Frank26 My [dinar] broker will be notified by the US Treasury when the rate changes. It is at that time my broker will call me. He’ll tell me as of tomorrow morning you’re not selling any more dinars. We are all in the same boat. There are a few of us that have fallen overboard because maybe we’re too impatient or we just don’t belong in this investment…But the majority, we’re all onboard and we know what’s going on…
Militia Man 1310 to buy widgets is in the hundreds of trillions and their budget is in the hundreds of trillions. They don’t even have that much money printed. They don’t even have it on their M1 etc at this point in time. They never have. There’s got to be an adjustment…
Samson Article: ”Iraq is at the top…the highest growing Arab economy in 2025”
MarkZ [via PDK] There have been a few humdingers from banking sources this week. Mostly banking people who used to tell me I was nuts to believe in the RV – are now training for exchanges. They tell me “all those years and you were right” which does make me feel good.
Kaperoni It…is preposterous to think that you’re going to walk into a bank and exchange Iraqi dinar for US cash. It is a fact that most Emerging Market countries are very volatile, banks by nature are very conservative. Not happening…Market makers, ECNs or established financial institutions would make more sense to manage incremental gains.
Sandy Ingram The World Bank is working with the Iraqi Finance Minister to implement banking reform as quickly as possible…things are happening fast.
Frank26 Article: “Iraq Discusses Financial and Technical Support with IMF, World Bank” Do you realize who these two powerful entities are? Do you realize what they want? A new exchange rate and nothing else.
Pimpy There are a ton of reforms especially in the banking sector. They’re getting there but they’re not 100% there yet as far as confidence in the currency. Nobody has confidence in it besides those who are invested in it. It’s not that they have confidence in Iraqi dinar, they’re hoping there’s a big difference…There’s years and years of history shows you Iraq constantly screws up and ends up back on square one. You can’t blame people for being negative. IMO Iraq has taken all the steps necessary to get there but they’re not there yet. Give it time…
Militia Man If they were going to have a budget based off the exchange rate of 1310 why would you be keeping it close to your chest so long? Why would you be waiting and waiting and waiting and waiting and waiting? You wouldn’t.
MarkZ [via PDK] Comment: A lady…said she got a call from JP Morgan/Chase to make an appointment and come in. MarkZ: That does not surprise me. They are chomping at the bit and know it’s at any moment. They don’t want customers to go somewhere else.
Paulette If Iraq is acceding Friday, can you explain why they have not yet completed the required steps…? The way the WTO has notified the World to date, the only two countries that have completed all of the [steps] is COMOROS and Timor-Leste. At least 11 other countries are further along than Iraq. Granted, Saudi Arabia and the US have recently said they will help Iraq “fast-track”, however the requirements must be fulfilled. Sudani appears to be Full Steam ahead. We should all be excited as whether now, days from now, weeks from now or even Months, the next great step in this ride is coming!
Bruce [via WiserNow] We’re looking for 3 green lights – military – Treasury – and Wells Fargo in that 0rder…They got the green light from the military…we did receive confirmation that we have the Treasury’s green light in the last couple of days…we did get the green light from Wells Fargo yesterday…So in other words, we have all three green lights now covered – military – Treasury – Wells Fargo. The banks are bringing all employees in the banks up to speed on what we’re about to witness and it’s called Currency Training Protocols – They have been teaching to get everybody down to the teller level. Which remember the tellers didn’t know anything about this…the point is, it’s really coming down to the wire.
Frank26 Who tells the CBI they can raise the value of their currency? IMF…The US Treasury has its own problems. It’s called the American dollar. The CBI works with the IMF. Go to the IMF website and look up the Iraqi dinar. It’s going to tell you the Iraqi dinar is going through a reevaluation and a reinstatement adding value to its currency.
Mnt Goat …my most recent conversation with my CBI contact on Saturday…Most of the talk was all about the parallel market again and the final push to stabilize it…I was told this was the holdup for the start of the Project to Delete the Zeros and the formal education of the process, which was already supposed to begin in April. I was told that the committee has already released some educational materials on the future float and so we witnessed this information last week come out.
MarkZ [via PDK] We have had banks this week who said they would never touch it and never do it- actively training employees on the currencies that we hold to exchange. This is an exceptional thing.