Dinar Observer Daily

Pimpy – Dinar Guru   Let’s get clarity about what’s really going on over there in Iraq in regards to the decline of the Iraqi dinar… Everybody knows the coordinating framework, Maliki and all his friends…do the bidding of Iran…the currency auctions were being used as a way to funnel money into Iran when Iran is under sanctions.  This is a big No-No…so they sanctioned a lot of these people but…they were still able to smuggle money…It’s very very profitable for somebody like Maliki, who owns a bank and is a high ranking, very powerful influential politician within Iraq.  Unfortunately when your politicians do these types of things and the United States can’t find a way to stop what’s going on they’ll take it out on the citizens of their country... [Post 1 of 2]

Pimpy – Dinar Guru  The issue with the currency is this – there is not enough United States dollars in Iraq…Since it [dollar smuggling] was so out of control the United States decided to limit the amount of dollars…putting the squeeze on the US dollar which is in high demand in Iraq...legally you’re only supposed to get 1450 [Now 1310] dinars for every US dollar.  On the black market…people were swapping the US dollar for around 1700 dinars because the dollars were so scarce and people in other counties [trade goods] wanted the dollar…this was causing the huge gap between the official rate and the market rate so cash smuggling or laundering becomes really profitable…so they’re trying to put a crackdown on that.  [Post 2 of 2]

Henig – Dinar Guru   Comment:  “There sure isn’t many articles about the budget lately?”  There’ve been a few, but mostly rehashing over old material and couched in different information…IMO we won’t have a lot of new info until the Council of Ministers releases it to Parliament. Remember they said they were 95% done with it multiple times. No idea why they’re waiting, but here we sit.

Clare – Dinar Guru  Article:  “Governor of the Iraqi Central Bank: Launching a second package of facilities to support the exchange rate”  Quote:  “The delegation of the US Federal Reserve Bank and the US Treasury discussed a number of support mechanisms for the Central Bank of Iraq. In order to enhance his ability to deal flexibly with crises during this stage“

Pimpy – Dinar Guru  Article: “Blinken: We are working to strengthen Iraq’s economy and reintegrate it into the region”  As investors in the Iraqi dinar you want to hear this kind of news.  The more they can strengthen the economy and make it more secure and the less they rely on oil sales the better it is for the Iraqi dinar.  It becomes a stronger currency and you can have a much better exchange rate.

Clare – Dinar Guru  Secretary Antony Blinken Tweet “I co-chaired with Iraqi Deputy Prime Minister @Fuad_Hussein1 the first ever economic-focused Higher Coordinating Committee of the U.S.-Iraq Strategic Framework Agreement. We will continue to work with the @IraqiGovt to strengthen Iraq’s economy and energy independence.”

Mountain Goat – Dinar Guru   Article:  “IRAQ MOVES INTERNATIONALLY FROM THE “GRAY” TO THE “WHITE” AREA”  Quote:  “Iraq has come a long way in combating the financing of terrorism and money laundering.”   …Iraq was removed from the “most dangerous countries” area and moved from the gray area to white…this is fantastic news… So, now that they just told us the level of corruption is acceptable…and that they are in compliance with all international standards in this regard, when will they reinstate the dinar?  …I am telling you get ready…it is not long before IQD is back on FOREX and trading…then we go to the bank.

Pimpy – Dinar Guru  Anybody talking about a rate over $.01 cent is full of crap.  That’s not gonna happen.  I would love for it to happen…It’s just not gonna happen.  When they say they’re going to restore it to its original value they’re talking about 1190 dinars.  If it was meant to go back to the $3.22 rate…they would have said something along the lines of we’re going to go ahead and restore the pre-invasion rate of $3.22.  You would hear something in the wording saying ‘pre-invasion’, ‘prior to Kuwait ‘, stuff like that.  They’re not saying that.  They’re just saying previous…expect the exchange rate to go back to the 1190 dinars for every dollar. Pray that they re-establish the $3.22 rate.

