaMan
In the last week or so…there’s probably five or six articles specifically talking about removing zeros from the Iraqi dinar…
Quote:
“…this is done by removing a specific number of zeros from the nominal value of the currency.”
From the value of the currency not the currency notes but the value of the currency…
Article quote:
“Central Bank seeks to withdraw excess liquidity”
When the central bank of Iraq is removing excess liquidity, that’s taking in dinar, what does that do? Enhances the value of the currency – Supply and Demand. Reduce the note count, the value goes up...That’s the way it’s always worked and it always will IMO.
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Clare (KTFA)
Article:
“What would happen to the Iraqi dinar if the zeros were removed? Comment by Dr. Mahmoud Dagher”
Quote:
“Economist Mahmoud Dagher pointed out that deleting zeros will not change…the purchasing power of the dinar…Instead of carrying a bundle of 50,000 dinar notes, it will be possible to compress them into a smaller number of notes after removing the zeros, and this will not change their purchasing power. The amount of money on offer…is equal to 105 trillion dinars, and after removing the zeros, the amount will be 105 billion dinars, which is exactly the same amount, and the exchange rate will change from 1320 dinars per dollar to 132 dinars per dollar.”
Article:
“Al-Sudani postpones his visit to the United Kingdom due to regional and international developments”
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MarkZ
[via PDK]
On the banking side – we are seeing a lot of rates over the weekend. Everything from… .00076…I know of 3 different banks whose foreign currency trackers show $3.57 over the weekend again. We cannot exchange it yet but it certainly appears to be headed that direction.
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Harlequinc3
[Response to Guru Clare’s Article post]
This guy’s only got 1/2 the picture…CBI won’t just remove 3 0s without adjusting the nominal exchange rate and then adding purchasing power to the dinar — a rate change to you and me, we might call it an RV, though their end game is reinstatement…This guy is just referring to swapping out currency for Iraqis only. He’s not taking into account what happens to the dinar internationally…To an Iraqi, removing 3 0’s is just taking old dinar out of circulation and replacing it with smaller bills/digital payments. That’s why this guy is talking about a partial peg. The CBI is talking about a pure float. He’s only looking at half the process. This article is addressed to Iraqis only. IMO of course.
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Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
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