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Dinarland Highlights – 9.8.26
Bruce (The Big Call)
[via WiserNow]
Question is: Have we moved far enough yet to where we can see the completion of the RV, the exchanges, the completion by the end of September?
Now, that’s what I’m hearing. That means all exchanges done, redemption centers open and closed, everything good to go by the end of September.
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Tishwash (TNT)
…new information coincides with previous statements by Iraqi Communications Minister Mustafa Sanad, who said during August that a decision regarding the removal of zeros and the change of currency had been decided at the political level, and linked the move to bringing out hoarded funds and returning them to the economic cycle and the banking system.
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MarkZ
Comment: Walkingstick say Aki (Iraqi Bank owner) says “Everything is set in motion.”
MarkZ: I definitely believe that one to be accurate.
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Stephen
Article:
“Central Bank Governor: As of today there are no international sanctions on the Iraqi banking sector”
Can you say internationally accepted currency, internationally traded currency!? Ding, ding, ding. This article is critical…We now have an official CBI statement that gives the broader banking reform context…This is confirming restrictions and sanctions have been lifted. Iraq can begin to function and operate on a global scale on the international stage which is something we have always needed to see. This is very very exciting.
They’re all saying different things…You can’t always take Iraq or the CBI at face value of what they say because they constantly contradict themselves. I would expect that especially as we near any type of significant rate change or any type of redenomination. They’re not going to tell you exactly what they’re doing. They’re not going to give dates…because if they did it would be extremely detrimental to…the last 20 years of controlled monetary policy…It makes sense.
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Reset Intelligence
Today the [currency] operation met its first stress test…A currency change over has one weak point. Forget the printing, paperwork and parliament. The weak point is the morning every citizen decides whether to walk toward a [bank] counter or away from it…The [banking] rails depends on millions of Iraqis voluntarily walking what they hold into a bank. A public that runs from banks does not walk into them holding their life savings. Sunday a few hundred Iraqis queued to take their money out and the state’s answer was already on the record…a written guarantee…a named-deposit insurer…The day the real announcement lands, all of Iraq becomes a queue outside a bank. This week was the rehearsal for how the state treats a queue…
Iraq faced its first bank run of the cleanup…Depositors crowded the doors of Al-Taif Islamic Bank in Baghdad demanding their money back. One woman told reporters she has 220 million dinars locked inside, about $168,000. A second crowd formed at the bank’s Basra branch. Iraqi social media called it the start of a collapse…The state saw it coming. The day before the crowd reached the door, the Central Bank of Iraq published a written guarantee of the country’s deposits…A run on the banks is the one event a currency operation cannot survive. So today we set aside the missiles and the ministers for a moment and look at how Iraq handled its first one.
Iraq’s Parliamentary Finance Committee says it wants to print a banknote smaller than the 250-dinar note. At the official rate of 1,310 to the dollar, a 250 note is worth about 19 US cents, and anything under it is worth pennies. No state prints paper that costs more to make than it is worth. It prints small change only for a currency it expects to be worth far more than it is today.
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Sandy Ingram
The governor of the Central Bank of Iraq has now publicly addressed the issue of changing Iraq’s currency and deleting the zeros…There appears to be two separate issues being discussed.
1) According to the governor, changing the currency falls under the authority of the Central Bank of Iraq.
2) According to the governor deleting the zeros…would require legislation from Iraq’s parliament…It means the central bank may have the authority to redesign, replace or print currency. But if Iraq actually wants to move forward with deleting the zeros…parliament would have to become involved…If we eventually see…formal legislation proposal dealing with the deletion of the zeros submitted…that could represent a much more significant step than the discussions and statements we have been following.
There is no official announcement saying deleting the zeros would increase the real purchasing value of the Iraqi dinar.
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Frank26 (KTFA)
We need the black market and the official rate to come together where you can have a 1 to 1 rate…They’re working on it.
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MilitiaMan
Printing more dinars to cover salaries is not a rate move. It’s more local cash against the same pile of dollars. It usually means a weaker dinar and higher prices. Deleting zeros is not a richer country. It’s new notes with the same value…It makes ease-of-use but it’s not going to make a stronger economy…A REER adjustment is the official rate…matching the real economy…An “adjustment” means correct the misalignment…The Effective rate – Iraq does not only trade with the United States. It buys and sell with Turkey, China, the Gulf, Europe, Iran and others. The effective rate weights those partners by trade share.
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David
Question:
“Your theory is that the USA is using Iraq [dinar] as a beta test to do in other countries. Is that what you’re getting at?”
David: Yes, including ours. That’s the goal. Venezuela is next.
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Guy
We have a few hard known dates…We know the Status of Force agreement for the US military ends officially September 30th. That means the US must withdraw all their armed forces from the country of Iraq. The schedule has been pushed ahead to September 15th…but in terms of treaties it’s the end of September. When that happens that means Iraq is finally a sovereign nation state on its own.
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Jeff
The odds are the rate will change before you and I even know what the heck even happened…For most of us the rate would have already changed and we would have exited out before we witness what the heck happened or how it played out.
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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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