Frank26 The Minister of Finance together with the World Bank and the government of Iraq is determined to bring forth the monetary reform policy of their currencies, of their bank. This is great news. These are the things we have dreamed about. Many things are coming that are fantastic.
Pimpy [The dinar] is a good investment. It’s going to take a little time. I know some of you’ve been in this for 20 years. I understand that. There’s no doubt. Just between 2019 to where we are now is leaps and bounds from where we were. It’s really crazy.
MarkZ [via PDK] There are some interesting people doing some traveling – that’s for certain. Maybe it could be this weekend. There are some interesting whales being pushed, pulled and moved suddenly…I cannot tell you which ones and where-for security reasons…But it is exciting. I am not the only person hearing this… We did have a key signatory in Reno over the weekend. I got a verification on that today.
Militia Man Deleting the zeros from the notes, how are you going to do that? You’re going to re-denominate the currency …The way to re-denominate is to add value. If you don’t add any value, re-
denomination means those that hold currency don’t gain anything. I don’t think the United States Treasury…Great Britain…Canada…Australia…Coalition forces …South Koreans came into Iraq to get completely 100% hosed with anything like that…The Project to Delete The Zeros is from the exchange rate. Then, once you delete the zeros from the exchange rate you have a 1 to 1 situation – Not value wise but it’s $1 to 1 dinar. Then apply a real effective exchange rate.
Jeff The next big step in this is we want to see when Iraq will be amending their budget…They can amend it before or after the rate changes…
Frank26 Community Comment: “If the current rate is 1320 to 1 and you remove the three zeros wouldn’t the new rate be $1.32 to 1?”
Frank26: No…Stop putting a decimal in the 1320…You must understand this relationship as 132 dinars equals $1.00 which is a rate of $0.76. If you have 1 million dinar 760 American dollars. If you have 1 million dinar and they take it to 1 to 1 you have $1 million.
Fnu Lnu There is NO LOP happening and the 1.32 Dinar to $1 USD is in country as the FOREX numbers will be far more attractive.
Pimpy [Post 1 of 2…..] If they’re going to do a re-denomination and a reevaluation at the same time then I guarantee the notes they’re going to use are going to be the lower denominations. So instead of getting $3 per dinar for a 25000 note, you’re going to get $3 per dinar for a 25 dinar note. You can jump up and down and have a fit all you want. I’ve been telling you guys this is what’s going to happen [If they re-denominate]. This is great for the Iraqi people…They’ll be happy about the change in their wealth but the western people will not even have a taste of it…I keep warning you guys about this…
Pimpy [Post 2 of 2] The official exchange rate, that’s the one we want to change but surely wouldn’t want it to change with new re-denominated currency with the deletion of the zeros. I want a nice fat $3.00 to 1 Iraqi dinar exchange rate with the currency we have now.
MarkZ [via PDK] Question: …what is your gut saying about the street rate on the VND when all this goes? MarkZ: My gut still thinks it will be in the $2-$2.50 range. But nobody knows until we get there. [On the dinar] I was told to expect between $3.33 to $4.81. Somewhere in that range.
Walkingstick If the example of $4.25 is the float then it will be maintained…The CBI will not allow the cap rate to decrease within a certain percentage. This percentage is normally within a plus or minus 5%…It will stay within that general vicinity. That will bring the security and demand of the Iraqi dinar internationally even stronger.
Militia Man Article: “A specialist points out the reasons for the noticeable decline of the dollar in Iraq: It will reach the official price” We have been told inflation has been contained to about 3.7% and the Iraqi dinar has ample cover with over 15 months worth of imports over the standard or more typical 3 months. They have increased gold by about 43 tonnes. They have a new ASYCUDA system for oil and non-oil revenue streams. A real effective exchange rate will be an additional tool to curb the illegal parallel market and quickly imo.
Frank26 [Iraq boots-on-the-ground report] FIREFLY: Bank friend…when we do the 1.32 and $0.76… FRANK: WHEN we do it? You don’t want to deny it? FIREFLY: …we have to do the smaller notes and then they have to have a little bit of time to adjust…before any reinstatement. This should be maybe within two weeks. Then everyone can see this roll in reinstatement. FRANK: Wow, wow, wow, wow. This is amazing…
Mnt Goat …another article came out from the CBI telling us about yet another step in the RV/Reinstatement process is about to be implemented…The reinstatement is coming and I firmly believe from what we now know we are about to witness the major part of the Banking Reforms that everything else was geared up to support over the past 10 years. Iraq is now slowly getting out of the sanctioned mindset / banking practices and return to common international banking practices of how they will be doing business with the rest of the world. Yet more evidence of it this period of news in March.
MarkZ [via PDK] Still progress in Iraq…From articles…they are fixing the exchange rate or getting the street rate the same as the official rate. De-dollarization is going well… Iraq joined the European Bank for Reconstruction and development (EBRD). This is more confirmation that they are dotting their I’s and crossing their t’s.
