Dinar Observer Daily

Pimpy – Dinar Guru  Quote:   “There is a new mechanism that will contribute to the stability of the exchange rate in the market in the coming days and at the official rate.”  Again, stay grounded…But the fact that they’re talking about mechanisms to help with the exchange rate – we don’t know what that is.    What exactly are these mechanisms?  What are they doing to stabilize the currency?  I’m curious what’s going to happen here.  Now I am feeling a little optimistic because everyone thinks I’m such a naysayer but that’s not the case.  I keep telling people they’re going to go up in increments.  [Post 2 of 2]

Militia Man – Dinar Guru   2023 budget…we’ve been waiting for this to happen…they’ve been pushing it out…for months.  They’re going to have it on the table as early as Tuesday…potentially to the parliament by Wednesday/Thursday.  We all believe you need to have an exchange rate for that to happen.  Will they expose that exchange rate that’s going to be to the budget by the CBI prior to giving it to the Council of Ministers or parliament?  We should be looking for that…

CharlieOK – Dinar Guru  Articles are out there stating that Baghdad and Kurdistan are close to negotiating the HCL. This is good news. There will be…no publicized public budget or rv without Baghdad and Kurdistan agreeing on the HCL… Let’s hope this gets behind us pronto.

Henig – Dinar Guru  Article:  “Al-Awadi: We agreed with Washington on the dollar and the results will appear in the markets”  Quote:  “There is a new mechanism that will contribute to the stability of the exchange rate in the markets in the coming days, and at the official rate“.

Pimpy – Dinar Guru  How the exchange rate is going to take place is not the way other people are saying it.  It’s going to happen one of two ways…It’s going to go up in increments…the dinar was at 1450 dinars for every 1 dollar and they kept mentioning they were going to change the exchange rate.  Everybody was…saying, ‘Oh, it’s going to be over a $1 for every dinar.’  I was like, no, it’s not.  It’s going to be a small increase.  They went to 1300 dinars for every dollar.  That’s how they’re going to to it, in small increments.  [Post 1 of 2]

Pimpy – Dinar Guru  Now having said that, there’s a good chance it might go up maybe one more time…they have not put out their budget yet and there’s a good chance we might see another small increase.  Really depends on how the 1300 dinars is affecting the economy… they’re still focused on the exchange rate…even after they make the change to 1300 for every dollar.  I’m curious to see what happens once the budget goes out…because then we know whatever rate it is…unless they intend to make an amendment to the budget.  [Post 2 of 2]

Nader – Dinar Guru  It’s weird this week was not big news.  Nothing coming up.  It’s really weird.  I don’t know why they stopped this…they didn’t do anything special.  They didn’t do anything can make us happy this week…It’s not normal.  Why would they stop? All sudden they stop talking about what we need and what we want…

Pimpy – Dinar Guru   We’re still waiting on the budget because the budget will tell us a whole lot more.

CANDYKISSES – Dinar Guru  Article:   “The government to (Baghdad today): We agreed with Washington on the dollar and the results will appear in the markets”  Quotes:  “The effects of these dialogue and agreements will be tangible in the near future, especially with regard to the dollar and exchange rate crisis,” he added.”,   “There is a new mechanism that will contribute to the stability of the exchange rate in the markets in the coming days, and at the official rate,” he explained.“

Pimpy – Dinar Guru   Iraq’s foreign currency assets got above $90 billion dollars which is good for Iraq.  Plus they increased their holdings in gold.  Unlike Vietnam who had to use all of their foreign currency assets, while most of them, just to try to keep their currency exchange stabilized.  That’s what you don’t want to happen to Iraq.

Militia Man – Dinar Guru   The historic event was the meetings in Washington DC.  They were all about economics…the exchange rate…reforms…Iraq moving to a private sector and all of those meetings were successful.  Everybody’s in agreement…all those things happened and they happened quickly.

Clare – Dinar Guru   Article:  “A new record… Iraq’s hard currency reserves amount to $115 billion”  Quote: “Saleh said…Iraq’s reserves of foreign currency amounted to 115 billion dollars, which is the largest in its history”

Sandy Ingram – Dinar Guru   Article:   “The most mysterious..What did the Iraqi delegation achieve in its visit to Washington?”  There was more about the meeting than the mainstream US press was revealing…there as a media silence surrounding the visit.  The visit lasted 6 days…this is what we do know. 1. Daily auctions are a thing 0f the past.  2…Redirecting the Iraqi energy sector away from Iran.  3…Accusations against the Iraqi banking sector that allowed the Iranian regime to evade western sanctions.  4…Money laundering…  [Post 1 of 2]

Sandy Ingram – Dinar Guru  We do know there is a high level of expectation of certain tasks being completed by the Iraqi government in a short period of time.  We also know the delegation believed they could persuade the US Administration to postpone the restrictions imposed by the US Federal Reserve Bank on dollar transfers to Iraq.  Yeah, that didn’t happen…the article said the recommendations for the Iraqi delegations to follow what is described as media silence and not to reveal the scenes of what was discussed behind closed doors.   [Post 2 of 2]

Mountain Goat – Dinar Guru   Beginning of the White Paper reforms for Iraq …The Wealth Transfer is coming…  yes it is in progress. Weeks ago the IQD was taken off the sole peg to the US dollar. Surprise, surprise…!!! …This was done while implementing the US Treasury electronic platform. The reason for the platform was not just to curb corruption but also for Iraq to get off the US dollar. Yes, finally ditch the dollar. …Like many changes this will take time to adjust… Then Al-Alaq implemented quickly yet another step to the process including the lock-down of an official rate of the IQD.

