Frank26 Don’t despair if you’re having trouble at banks…IMO just go to a bank that exchanges foreign currency. We’re using Chase as one example. There’s others. Go to that bank and simply open a savings or checking account. If they ask you why do you want to open this checking or savings account tell them because, ‘I have money…I want to put into the account.’ Once you have your account open, go home and just sit there and wait until it happens…When the blessing occurs go back to that bank and tell them, can I talk to your Wealth Manage Department? They’ll send you to the back, away from the bank and they will take care of you…
Pimpy People always say, Oh, you know, President Bush said the Iraqi dinar will pay for the war itself. No, what he said was Iraq would pay for the war itself, not the Iraqi dinar. They’re talking about the oil. It wasn’t even Bush that said that...
MarkZ [via PDK] We may see it by Easter…The news is so good…We have a delegation of Iraqi foreign ministers in DC right now. At this point we expect them to announce “lifted sanctions” by the middle of the week. My source is on the DC beltway. When sanctions are lifted it should be “GO” time.
Militia Man The private sector is going to be the fuel to what they consider is the most important project in the world (Development Road project). Their words not mine. Article quote: “The initial designs for the Development Road Project have reached advanced stages… The development road is a vital project, one of the most important projects in the world…”
Paulette While Iraq appears to be on the way to a full RI, I believe there will be an interim step very soon. If they make the move I anticipate the MCP will be quickly eliminated and they can proceed to a full RI. A RI is full Article 8 compliance and a return to the rate that reflects the True Value. In 2009, the MOP/MOF stated move to 1.14-1.17USD/IQD and monitor for inflation up to 3 years and then move the rate to reflect the True Value of 3.208USD/IQD. This was the plan of Dr S and it appears they are back on track following that plan.
Fnu Lnu New notes will be a necessity. However, they will be used in the domestic market primarily, as almost everything else will be done electronically. The IMF will not allow member country’s to “walk away” from their currency. This new note / delete the zeros paradigm is not complicated. The hand wringing can stop now.
Frank26 [Iraq boots-on-the-ground report] FIREFLY: TV is say when Sudani goes to Washington. OMG that’s a long time off. Means nothing changing until after that probably, if it does this year. FRANK: I don’t care if it happens on the 15th of April. I don’t care if it happens tomorrow. I just know it’s happening with all that we’re seeing. The proof is there. There’s no doubt about it.
Pimpy Once they re-denominate the old currency is no longer any good. You can exchange it for the new lower bank notes but your higher bank note doesn’t have any extra or more purchasing power or more valuable than the new notes.
MarkZ [via PDK] There is some fun stuff coming from sources over the weekend. Bond contacts really lit up overnight/and over the weekend. One of my contacts that “lit up” after going quiet said they very much expect things by mid-week this week…People who have not been excited for quite awhile are now excited…I am also hearing similar things from my banking side…I understand that the whole process should only be a week long and that the very first things we should see is bond folks getting dollars…We…are supposed to go immediately following bonds.
Clare Article: “Government spokesman: The Prime Minister will discuss 5 basic files during his visit to Washington” Quote: “among the files that will be discussed during the visit also are the financial file and what is related to the decisions of the US Treasury, the influence of Iraqi banks and the debts owed by Iraq,”
Militia Man Their new accession law seems to be gaining traction with Iraq having accession to the European Bank of Reconstruction and Development and the FEMOZA World Federation of Free Economic Zones. The WTO is likely next in line for Iraq’s integration with the international world.
Frank26 [Iraq boots-on-the-ground report] FIREFLY: Tv talked about parliament finance has been meeting…with the CBI officials talking about mechanisms to pay the salaries and all the project we have. This is a good sign. They are meeting right before the budget goes to parliament next week. FRANK: Firefly knows if it does go to parliament and they vote, it will expose an exchange rate. Certainly not a program rate.
tishwash Article: “The decline of the dollar.. Parliamentary Finance says that the crisis is on its way to ending “finally” Quotes: “The Finance Committee in the Iraqi Parliament confirmed, today, Sunday (March 24, 2024), that the dollar exchange rates in the parallel market will continue to decline until the official price fixed by the Central Bank of Iraq is reached.“; “… this crisis are on their way to being resolved once and for all.“; “The visit of Prime Minister Muhammad Shia Al-Sudani to Washington is very important at the level of financial and economic files, and Al-Sudani is discussing with the American side strengthening and strengthening the Iraqi dinar“
