Militia Man This next week there’s supposedly a formal and historic meeting with the WTO and Iraq on the basis of accession… They told us it was going to be formal and historic…
Frank26 Question: “Is this going to be a capital gain?” A lot of people desperately do not want to pay taxes. I believe they live in this world they create where taxes never exist. I’m sorry, if you honestly think you’re going to be able to get involved in this and exchange this currency, that’s called a capital gains, without having to pay any taxes you’re delusional…Yes you’re going to pay taxes, that’s why it’s important to have a receipt…held for one year you’ll probably be in the 20% tax bracket…if you don’t have a receipt, you lost it, you’ll probably be in the 40%. Biden just said a couple days ago he wants to increase those taxes over 50%…capital gains… [Note: Consult your tax professional at the appropriate time to determine the right tax for your unique circumstances.]
MarkZ [via PDK] I am hearing from multiple sources inside Iraq that they are expecting an RI (Re-Instatement) at any moment. I had been told very specifically that they expect a rate of $3.86. I am getting this from so many sources now …all of a sudden…today…that it has become almost overwhelming…I think this is exciting news and am hoping it is accurate…Just buckle up and stay calm.
Buckeyetree …Much progress has been made from the USA trip by Sudani in April, the technology with fiber optics, electronic banking, using only the dinar, foreign contracts with huge projects, the ATMs, and the HCL practically done with Barzani in agreement for the goal not to be now counted in days rather than weeks and months. The cherry on top would be securing the Speaker of the HOR and ascension to the WTO on July 18.
Clare Article: “Baghdad calls on Washington to reconsider its sanctions on 32 Iraqi banks” Quote: “Nelson praised, ‘the steps taken by the Iraqi government to support the Iraqi economy and address the challenges it faces.“
MarkZ [via PDK] I did hear interesting things from a couple banking contacts that things have very much moved over the weekend and that they may be using the Republican convention as a distraction to roll things out.
Sandy Ingram There is a high demand for US dollars in countries like Iran and Syria where local currencies have significantly devalued. Entities in these countries are desperate to obtain…physical dollars …because they are accepted everywhere and impossible to trace…Iran and Syria find it more feasible to obtain dollars from Iraq. The Iraqi market offers cheaper source of dollars…which impacts Iraq’s exchange rate dynamics by increasing the pressure on its currency system and contributing to dual exchange rates.
Pimpy Article: “The stability of the exchange rate of the dinar against the dollar is real and firm” This is one of those big steps we have been looking forward to, which is stability of the currency. We’ve talked about these a billion times – the country…government…economy and currency has to be stable. Outside of a little back and forth with the government they seem to be doing pretty good everywhere else. Good job Iraq. They are now at a place in their country where the parallel market is not affecting the overall prices of their goods and services.
Militia Man Ceasing the dollar auctions as we know it. Tomorrow [Monday] is supposed to be the first day they’re going to have a new mechanism for using the dollar and selling that dollar. People are going to have to play by the rules and be part of that FITR platform. We have to go from there to see…
Frank26 Is the goal of the CBI for the Iraqi dinar exchange rate to go international? Is that the goal of the monetary reform? No. It’s to RI...The goal is not to send it to you internationally so you can make money off of their currency. The goal of the monetary reform of the Iraqi dinar is to lift the value of the currency by removing at least three zeros from their exchange rate. In doing so, then their monetary reform will require another reform, which is the denominations…the lower notes.