Pimpy – Dinar Guru  Will there be an increase in the Iraqi dinar?  I hope so.  Whether it be a big one where the Iraqi dinar is actually exchanging with more value than the U.S. dollar, I don’t think so.  I could be wrong but I don’t think so…

Henig – Dinar Guru  Article:   “We reached a “good agreement” with Washington on the exchange rate crisis”  Quote:  “from now on, the import and export of dollars to and from Iraq will be through an electronic system,” adding that “the establishment of the electronic system will be in the interest of Iraq and the national currency (dinar).“

Sandy Ingram – Dinar Guru   Houston we have a problem.   Counterfeit dollars and Iraqi dinars found in Northern Iraq.   Article: “Counterfeit money sweeping northern Iraq”  Counterfeit US dollars deepens the financial crisis in Iraq as denominations of counterfeit US dollars appeared in the Kurdistan region.  Now the Minister of Finance and Economy in the Kurdistan region of Iraq called on citizens to pay attention and be aware of the spread of counterfeit local currencies and the US dollar.

Pimpy – Dinar Guru   It looks like Iraq is going to be working with Interpol.  If they catch anybody do money laundering or smuggling a currency to go ahead and turn them over because it’s a really important step in fixing everything that’s wrong over there in Iraq.

Mountain Goat – Dinar Guru  I am being told by my CBI contact that the CBI has about two weeks to prove they can withstand a rate of 1000 dinars to the US dollar… they will evaluate the situation and decide a “Go” or “No Go” to 1:1.  …we could very possibly see a rate of about 1 dinar to 1 dollar (1:1) in two weeks from now but I really do not think it will happen that soon. This is their goal in Iraq anyhow… Yes, I said 1:1 “in Iraq” as I have told you all along that the rate you will see in your country outside of Iraq may be much higher…This is amazing news…

Pimpy – Dinar Guru  Iraq is going to have to know how much currency is out there in circulation…the last thing you want to do is increase the rate of the dinar and turn around and enrich a terrorist group…If they’re going to do a huge rate change, I’m more than positive you’re going to see the redenomination of the Iraqi dinar because it wouldn’t make sense to turn around and enrich those very enemies that you’re trying to fight against.

Sandy Ingram – Dinar Guru  The IQD rate still does not show 1300 IQD to 1 US dollar.  We are not sure if the 1300 IQD rate is in effect.  However, a rate of 1310 IQD to 1 US dollar shows up on the Central Bank of Iraq’s website..

Paulette – Dinar Guru  …There will be a significant amount of USD going to Iran for imports and this will continue but under the “new mechanism”…Merchants conducting Legal business can purchase USD for 1320…Who is willing to pay nearly 14% more for their imports at 1530?  The Market is clearly still filled with corruption!  The Sudani GOI is stating all the right things about taking action against the corrupt that are causing this significant difference in the official and market rates and perhaps this is how they are “smoking out” the corrupt.  Time will Tell…it seems the clock is ticking.

Pimpy – Dinar Guru  Article: “US Report: Iraqi delegation in Washington came under ‘severe’ pressure from Biden administration”  To me this is just smoke and mirrors…they’re acting like they’re being hard on Iraq but I don’t believe it, not for a second.

Henig – Dinar Guru   Article:   “Government spokesman to Shafaq News: The Iraqi delegation to Washington reached “new mechanisms” on the dollar crisis”  Quote:  “…the American party has paid very attention to the Iraqi delegation in a very different way from all previous delegations that visited the United States of America during the past years…the two parties reached new mechanisms in cooperation and will contribute to the launch of large batches of hard currency into Iraq, and agree on the method of applying the electronic platform, and this will contribute within a very short period to the stability of the dollar exchange rate in the local market according to its official price, and this price will be stable in the coming days.”

Militia Man – Dinar Guru   We’re changing from an exchange rate topic to a value-related topic.  We have the foreign minister, finance minster and the central bank talking about value and value comes from not just an exchange rate per se but what’s the basis of that value.  That value is going to come from income streams, taxes, tariffs at the borders, natural gas, oil and …foreign reserves which is the dollar…and they have a lot of gold…the basis of all these meetings is definitely value.

Sandy Ingram – Dinar Guru   Article:   “Commission of Integrity issues 90 arrest warrants for official”  The officials include 4 MPs in the current parliament.  5 former MPs.  4 former ministers…2 current undersecretaries.  3 former undersecretaries …3 current governors.  14 former governors.  10 current General Directors.  27 former general directors…7 former members of government councils.

NORV – Dinar Guru   Despite the Central Bank’s decision to adjust the exchange rate to 1,300 dinars to the dollar from 1,470 dinars, confusion still prevails in the Iraqi markets. The exchange rates remain high despite the relative stability in the local stock exchange.

Pimpy – Dinar Guru  Article:   “Urgent the governor of the central bank reveals the secrets of the dollar’s devaluation and the reason for its rise in the market”  He’s saying there’s no reason to change the Iraqi dinar rate anymore.  He goes on to say anybody who wants an increase in the dinar versus the dollar must be wanting it for nefarious reasons.

Paulette – Dinar Guru Perhaps…However, Iraq has clearly stated that imports only require a maximum of 60 million/day…the citizens are being encouraged to hold and use IQD...where did the other 600 million+ go this week?  It certainly didn’t result in controlling the exchange rate as it still sits at 1530.  Somebody is clearly desperate enough to pay a premium for USD and is not willing to do it legally as they can purchase direct through the banks at 1320…many articles have stated that billions of dollars are syphoned out of Iraq and into other countries through the Currency Sales and that this “THEFT” has to end…Iraq has clearly stated that this excessive movement of USD is not a good thing…