Frank26 Their [Iraqi] banks…are mirroring American banks following all International banking laws…
Pimpy Article: “Expert: The Iraqi economy is witnessing a remarkable growth, with the decline in the dollar exchange rate.” This is good. We need this to happen. Iraq needs it to happen. More importantly the policies that are being implemented by Iraq are favorable amongst the IMF, World Bank and all those people who are involved with making sure Iraq stay on track, stops laundering money and financing terrorist. The more Iraq continues to stay on track and prove to the world they are going to behave themselves for now on the doors open for Iraq to rejoin the international community…
Clare Article: “Association of Banks: The joint committee with the American side will begin its work next month” Quote: “The head of the Iraqi Private Banks Association, Wadih Al-Handal, confirmed today, Wednesday, the effort to open more prospects for work with correspondent banks, while indicating that the joint committee with the American side regarding the banking sector will begin its work next month“
MarkZ [via PDK] There was a real good article…on Vietnam joining BRICS… ”High Level Talks indicate Vietnam poised to join BRICS… Great News for VND” This is great news as it shows their growing strength and manufacturing dominance of Vietnam. And they are pushing for their currency to be worth more as they join this asset backed group of BRICS….
Militia Man Iraq has not…been paying for things for 1310 through the dinar. They’ve been using oil money in dollars…That’s going to cease. We already know they’ve got about 90% of all of the commercial activity in Iraq [aside from Kurdistan] using the dinar in-country. They talked many times that liquidity is tight in Iraq with the dinar…All the citizens that are dealing in dinar and own dinar, I think they’re going to be in good shape. If you’re only dealing in the dollar and they change the value of the currency…you are going to suffer…
Kaperoni Community request: “What are the so many reasons for no revaluation please.” The first reason which is the most important is there’s almost 100 trillion dinar in circulation. Iraq’s net worth including all minerals and oil in the ground is only $16 trillion dollars. An RV to only a nickel would bankrupt the country.
Sandy Ingram Last week marked a sensational milestone for the central bank of Iraq. In a stunning financial twist, foreign remittance sales skyrocketed by a whopping 90%, surpassing cash sales by over $252 million…The majority of these sales…were strategically utilized to bolster balances abroad through remittances and credits. By regulating the flow of foreign currency the central bank instills robust confidence managing Iraq’s balance of payments.
Frank26 Question: “Should we watch Forex or the CBI?” CBI. Forex is waiting for the CBI.
MarkZ Question: You mentioned your gut thinks the RV could happen between June 2 and 9th… Is that still valid? MarkZ: Based on what I am hearing from the bond side, government side and group side…To me it’s what makes the most sense. But, I am not ruling out any moment, because it’s a strong possibility…But its highly possible it happens this weekend…I was once told the optimum time would be on a Saturday night to Sunday morning.
Pimpy Article: “Economist: The budget is not affected but dollar exchange rates. And explain the reason” The person is saying the budget is never affected by the dollar exchange rate because the budget is based on Iraqi dinars.
Clare Article: “Economist: The budget is not affected by the dollar exchange rates… and explains why” Quote: “...because Iraq will receive the dollar from oil exports, and on the contrary, revenues increase with the increase in dollar prices globally…market obligations are dealt with in the Iraqi dinar, and there is no dealing in the dollar, and the budget is built primarily on the Iraqi dinar and not on the dollar, so the budget is never affected by the dollar exchange rates.”
Militia Man Article quote: “If we assume the Central Bank issues a new currency this will not affect the exchange rate of the Iraqi dinar.” This guy is not wrong…It won’t in my view. The exchange rate will affect the new small denominations though…If they change the value of the exchange rate by dropping the three zeros, therefor the new denominations will be affected by it, which will be value. It’s pretty simple.
RayRen98 NOTICE: ALL SYSTEMS ARE “GO” FOR TODAY…LET’S SEE WHAT HAPPENS. TIME WILL TELL…SOME BANKS SAW “PENDING” RATES ON WEDNESDAY.
Mnt Goat …we read three articles about the CBI official rate equaling the Parallel or Black market rate in the coming days. WOW!…Saleh, the prime minister’s financial advisor, then goes on to say this will make one dinar equal to one dollar in Iraq. WOW! …I was told by my CBI contact months ago to watch for right before the CBI makes one more “official” rate change closer to 1000 from 1320. If you take 1000…and delete the three zeros 1000 what do you have? Of course, you have a situation of 1 dinar equals 1 dollar…But I believe that when they CBI does make this next official rate change it will move closer to 1166 and not 1000 which would make 1 dinar = 1.16 dollars just over a dollar to help the banks retrieve these dollars hoarded outside of the banks… Let’s sit tight and watch this play out.
MarkZ [via PDK] Question: I wonder -will the iqd be stronger then the Kuwaiti dinar? MarkZ: …Sudani and others have mentioned over the last few years the dinar will be “back to its former glory” as the most valuable currency in the world…. So if its going to be the most valuable currency in the world…it would have to be higher than the Kuwaiti dinar…