Nader – Dinar Guru    Some people believe it’s [The dinar] a scam.  Some people believe, ‘Oh, it’s Iraq , it’s a terrorist country.  It’s killer country.’  But Iraq was good before and it’s gonna be good later...Thank God for what’s happening and things gonna happen better.  I mean, what’s coming it’s better.  It cannot be worse.  We were already in the bottom of the barrel.  Now we just have to climb out of the barrel.  Once we’re out the barrel even an inch we’re good…

Militia Man – Dinar Guru   1300 is halfway between 1460 and 1166.  What good does that do?  How is that alleviating any pain?  Inflation has risen since the 1460s so they’re not getting anything.  It’s not any good   for them.  That “second package” [coming from the CBI] is a key component …they know 1460 to 1182/reverting to 1300 is still not doing anybody any favors…

Pimpy  – Dinar Guru  This is the obstacle standing in the way of the Iraqi dinar and that is they have to clean up their corruption issue.  They have to do whatever it takes to have these restrictions lifted on their currency auctions and their ability to get hard currency…

Henig – Dinar Guru   Article:  “Iraqi delegation arrives in Washington to discuss government measures on the dollar”  Quote:  “Deputy Prime Minister and Foreign Minister Fouad Hussein arrived in Washington at the head of a high-level government delegation”

Pimpy – Dinar Guru  Article:  “Governor of the Central Bank:  We affirm that they have proceeded with the government to enhance confidence in the national currency”  That’s the other issue with Iraq.  They prefer the US dollar per the dinar…You got to get people wanting to use their local currency more than the US dollar.  And you do that by increasing the exchange rate a little more at a time, giving them more purchasing power and devaluing the dollar within Iraq…I think if everything goes smoothly we’re most likely will see another small change in the exchange rate…

Clare – Dinar Guru  Article:  “Iraqi Foreign Ministry: The delegation’s visit to Washington will discuss two basic economic files”  Quote:  “The delegation will hold its dialogues with the American side in Washington, which will focus on supporting Iraq’s monetary policy and exchanging financial and banking support with the aim of strengthening the Iraqi government’s vision of its measures regarding the exchange rate of the dollar,“

Clare – Dinar Guru   Article:  “Iraqi Finance requires government banks to adopt the new exchange rate”  Quote:  “Today, Wednesday, the Ministry of Finance directed the two governmental banks, Al-Rafidain and Al-Rashid, to adopt the new exchange rate for the dollar against the Iraqi dinar“

Pimpy – Dinar Guru  You’re looking at about a 9.6% increase in value [at the 1300 rate] for the Iraqi people.  That’s more purchasing power…we’ll see if the Iraqi people actually feel the increase once the prices start to change…that increase could be so small that it doesn’t do a whole lot to the markets…I do think this is their first increase this year...I’m anticipating a second increase this year.  The second increase is really going to depend on how the economy is going…

Militia Man – Dinar Guru   Today has been a big day…They are telling us they are going to do certain things and this 1300 was one of the first stages.  The second stage is…they’re going to re-prepare the 2023 budget.  In this context the Central Bank governor has stated that’s what’s going to happen…

Pimpy – Dinar Guru  The Iraq dinar exchange rate has changed.  It went from 1450 dinars for every dollar to 1300 dinars for every dollar.  You’re looking at about a 9.6% increase in value…Looking very good.  There is baby step one…just like I said, they’re gonna go up in increments – small amounts a little at a time.

Clare – Dinar Guru  “Al-Alaq thanks Al-Sudani for lowering the price of the dollar: Your response is quick”  Quote “…the Governor of the Central Bank, Ali Al-Alaq, thanked the Prime Minister and members of the Council of Ministers for their approval of the decision to reduce the exchange rate of the dollar.”

Pimpy – Dinar Guru  This is great news.  We love to see the Iraqi dinar exchange rate go in this direction, the right direction.  The Iraqi dinar has increased in value against the US dollar.  What else is all right?  Me predicting that the increase wouldn’t be above $.01.  As a matter of fact I said that the increase will most likely go back to the original rate prior to the devaluation.  I thought for sure they were going to go to 1190 dinars for every dollar but instead they went to 1300 dinars for every dollar.  It’s still a step in the right direction.  

