Pimpy There’s been many people saying come on Pimpy tell me what is your gut feeling about the Iraqi dinar? I said look, I tell you guys the truth…I’m not going to lie about it…That drives people crazy, I’m not going to blow smoke up your guys’ ass. I think it’s a great investment. My fingers are crossed that they will increase the exchange rate without removing the zeros…Is that realistic? I don’t think so but we’re going to find out…
MarkZ [via PDK] I did hear more from Iraq sources today confirming about the ATM installations and training.
Frank26 [Iraq boots-on-the-ground report] FIREFLY: Television showing Saleh and other leaders of the financial services saying soon the parallel market will be gone…The only way we see this [happening] is that they give us our dinar and give us a real rate for that dinar, then that would make the parallel rate go away in what we think. FRANK: Iraqi citizens know what is happening. They know the next step.
Sandy Ingram Countries could require that their oil be paid for in their currency. This would greatly affect the Iraqi dinar in a good way for investors.
Clare Article: “The European Union mission expresses its readiness to cooperate with the Iraqi banking sector”
MarkZ Iraqi PM Sudani has announced on Iraqi RV that before the end of the holiday, which was this Wed. 19, June, that the Iraqi citizens will have their new exchange rate, access to new ATM’s and the lower denominations.
Samson Article: ”China acknowledges: Iraq is our largest trading partner and must actively participate in the “Belt and Road” and “Development Road” plans.”
Mnt Goat Article: “DETAILS OF THE MEMORANDUM OF UNDERSTANDING SIGNED BETWEEN IRAQ AND HONEYWELL OF AMERICA” Quote: “The memorandum that was signed aims to develop projects for developing refineries…noting that “raising the refinery capacity to 40 percent will add value to the crude oil produced and lead to raise financial returns and thus support the national economy.” Folks, they just told us they will be expanding their oil capacity…Iraq will also be selling these refined oil products to the rest of the middle east and probably Europe and the US. How much more revenue will Iraq generate before they finally give us the new rate? …Yes, there is a plan in place…all the signs are pointing now to much, much sooner than later. I certainly hope its June…
Pimpy Sudani is really doing a remarkable job. …This project [oil pipeline] he’s getting ready to fund, if it’s successful and he pulls this off, this is really going to change the landscape for Iraq, especially against other oil powerhouses in the region…This is going to be a pretty big move.
Walkingstick [Iraqi bank friend] Aki in Dearborn...he’s got one [new ATM machine like the ones delivered in Iraq].
Militia Man All we’re looking for now, to some degree, is when are they going show these amendments to be law. We heard different things about the president having to sign, not sign, we have 15 days time frames and people are debating on when that time frame starts – was it June 3rd or was it the day he received it? Do we know the exact day he received it? I don’t. But we know our time is short…Once the amendments are passed into law, we’d like to think that prior to that they’re going to expose the new real effective exchange rate and probably mention they’ve done the project to delete the zeros which get you the nominal effective exchange rate.
Frank26 [Iraq boots-on-the-ground report] FIREFLY: Oil experts are saying Saudi Arabia did not resign up their agreement to deal oil in US dollars. It was an 80 year agreement…They’re telling us Iraqi citizens on our television this will strengthen the local currency. Basically they’re saying that it is a float of the Iraqi dinar that is helping us get away from the American dollar so the Iraqi currency will be stronger. FRANK: The next step is to float.
MarkZ [via PDK] Question: Are all currencies going to float? IQD, dong…etc…? MarkZ: I would not look for much of a float because we are supposed to peg to assets…
