Clare Article: “The parallel market will be upended.. Sources: Expected decisions from the Central Bank will confuse markets and raise exchange rates Urgent“ Quote: “The Central Bank will issue new decisions regarding foreign currency prices and the method of trading them within Iraq…The aim of these decisions is to limit currency smuggling or its monopoly by the weak-willed.”
Kaperoni Article: “Al-Sudani’s advisor reveals the results of the discussions between the Central Bank of Iraq and the US Federal Reserve” Community Comment: “Hopefully 1 step closer to the long awaiting financial reforms” These steps are all good. And for Iraq to ever raise the value, they need these reforms along with diversifying their economy.
Wolverine Looks like things are ready to kick off. I am getting news that Iraq is ready to put the Dinar on Forex. If that happens, the RV will start…
Pimpy Article: “Inflation in Iraq slightly increased in July” Article quote: “Inflation in Iraq reached approximately 3.7% in August of 2023 compared to 4.4% in August of 2022 despite the rise in inflation in Iraq’s neighboring countries.” In other words Iraq has done a great job keeping inflation down…That’s what it is we’re looking for.
Fnu Lnu [Reference Fnu Lnu’s Post on 9-8-2024 below] Question: “You mention Wells Fargo and JP Morgan Chase have the concession for exchanging the Dinar in America and Standard Charter has the concession in Canada and England. Who is it they have concessions with?” Iraq / CBI selects banks with whom they are willing to work. These banks get commissions. They are the primary banks handling exchanges. If you go to the Podunk local bank, they will send the currency to one of the contractor banks. This will not be an ordinary bank currency exchange. Too much confusion to have dozens of different banks sending in currency transactions…
Reference Post is below
Fnu Lnu Here’s something you can take to the bank. Wells Fargo and JP Morgan Chase have the concession for exchanging the Dinar in America and Standard Charter has the concession in Canada and England. Seems I recall they will have Australia too but don’t hold me to that.
MarkZ [via PDK] The biggest piece I had over the weekend was more confirmations of continuing education of the lower denominations in Iraq. I had a couple more confirmations that Sudani announced on television that they are planning to raise the value of the dinar during his current administration. I thought that was a great one.
Clare Article: “Prime Minister’s Advisor: Central Bank Decisions Contribute to Reducing Inflation Rates in the Country” Quote: “The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, explained that the decisions of the Central Bank contribute to reducing inflation rates in the country, and pointed out that economic growth contributes to strengthening the value of the local currency“
Militia Man Why is Saleh, the Financial Advisor, talking so much about ‘enhancing the value of the local currency’? Isn’t that what we’re waiting for? Article quote: “…Central Bank’s policies play a major role in the stability of the currency which achieves harmony between the internal value of the currency and the external value…he added a booming and sustainable economic growth in GDP contributes to enhancing the value and stability of the currency…” Saleh is opening talking about the value of their local currency, internal/external value, reducing inflation, stability of the value of the currency, strength of the national currency, enhancing the value of the currency. It’s off the charts. They talk about being historic, with language like that, I’m looking forward to something that’s going to historic.
RayRen98 SOME 3-LETTERS HAVE CHAMPAGNE ON ICE, SOME HAVE POPPED THEIR CORK ALREADY…I’M STILL WAITING FOR “ROCK SOLID” CONFIRMATION BEFORE I GRAB MY BOTTLE FROM THE ICE.
Frank26 [Iraq boots-on-the-ground report] FIREFLY:
Sudani…told us the upcoming year the mechanism would be fully engaged to give the citizens maximum benefit. FRANK: He didn’t say ‘Next’ year…I think he’s talking about the year 2024…because the commercials should be next. And if that’s the case what they show you in those commercials has to be given to you very quickly. There cannot be a gap between telling you and giving them to you.
Mnt Goat I was…told Wednesday in my conversation with my CBI contact that Baghdad now has installed the huge TV screens…They also told me that they are getting ready to broadcast the swap out of the currency video…they do not expect to conduct the swap out until late this year, after the US elections and my information tells me that January is most appropriate.
MarkZ [via PDK] PM Sudani – in the news this week was asked if they are planning on revaluing the Iraq currency…and he answered yes they were…during his administration. Not sure how much longer he has got…but this is a huge one. He is telling us the goal during his administration is adding value and removing the zeros from the Iraqi dinar.
