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Dinarland Highlights – 8.9.26
Ariel
From Majeed:
– Yesterday, Iraq news channels saying the central Bank of Iraq opened a file they didn’t wanna open for a long time which is changing your exchange rate to solve the financial crisis. And now the CBI is discussing implementing it…The salary crisis need the rate to be changed…Iraq’s liquidity crisis has forced the CBI to open the exchange rate file…
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Bruce (The Big Call)
[via WiserNow]
…redemption centers might be connected right to a bank, or it could be a completely separate building or location that’s not connected to a bank, but everyone in the United States is overseen by Wells Fargo, and they will have a representative there. You’ll have a Treasury representative there, and you’ll have people that will be there to count and verify your currencies with a De La Rue machine, and then banks have sometimes another brand of machine that they’ll be using… and they’re getting new machines and training bank personnel on how to do these exchanges.
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Jeff
The money sent from the United States to Iraq this week was dollars. We don’t pay Iraq’s salaries. They don’t pay their own salaries in dollars. The $500 million is their oil money from the United States to Iraq. It’s to purchase imports and travelers leaving the country can turn in dinar and get dollars to exit the country. The $500 million was not for salaries. Salaries are not paid in dollars.
What does it mean to remove zeros from currency? This…has nothing to do with an exchange rate…Iraq used to have hyperinflation going clear back to S****m. That’s why they added all these extra zeros. Once Shabibi got in there…he stabilized the economy. He got the inflation down. Since the inflation was brought down and reduced…they now can consider removing the zeros…Deleting the zeros simply means get rid of the large 3-zero notes and release a new smaller denomination currency… Purchasing power remains identical…within the country. Outside the country you have a value multiplier…Let’s say the dollar value is $3.00. That’s your multiplier…Boom, 25k note is worth $75,000. If it’s a 25 note, it’s worth $75 bucks.
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Stephen
Sometimes people look at everything happening inside of Iraq through the lens of a revaluation tomorrow. That’s not the case. However, we’re seeing economic reform, monetary reform, banking restructuring, financial restructuring. We are seeing so many exciting things that are all culminating and coming together, fingers crossed, for that glorious day where we can all exchange our Iraqi dinar into US dollars…In my last 15 years since I have been invested in the Iraqi dinar I have not seen this much movement happening. If you have been in this investment a long time you will agree with me. We have never seen Iraq move this quickly. A huge piece of this is the amount of c********n being cleaned up.
I talked to a lady last week…She told me her bank doesn’t verify foreign currency on site but they would send it off to another branch. I’m like, you find out what branch they verify it at. I don’t care if you have to drive 3 hours, I don’t care if you have to rent a helicopter, you go to that branch with your physical notes and you make sure that money does not leave your site. When you’re talking about tens of thousands, hundreds of thousands, millions of dollars you don’t take that chance…
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Sandy Ingram
The new Prime minister of Iraq is moving fast. Therefore, so is the news coming out of Iraq…The Iraqi prime minister has asked for exact laws on if he can [delete the zeros from dinar] without parliament…If they’re going to remove the zeros, does this mean they’re going to reprint the currency? What would happen in a typical delete the zeros plan? …The value of the currency will not change. A 25,000 IQD will become 25 IQD. 10,000 IQD will become 10 IQD…Most countries that redenominate their currency go through a transition period. Old and new notes circulate together at the same time for a period of time. Banks exchange the old notes for the new ones. Business display prices in both currencies. Eventually old notes are withdrawn and destroyed. This is how…Turkey, Romania and others handled similar reforms. I’m going to keep you updated on this.
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Clare (KTFA)
Article:
“Apple Pay Coming Soon to Iraq as Digital Payments Expand”
Quote:
“For Iraqi consumers, the planned introduction would bring an internationally established digital-payment platform into the country’s increasingly evolving electronic payments environment. The development also places Credit Bank of Iraq, which is majority-owned by NBK, at the center of a shift toward payment services that rely less on physical cash and more on digital transactions.”
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Pimpy
Removing three zeros from the Iraqi dinar…they’re taking it off the nominal value. 25,000 dinar becomes 25 dinar…then the exchange rate changes but the value remains the same. They remove the three zeros off the bank note and the exchange rate so the value stays the same…Obviously for a lot us that’s not good. Let’s say you got 5 million Iraqi dinar and you thought it was going to jump to $3.00+ and you were going to get $15 million. You already spent the money in your head. That’s why you have a hard time accepting this…They haven’t said they’re going to do this. You want to cross your fingers and hope they leave the zeros on there. If they decide to remove your zeros, your 5 million Iraqi dinar becomes 5,000 Iraqi dinars…It’s not like Kuwait at all.
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MilitiaMan
A short hard deadline, something like one month, for citizens to turn in the large notes is not just administrative convenience. It’s a deliberate pressure mechanism. Legitimate money has every reason to come in during that window. It’s brilliant. Holders of undeclared or illicit stocks [of dinar] face a binary choice. Bring it in and answer questions or miss the cut off and be left holding notes that are no longer usable or redeemable…Those who stay outside effectively hold a bag of paper that has lost its function as money. We’re talking about inside Iraq…
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Frank26 (KTFA)
Iraq is transitioning – their currency, monetary reform, banking policy structure, exchange rate, even the physical cash lower notes, you know, RD (redenominating). It’s going through a transformation and using every weapon that’s available. Now they’re transitioning into a digitalized world. They are transforming into digitalization …Iraq has no choice, it’s going to become a cashless society…so they can be like the rest of the world…No more stone-age banking system. No more stone-age exchange rate. You’re joining the big boys…
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Reset Intelligence
70% of family fortunes are gone by the end of the second generation. Williams and Preisser studied 3,500 families to find out why. Trust and communication breaking down: 60%. Heirs nobody had prepared: 25%. No agreed purpose for the money: 10%. Errors in the documents and everything else: 5%. Not one failure was blamed on bad legal, tax or financial advice. The entire industry that will circle you when the money lands is competing over the one part of this that almost never breaks.
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Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
Courtesy of Dinar Guru
https://www.dinarguru.com
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