Sandy Ingram – Dinar Guru   Emergency Breaking News Update.  IQD rate changed to 1300 to 1 dollar.  Hold on the fat lady is NOT singing…the Iraqi dinar has been selling at 1470 dinars against the dollar before the New York Federal Reserve introduction tightening control on International dollar transactions.  Yes, this is not what we were looking for…but this is excellent news for the Iraqi people.  We knew there would be a rate change and we would not be happy with it.  We also knew that we may need to wait for higher rate exchange to the US dollar…

Nader – Dinar Guru  I told you [yesterday] morning before everybody, before it comes out even in the news.  I told you the dollar was at 1300…it’s not going to be go to sleep and I wake up and I’m millionaire and the RV happen…it’s gonna float…It’s gonna be 1 to 1 by July…but for now it has to float.  It has to show its muscles…for the next couple of weeks gonna get better.  Watch it floating…

Yada – Dinar Guru   Consider all this time the dollar was being removed from their economy, it was to create a demand for the dinar. The government offices and merchants were told not to use dollar or be arrested. And now with all the contracts from other countries come to Iraq, they will pay in dinar, creating more of a demand hence causing the market value to go up.

Henig – Dinar Guru  Article:  “A foreign newspaper: The Americans contacted the Sudanese more than (ten) times about the exchange rate and the smuggling of dollars”  Quote: “The newspaper said that US officials raised this issue several times with the Sudanese Prime Minister, the latest of which was by the White House Coordinator for the Middle East and North Africa, Brett McGurk, last Monday, and US Ambassador Alina Romanovsky was in close contact with the Prime Minister and held more than ten meetings. The exchange rate was always at the top of her list.“

Sandy Ingram – Dinar Guru   Iraq’s prime minister has dismissed the governor of the country’s Central Bank of Iraq and assigned its former chief of the CBI.  The Iraqi prime minister said he dismissed the head of the CBI in an attempt to assure public anger over a currency crisis that has let to an increase in the prices of goods.

Clare – Dinar Guru  Article:   “After dismissing him, the governor of the Central Bank, the Sudanese hints at a decrease in the exchange rate of the dollar”  Quote:  “The Prime Minister, Muhammad Shia Al-Sudani, relieved the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, from his post, due to the continued rise in the exchange rate of the dollar and the bank’s inability to curb it.  Al-Sudani assigned former bank governor Ali Mohsen Al-Alaq to manage the central bank by proxy. The Prime Minister also referred the Director of the Trade Bank of Iraq to retirement and assigned Rabal al-Hamdani…Al-Sudani commented on the changes by saying: “The departments that have been assigned to the Central Bank and the Trade Bank of Iraq possess skills and will work to reduce the rise in exchange rates.“

RVAlready – Dinar Guru  Article:  “Prime Minister Mohamed Shia al-Sudani decided on Monday to relieve Central Bank Governor Mustafa Ghaleb Makhif from his post”   Article Quote:  “In a measure aimed at rehabilitating the Iraqi dinar and restoring its position in the local market, Prime Minister Mohammed Shia al-Sudani took a courageous and correct decision to reinstate former Central Bank of Iraq Governor Ali Mohsen Al-Alaq and dismiss Mustafa Ghaleb Makhif, who held a legal position in the bank…Observers are encouraged by this measure, which could put things back on track.”   Hopefully, this guy will straighten the CBI out.   RV comin down the track.

Nader – Dinar Guru  They said the 1st maybe the 2nd something will happen.  I don’t know what it is.  I wish I know what it is but something is happening.

Samson – Dinar Guru  Article:  “Shafaq News/ The Iraqi ministry of Interior announced the arrest of a group of forex traders on Saturday...A source told our Agency that the security forces were tracing a “gang of forex traders” involved in “manipulating the market and tampering with the US dollar’s exchange rate against the Iraqi dinar.”

Sandy Ingram – Dinar Guru  Urgent Urgent news…it is no longer just one or two stories about the money situation in Baghdad. It has become a major unique report news on the International feeds coming out of Iraq…it appears the United States government is placing checks on currency auctions…the check and balances system are hurting Iraq’s public finances.   [Post 1 of 2]