Dinar Observer Daily

Pimpy – Dinar Guru  I’m not saying they’re going to devalue the currency right now.  What I am saying is if they stay below $70 [per barrel of oil] for the medium term, you can see them devalue the currency.  I don’t think it’s going to happen anytime this year because the year is almost over.  I’d be a little nervous going into 2025.

Clare – Dinar Guru  Article: “6 scenarios that the Iraqi Central Bank will work on, narrated by Al-Issawi ”  Quote:  “The economic expert stated that the Central Bank of Iraq is negotiating with the US Federal Reserve regarding ending the work of the electronic platform for foreign transfers and replacing it with direct banking relations between Iraqi banks.“

Mountain Goat – Dinar Guru …They don’t need any economic revival to put a fair market rate for the dinar back on FOREX. It is all a lie….They are “artificially” suppressing the rate of the dinar. When will this abuse of the dinar end?   I believe this end is near…

Samson – Dinar Guru-  Article: “Al-Alaq: 70 digital banks have applied to the Central Bank for a license“

Pimpy – Dinar Guru  All kinds of changes happening over in Iraq.  People have been bombarding me with questions.  Let’s go over this because this is something I mentioned earlier and then again I’m the bad guy.  It’s something you should be aware of that it might happen...Take a look at the price of Brent Crude – $74 a barrel.  What is the budget set by Iraq for the
cost?  $70.  They’re okay but it has dipped slightly below there.  It’s back up above $71 which is good but man, that particular cost per barrel IMO I thought was too high and I expressed my opinion back when they first did it.  What does that mean for Iraq?  If they don’t have enough money to cover the budget… they’re going to have no choice but to, yep, I’m going to say it, just like I warned you, devalue the Iraqi dinar.

Militia Man – Dinar Guru  They’re talking about Iraq as going global and to the international financial system.  With that has responsibility and that responsibility will be defended by the central bank.  That responsibility is to have a stable exchange rate and to provide commerce throughout the country in and out and across borders, with efficiency and transparency.   That’s what they’re going to have and that’s what they’re doing.  There’s looking to be no stopping it.  It’s brilliant.

Mountain Goat – Dinar Guru   … there are not any of the newer lower denominations out in circulation in Iraq…if the newer lower denominations were already in circulation…Without the revaluation of the dinar at least inside Iraq, the economy would crash because the money would be totally worthless …How could anyone…buy anything with the newer lower denominations dinar notes without first a revaluation? It would take truck loads of money just to buy groceries...the CBI would have formally announced the Project to Delete the Zeros as this is the ONLY way the lower denominations can come out…There will be NO SECRET when they come out…The project to delete the zeros has NOT yet begun.

Samson – Dinar Guru  Article: “The new strategic agreement between Baghdad and Washington.. results and repercussions!” Quote “The government of Prime Minister Mohammed Shia al-Sudani faces a complex and difficult task…”

Clare – Dinar Guru  Article: “Iraq buys nearly 52 tons of gold in three years”  Quote: “According to the latest schedule published in September by the Council…Iraq bought 51.9 tons of gold during the previous years from 2022 until September2024…Iraq bought 33.9 tons of gold in 2022, 12.3 tons in 2023, and 5.7 tons in 2024, including 3.1 tons in February and 2.6 tons in May.”

Militia Man – Dinar Guru  The news out of late is completely off the charts and it points to I believe international.  Internationalism is where Iraq is headed.  I don’t believe for a minute they’re going to stop until they complete it…

Militia Man – Dinar Guru  Article from Saleh financial advisor for the prime minister…they’re getting ready to be able to export natural resources, agriculture…It’s the economic renaissance…They’ve been talking about maximizing their non-oil revenue and reducing debts.  They’ve been knocking it out of the park…

Samson – Dinar Guru  Article:  “Economic renaissance and unprecedented progress… Iraq maximizes its non-oil revenues and reduces its debts“

Samson – Dinar Guru  Article: “Close to Al-Ameri: We support Al-Sudani, and there is no demand for his resignation or early elections“

Pimpy – Dinar Guru  For almost like a good six, seven eight months there’s all this hype, it’s going to change tomorrow, it’s going to change tomorrow because there was so much talk about the exchange rate.  I keep telling people…that’s not what’s going to happen.  There’s still things that need to be done.

Clare – Dinar Guru  Article: “Iraqi state banks account for 88% of banking sector investments”  Quote:  “The Prime Minister’s Advisor for Economic Affairs, Mazhar Mohammed Salih, confirmed…government banks account for 88% of the banking system’s investments, pointing out the necessity of reforming the banking system on the basis of market work, similar to international banks.“

Militia Man – Dinar Guru  The IMF Article IV 2024 consultation, one of the most important things was for [Iraq] to accelerate accession to the WTO.

