Frank26 [Iraq boots-on-the-ground report] FIREFLY: They’re talking about we Iraq, we’re sitting on the largest warehouse in the world…sulfur. They tell us we are the largest supplier in the whole world of sulfur…This is another investment for our country besides oil.
Militia Man People are really excited because the data we provide supports that Iraq is having things ready to go and done.
Pimpy What’s going to happen to the Iraqi dinar? Once it reaches an acceptable rate by foreign currency holders such as us, then you’re going to flood the market with Iraqi dinars aren’t you? Yes you will. If it gets anywhere near $0.25 per dinar, $0.50, a dollar, anywhere near there, people are going to start cashing Iraqi dinar in right away and you’re going to flood the market because now there’s going to be more dinars out there in the market flooding them, causing the value of the Iraqi dinar to drop. So IMO Iraq is not currently ready to have a floating IQD.
Dallasdude [Reference Guru Paulette from 5-6-2024 below] I totally agree with [Guru] Paulette on this WTO ascension ..as stated 1st round of task complete, second round of task is still a work in progress, fully expect the ninth to come and go with Iraq still on the outside looking in, good thing is they are determined to be a member and led by Sudani will get there eventually.
Paulette from 5-6-2024 is below
Community Comment: “On May 9th it has been announced that Iraq will become a FULL member of the WTO.” I have not seen where Iraq has participated in the Third Round of negotiations…It took Iraq since 2004 to complete everything assigned in the First Round of negotiations. It was only earlier this year that they completed those requirements. They were given tasks in the Second Rd of Negotiations which they are in process of completing. They may be given tasks in the Third Rd of Negotiations also. The Third Rd is scheduled for “mid-year”. I believe the only countries that have completed everything for the May 9th Ascension Ceremony are Comoros and East Timor….
MarkZ [via PDK] Question: A CPA told me if the currency is purchased to make money, it may be taxable. What do you think or know about that? MarkZ: …we have 2 different articles from the state department/government sites on taxes. “There are no taxes or subsidies on the purchase or sales on foreign exchange” and they mention Iraq and Vietnam. One is from 2022 and the other one is earlier. Sounds like to me there are no taxes or subsidies on the purchase or sales on foreign exchange!!! This is of course if no laws change. [Note: Consult your tax professional at the appropriate time to determine the correct tax for your unique situation. In the end the only opinion on taxes that matters is the IRS’s.]
Samson Article: “Al-Sudani: Iraq is moving today to the stage of revitalizing the economy and consolidating sovereignty”
Frank26 Who’s forcing this monetary reform to come out/this new exchange rate? The citizens of Iraq? Sudani the prime minister? The US Treasury? They sure want a windfall don’t they for the Federal reserves. The CBI? You and I? The answer is all of the above is forcing it. That’s what’s wonderful about it. We are all on the same page. We are all in cahoots. We all agree.
yada …the news is outstanding regarding the progress of the Council of ministers having approved the budget schedules. What is important…the rates were set with the US visit, council of ministers approved or amended the rates…all before Parliament sees it, WE are about to see the rates that the Parliament will see at the same time. All by design to keep them from interfering…Im expecting this evening into the morning to seeing our expected end. The world waits the release and I believe it is upon us.
Kaperoni It is critical to understand that if the Central Bank of Iraq plans to end the auctions by the end of the year there must be a new mechanism in place or there would be no method to maintain stability of the dinar. So for the central bank to announce that they plan to end the auctions they are in essence announcing, that they plan to float the dinar. Floating the dinar provides the new tools for the central bank to maintain stability. Therefore, this announcement to end the auctions confirms (despite what some may say), Iraq will float their currency.
Walkingstick You cannot have any restriction on your currency if you belong to the SAP. You cannot be on a program rate. A program rate is a restricted currency is it not? Sure it is…This is a very advanced system…The SAP has the same qualifications as the WTO. In fact SAP is part of the WTO…The restriction on currencies that the WTO says you cannot have is the same restrictions that SAP says...They run the same program systems.
MarkZ [via PDK] I am…getting more confirmations from different banks that are testing to make sure their systems are ready…There are different banks practicing…even have some reports that they are practicing the call in process for us to make appointments. That is confirmed from a couple places. I’m talking they are training with full blown, sit down role playing process for exchanging as well…I feel we are much closer now that the rank and file in banks are learning this process and training as well. For those who think this is never going to happen…Why would they be training their staff on how to read, understand the currencies we hold and to exchange them if it weren’t going to happen?
Militia Man Article: “Iraqi Council of Ministers approves the 2024 budget schedules” The next step would be to take those schedules and deliver them to the House of Representatives. If we see that, that’s going to be powerful because everybody’s gonna be biting their nails because it could very well suggest something could happen prior to that happening. It’s a nail biter…
Frank26 It’s going to float. It’s just that there’s no basket, that’s all.
yada …this process moved beyond the needs of just Iraq, it had move to the benefits of the 84 countries with contracts with Iraq. The rest of the central banks with dinar in their foreign reserves. And the non-revenue income that will decrease Iraq dependence on oil from 95% do about 55%. Just one rate adjustment will have this impact.
MarkZ [via PDK] Community Comment: I heard the dong [Vietnam] could be as high as $3.60. MarkZ: I heard that too…but I think it will be somewhere in the mid $2 range.
