Frank26 The auctions have metamorphosed, they have evolved…they have progressed to what is now called international foreign currency transfers and it’s being done by private banks…You think the currency auctions that once existed that Iran was taking advantage of are still active? …You’re wrong. You’re ignorant…Transfers, no longer auctions. This is not taking a currency and converting it into any other currency. This is moving a currency in and out of the country they could never do before. Don’t you understand the value of that? Don’t you understand how important that is for the monetary reform? Ain’t got nothing to do with the CBI. It has to do with the private banks exchanging between each other and across the borders.
Jeff January is a very critical month for the rate change…Shabibi back in January 19, 2012 did a four-point rate change from 1170 to 1166…
Bruce [via WiserNow] If you have dinar and you would like the contract rate, which is substantial and moving up…ask them for it politely… If you have dinar – I don’t care if you got two or three notes, or you got…20 or 50 million dinar…There are no limits.
Militia Man There’s some people out there that talk about the fact that the dollar auctions haven’t changed. That’s wrong…you should already know this by now, it’s called the new reinforcement mechanism. Articles specifically tell you the dollar auctions…are no longer, at all. Everybody that is going to get a dollar from anywhere in Iraq is going to come from this new mechanism and that’s a fact.
MarkZ [via PDK] Question: if Iraq is increasing her foreign reserves through correspondent banks, isn’t that international trade? MarkZ: Yes and that is why some are getting excited.
Kaperoni Question: “In reading these articles, I find they contradict each other. I remember a few months ago that only 13 banks were not in compliance with CBI standards. Today, I read 32 banks have limited functions. Is this difference between gov banks and private banks, or am I still in the weeds trying to understand foreign banking?” Some of the recent articles are opinion articles.
Sandy Ingram In the 3rd quarter of 2024 the Central Bank of Iraq reported steady growth in both bank deposits and cash credit across state and private banks. Article “Iraq’s bank deposits reach $97.32 billion in 2024’s third quarter” These figures highlight a positive trend in Iraq’s banking sector with increased confidence in both savings and lending activities across the country.
Pimpy The last time Trump was in office, we became the #1 exporter of energy which affected oil prices and affected Iraq. With Trump coming into office, we’re going to quickly see what kind of impact he has on Iraq and the oil market…All we can do is sit back and watch. If Iraq thinks it’s going to go in the same direction as it did last time and the value of oil per barrel goes down, which could hurt them big time.
MarkZ [via PDK] Comment: A friend says it could go on the 20th – and it would be a 3 day weekend. MarkZ: I was told a 3 day weekend is the easiest…I do have some bond contacts now saying their funds won’t release until the 21st…after the inauguration…the banking side still believes its earlier…There are still a number of banks expecting and being prepped for a rate between now and Saturday. I hope that happens…Groups have been silent for the last day or so. I believe its very close and the yo yo news means they are still doing their best to cloud the timing…What we do know is they are doing the preparations right now to make this happen.
Pompey Peter They won’t carry on until they have something out on Forex. Let’s not forget the importance of that because that’s attached to WTO. I think that’s an enormous indicator of where we’re at. They’ve got to pull the plug. They’ve got to show that rate internationally on Forex even if they show 1310, which they won’t because they’ll implode economically, but they’ve got to put something up on that board. They’ve got to show the international world the currency…It’s got to be up there.
Frank26 Soon I will be receiving, god willing, thousands and thousands of locations where you will be able to exchange. Not the ones where you call the US Treasury, where they tell you all the banks in America where you can exchange. Not that one. The one where the CBI is releasing thousands of banks all across the world. Those banks are going to collect the 3 zero notes…Michigan and California are the number one states.
Jeff Up Until, through the end of September…was the government’s busiest time period for having and holding sessions of parliament, getting record steps done, all in preparation for them to revalue. Since September they only got a few odds and ends done. Why so little? Because they have a rate change date and they are working around that date…awaiting the revaluation…In this month of January you’re witnessing them on a small level starting to implement their banking reforms via what they’re doing through the currency auctions. That’s another critical preparation step for them to revalue the currency…
Militia Man Article: “Al-Sudani in Tehran: A new alliance to confront terrorism and the challenges of the post-‘fall of Syria’ ” Iraq as a mediator in the region is going to go along way to keeping stability …There have been meetings with the “new” USA administration by phone at the highest level and an unannounced delegation from the same prior to his Sudani’s visit. He is home now. I imagine things went well for all included…Like it or not Iran is a very large trading partner. There has to be a very strong agreement by all parties public and private…Iraq…is taking her place again in the region. She has always been in that position as mediator.
MarkZ [via PDK] Things are looking good and there has been a lot of activity…Suddenly a lot of banking contacts have been checking in. Which is exciting. I have had 4 confirmations…from banking contacts that I have known for years…they are telling me now to prepare for new rates. One of them said “It looks like that thing you are expecting is happening by Saturday…New rates by or on Saturday”… Stay calm though.
yada …their banks are now handling all the currency exchanges from the region and around the world. Not just the dollar, they are exchanging dinar and the increased value is about to be seen by us.
