Militia Man Article: “March 11, 2024 Iraq government is currently weighing the question of changing the currency so that the official cost of a US dollar will be 1.32 instead of 1,320 dinar. Implementing such a decision is likely to significanly increase Al-Sucani’s popularity.” Drop the mic. That’s huge. It’s phenomenal…That’s still on the table.
Clare Article “The Central Bank of Iraq “denies” issuing a currency in the category of (100) thousand dinars” Quote “The Central Bank of Iraq denies issuing a new currency in the denomination of (100) thousand dinars, indicating that the image of the new currency circulated on social networking sites is a “fake” image bearing the image of the late Iraqi architect Zaha Hadid”
Buckeyetree Re-reading those historical statements in the very recent articles that the 2nd phase has begun which includes the inevitable recovery of the dinar. That must be music to the ears of the Iraqis at least for those who are paying attention as well as investors…The start of Phase 2 is what has been long awaited. Too bad Dr. Shabibi was not able to live long enough to see today. June 9th is the 2nd Sunday in June, but special events could happen before then...
Deepwoodz If they dropped the 000’s now, at 1320. It’s not a thing from any set of books. It’s math… which happens to be simple fact. 1 dinar=$0.76 cents. There is no math that translates the dropping of the 000’s, at the current rate, into 1 dinar = $1.32.
MarkZ [via PDK] It certainly is a “push” …They are talking about it openly in the Iraqi news. …They are blatant on this one “The impending rate change”. They are telling us what they are doing… Articles in Iraq say clearly that the dinar is going to be worth more than the US dollar.
Frank26 Question: “What do you think the dinar will be floated at the start? IMO at the start of the float 1 to 1 you’ll never see it. So just looking at 1320 causes me to think maybe they’ll start at about $1.30 or $1.50. They could start even higher.
Militia Man In 2016 Gold was right around $1,500 bucks an once and today it’s running $2,300 to $2,400 bucks an ounce. They increased that gold supply by about 40 tons…Their currency reserves are around $110 billion. They have a massive amount of wealth. They have the ability to support their imports for about 16 months they say, which is about 5x what they need. That’s important. They don’t want to reduce those. They’d like to keep them on hand...Iraq has a good foundation for Alaq to do what he’s supposed to do and it’ll only get better if he does.
Clare Article: “In light of the Middle East conflict, the World Bank expects oil prices to exceed $100″ Quote: “The bank said in a report published today that a severe price disruption could lead to oil prices exceeding $100 per barrel, which would increase inflation in 2024 by about one percentage point.”
Samson The World Bank said on Friday that the disruption of oil supplies if the conflict escalates in the Middle East could lead to a rise in global inflation rates.
Mnt Goat Samir Al-Nusairi, the Central Bank announced that it will launch the national lending strategy on 5/25/2024, which is a clear announcement of the beginning of the second phase of its banking reform strategy…CBI announces it has completed the first phase of it by…building solid international banking relationships with international banks and correspondent banks. Get ready….
