Militia Man Please pay attention. They’re bringing value to their currency…It’s really coming together quite quickly.
Frank26 I pray that this dream will come true for the both of us. It is very close. There’s no doubt about it. All the indications are pointing that it’s very close. I just hope we get some good news when Alaq [returns from] New York…
Enorrste If the dinar exchange rate is ever to rise in value, it will be based on the economic success and growth of Iraq’s own economy. There are no shortcuts.
MarkZ [via PDK] I have been told a 3 day weekend is easier to execute. In an ideal world they would flip the rates on a Saturday Night or Sunday morning and this would give them more time to prepare banking . It would just be easier to do it on a 3 day weekend for the biggest economies in the world.. At least that is how it was described to me… the anticipation for this weekend is at a feverish pitch right now!! We will see what happens. We should know by midday on Sunday.
Clare [Post 1 of 2….] Article: “ “Two conditions to achieve it” .. Al-Sudani’s advisor rules out removing 3 zeros from the currency” Quote: “Salih, ruled out the government removing three zeros from the Iraqi currency at present, noting that achieving this requires two basic conditions…Explained that the three zeros added price and monetary inflation to the currency, starting with the Iran-Iraq war…generated inflation in the value of the currency. He pointed out that when prices rise, we need larger denominations of money to maintain the equivalence between price and money. For example, due to price inflation, 25 Iraqi dinars have become 25,000 dinars. Saleh pointed out the importance of reducing the calculations that have reached trillions in recent years...”
Clare [Post 2 of 2] Article Continues “...adding that the process of raising three zeros does not only mean the value of the currency, but also the calculations and statistics…Removing three zeros from the currency, globally, requires two conditions: political stability and economic stability. When these two factors are available, countries resort to removing zeros from their currency, adding that the value is fixed and not affected. Rather, it is a relative change….The project to remove three zeros we worked on between 2011 and 2012, but there was a delay in the matter, because it requires a change in the accounts of the Republic of Iraq and statistics, and requires cooperation between monetary policy and all government policies.“
Militia Man Is there a rate sensitivity they’re hiding at the moment? Is that possible? Of course it is… Why haven’t they gone on the Forex?
Wolverine [via Judy Byington] I’m absolutely excited. I wanted you to know it’s coming. It’s absolutely real.
Samson “Two conditions to achieve it” .. Al-Sudani’s advisor rules out removing 3 zeros from the currency”
Frank26 [Iraq boots-on-the-ground report] FIREFLY: Alaq in the United States of America means very little for us in the sense of a rate change. It is more for the banks to try to get their situation straightened out and no more sanctions. FRANK: I agree to a certain point but I also disagree to another point. IMO this meeting in New York may not release a new exchange rate but it is definitely part of the monetary reform. This meeting will accomplish steps that are necessary to release the new exchange rate. Your banks have to be stable and secure and free from the corruption of parliament and they must be ready for the new exchange rate. That’s what they’re doing.
Militia Man Article: “Al-Mashhadani announces the approval of the majority of deputies to his nomination for the post of Speaker of Parliament” Now it is waiting for a vote. Let’s see how long that takes…I do believe the optics of having all three presidents in place when they fully open the doors to the world with their real effective exchange rate, will or would be well accepted globally. Investors would likely see it as security and stability.
MarkZ [via PDK] “Iraq’s Prime Minister Mohammad Shia Al Sudani chaired a meeting of the high committee for tax reform” So when they reviewed it they found there was a 22 % growth in tax revenues. This means the economic reforms they are working on are working . This one is really big news.
Mnt Goat Article: “GOVERNMENT ADVISOR EXPLAINS THE POSSIBILITY OF USING THE DINAR INSTEAD OF THE DOLLAR IN OIL SALES” This is a…VERY good article in that it talks about the risks associated with pegging the dinar to oil prices…Instead they plan to repeg to a “basket” of international currencies from the top developed nations. This much less risky and is much more stable. Besides this is the Dr. Shabibi and IMF plan for Iraq. Article Quote: “Will it be a fixed exchange system supported by foreign reserves or will it be a flexible exchange system in which the (petrodinar) changes with the change in oil prices?” I luv this…it reinforces again they are NOT going to peg the dinar to the price of oil... Nonetheless this…tells us they know they must do something and do it soon!
