Frank26 Question “Are the Saddam dinars worthless?” Yeah, they’re worthless because they’re no longer recognized by anybody.
Pimpy Think about it. The current Iraqi dinar of 25,000 dinar – they delete the zeros off, now becomes 25 dinar and then all of a sudden they change the exchange rate from where it is to $3.22 per dinar. This is good for the Iraqi people, their purchasing power has changed. They can get a lot more things bought with their money. But that doesn’t help us because they lopped the zeros off…so instead of getting a $3.22 rate against a 25000, we’re only going to get that $3.22 rate against a 25 dinar. Instead of getting millions you get thousands…At least be aware that that’s possible.
Kaperoni If Iraq is unable to achieve diversity they will have no alternative but to simply just delete the zeros (LOP) which is a neutral event reducing the currency from around 80 trillion to 80 billion dinar. Any exchange rate gain would be minimal as a result.
Sandy Ingram There is absolutely no law against carrying large sums of cash…You can travel with as much money as you want. However, there is a catch. If you are entering or leaving the Untied States with more than ten thousand dollars in cash or equivalent, you are required to report it to customs and border protection. This rule applies whether the cash is in U.S. dollars or in a foreign currency…You need to complete a “FinCen 105 form”…What happens if you don’t report more than 10 thousand dollars in cash? Failure to report can lead to seizure of the money…You may also face criminal charges...Remember these rules…it’s always better to be safe than sorry.
Walkingstick The closer it gets to the reinstatement the more they will tell the citizens concerning the monetary steps…There’s nothing like facts being told to the citizens with confidence.
Frank26 [Iraq boots-on-the-ground report] FIREFLY: When it floats it’s going to go up really fast. The demand is going to be big on our currency…This thing may have the ability to reach $4.25…probably they will cap it out and go back to settle just a little ahead of Kuwait… FRANK: I believe Kuwait will allow that to happen as well…Sudani made them happy…
MarkZ [via PDK] Sudani is expressing the need to freeze all electronic transfers….basically freezing all banking and currencies. This is exactly what they would have to do to start the exchange process. I am a firm believer they are doing that to prepare people that the banking system may be funky for a day or two while they flip that switch. There is so much going on. The chatter has gone through the roof in Iraq with Sudani and the Central Banks movements. If only 10% of the people are right – we are within sight of the finish line.
Jeff This weekend coming up would be the historical anniversary date of when Kuwait reinstated their currency – March 24, 1991
Militia Man Oil is anywhere from $88 to $85 right now. Add in the tax revenues and customs duties and fees at the borders, the tourism you got to see the exchange rate of the Iraqi dinar is not going to be at $0.76. They’re going to have to add that real effective exchange rate to it and that’s probably…exactly why they haven’t exposed it just yet. It’s a sensitive issue. They need to keep it close to the chest… They can’t go out and tell everyone on the street, ‘Hey you know next week your exchange rate is going to be X.’ It doesn’t work that way…Eventually they will expose it…
Pimpy [Response to Guru Jeff’s budget/ exchange rate posts 3-19-2024 below] They are going to amend the budget with or without a rate change.…Does it make sense for you to release the budget before they increase the exchange rate because then you have to turn around and redo the budget and make all the changes to the budget using the new exchange rate. So no, it doesn’t make sense to release the budget before you change the exchange rate. You would change the exchange rate then go through and amend all of your budget because the money you’ve allocated obviously has changed…The suspension of the funds has to do with corruption. The reforms can be activated without changing the rate. They’re going to reallocate revenue from oil to help fund all these reforms…
Frank26 [Iraq boots-on-the-ground report] FIREFLY: It’s going to float once it gets to 1.32. FRANK: I disagree because it’s already at 1.32. It will float IMO a little higher. The RI will take it to $3.22 IMO. But because it’s been 20 years I strongly believe IMO they may cap it around $4.25…The other currencies around the Middle East will not complain if the Iraqi dinar is higher than their rate…
MarkZ [via PDK] I think the news is getting restricted as we get closer. I think the quiet is a positive sign. A number of sources were given cautionary notices to be quiet or NDA’s. So to me it’s a great sign that things are quiet…Contacts in Iraq and around the world still think we are within days…but they have thought that before….so not going to jump out of my skin just yet. The quiet is probably the thing that is the most encouraging to me right now.
