Frank26 If…you only have 500,000 dinars, [a bank’s] wealth management department probably won’t talk to you. That’s why you need a team. Now the wealth management department is your team. They got the lawyer…trust funds…they can even collect taxes…They got everything you need in the wealth management department of a bank. There’s your team. But I also want to caution you. Chase Bank is in cahoot and partnership with JP Morgan… JP Morgan answers to the bank. JP Morgan does not answer to you. You must make the decisions that JP Morgan brings you as options...So as much as you may say, ‘Okay I’ll use the team the bank has.’ Just be aware that that team works for the bank not for you and at your expense they will make a profit for that bank.
Pimpy Question: “What do you think would be the ideal exchange rate for the dinar?” You need something that’s right in the middle…1 to 1 exchange rate would be right in that sweet spot. Enough to where they get more purchasing power on their imports but also still be competitive on the market with their exports. I would say 1 to 1 exchange rate would be the perfect location.
Militia Man Community comment “May 9th WTO” The reference to that date is on the WTO calendar as a non WTO working day.
Samson Article: “The largest gas field in Iraq is close to seeing the light: a wealth that will reduce the import bill”
MarkZ [via PDK] Iraq has been quiet since they told us to expect a rate change in their markets …and its now up to the CBI as to “when”. …then they went quiet…Quiet is not a bad thing right now…They did let us know recently that they have a new banking system prepped and ready to go. And they have distributed millions of cards to people to use for banking.
Kaperoni A country’s currency is not some random act. An exchange rate is based on many factors including: reserves, GDP, economic growth etc. Iraq has a long ways to go and must pass laws to encourage investment. Only with the success of Iraq’s economy can the dinar rise in value.
Frank26 Question: “Do you have to change rates before May 9th ascension in the WTO?” No, you can have a membership in the WTO with a low exchange rate. That doesn’t interfere with it.
Clare Article: “Advisor to the Prime Minister: The dollar exchange rate in the parallel market is gradually approaching the official one” Quote: “Saleh, explained the dangers of the exchange rate fluctuations in the event that demands for floating the dinar are met, while confirming that the dollar exchange rate in the parallel market is gradually approaching the official one…”
MarkZ [via PDK] Question: Could Iraq lop the zeros off and then what we hold is worth nothing? MarkZ: Sudani has said no. The man – Dr. Shabibi who designed the RV said no….Anyone in pretty much every level of authority in Iraq has said no.
Pimpy Some of the bigger points we see inside the Iraqi dinar community such as, ‘Let them reinstate the exchange rate to $3.22 the old rate.‘ That’s not the old rate. That’s been a myth for a long time…The $3.22 rate was there but that was not the one they left when it became a devalued currency. It was something like $1.52. The other one [myth] is the
hydrocarbon law that once it passes then the Iraq citizens are going to get payments. They’re not going to get payments. Read the law, nowhere does it say they’re going to get payments.
Militia Man Everything is falling in line for Iraq to go international. You haven’t see the salaries paid yet…you haven’t seen the oil start pumping yet into Turkey…Why? Because they haven’t shown us or exposed an international real effective exchange rate. That’s my view on it.
Frank26 [Iraq boots-on-the-ground report] FIREFLY: Some guy on television talking about advantages that we as Iraqi citizens are going to have with a fixed exchange rate pegged to a stronger currency. He says Iraq now has a soft peg and…the float is not necessarily as a fixed rate… FRANK: The monetary reform education is explaining the reason why you don’t need a basket…They are also expressing you don’t need a float. That’s because your reserves are so powerful…But IMO the float will occur because it needs to reach the real effective exchange rate of your currency on an International level. They are also trying to explain to you you do not need to be pegged to any currency, not even the dollar.
MarkZ [via PDK] Well some chatter from another different contractor that is hearing the same as the previous contractors. So, multiple confirmations that are hearing a range of rates from the mid to upper $3.s…They work in different industry’s in different companies….and they think it will be extremely soon