Mountain Goat – Dinar Guru   I am going to give you a summary…of the other issues that are…on the table. They are on the near horizon and my CBI contact has also told me these are issues that also must be resolved:  Passing the Oil and Gas Law referendum, as required by their new 2005  Constitution.; Needed changes to The Investment Law No (13) of 2006 to meet the WTO requirements prior to full accession.; Institute the Pillars of Financial Reform in the Banking, Insurance and the Iraqi Stock Market. This goes hand in hand with the electronic banking effort…Iraq is going forward with the Project to Delete the Zeros and actually in the process of doing it not just talking about it again…we must stay grounded as this RV is coming to a closure and there is not much longer to wait.

Sandy Ingram – Dinar Guru  It is widely believed Iraq will need to increase the value of its currency in order to fully take advantage of the international transportation hub [Development Road Project] it is building.

Pimpy – Dinar Guru  They have to do something about that parallel market.  The reason why it’s so successful is because people prefer to get the US dollars if they can.  If businesses and travelers want to get more bang for their buck, they don’t have a problem with selling the US dollars for more Iraqi dinars, more than the official exchange rate.  It puts Iraq in a pickle…Do they raise the rate of the Iraqi dinar or do they lower it?

Clare – Dinar Guru  Article: “Iraq’s financial revenues exceed 77 trillion dinars in 7 months of 2024″ Quote: “The Ministry of Finance revealed on Tuesday that the size of Iraqi revenues in the federal budget during 7 months exceeded 77 trillion dinars, confirming that the oil contribution to the budget remains around 89%.“

Militia Man   “…Understanding between the Iraq Federal Government and the Kurdistan Regional Government…”  You have two entities coming together…They had a lot of turmoil in the past…  Now they’ve come to an agreement…A huge delegation from Iraq has gone to the Kurdistan region – The highest executive authorities in Iraq, the Ministerial Council of Economics…Planning, Trade, Interior, Central Bank of Iraq, legal…finance, oil department.  The whole list was immense…with their counterparts from the Kurdistan region…working it out, which reeks of national reconciliation…If they get National Reconciliation I can see Iraq is going to go so far.  It’s phenomenal…Reconciliation is historic.

Mountain Goat – Dinar Guru   …recently they have told us this electronic platform is going away at the end of 2024… corruption and money laundering is now all ending and has to end or we will not see any reinstatement. The instrument to do this is the Electronic Banking practices… Having the US Treasury inside of Iraq now helping with all these banking reforms is a VERY good thing not a negative issue. It is absolutely going to push the RV process for us…We might even say it is the LAST piece to put in place in the RV puzzle to clearly see the end to this RV saga.

Samson – Dinar Guru  “Parliamentary Finance Committee reveals its efforts to increase non-oil revenues and activate collection“

Clare – Dinar Guru  Article: “Central Bank of Iraq announces comprehensive banking reform map” Quote: “After the Central Bank delegation returned from the last round of negotiations with the US Treasury and the US Federal Reserve, it revealed the roadmap for radical and comprehensive banking reform…The Central Bank’s plan until the end of the year will reach 100%, with foreign transfers between Iraqi banks and correspondent banks, without going through the US Federal Reserve.“

Pimpy – Dinar Guru  Article:  “The parallel market will be overturned.  Sources: Upcoming decisions from he central bank that will confuse the markets and raise exchange rate.”  It’s interesting they don’t say which exchange rate…  Quote:  “He stated the decisions are likely to raise the dollar exchange rate in the parallel market…”  When they say raise the dollar exchange rate, that’s not good for us.  That means the dollar is rising up against the dinar…On the black market people are getting 1505 dinars for every $1.00… which is much higher than the 1320 for every dollar, the official exchange rate…It’s getting out of whack again.  As it gets harder and harder to get the US dollar, you’re going to see the black market really start to increase.  I’m curious to see what kind of decisions the central bank is going to make…

Militia Man – Dinar Guru  Article:  “The Parallel Market will be upended”  Quote:  “Expected decision from the central bank will confuse markets and raise exchange rates…These decisions will lead to an increase in the dollar exchange rate”  When you’re talking about the parallel market you’re talking about a black market…an illegal market, that’s subverting the platforms to get the dollar.  That’s coming to an end…They’re saying, parallel market…you’re going to have a problem.  If you don’t fix it you’re going to get hurt [If you’re holding dollars and not dinar].  They’re giving them [Iraqi citizens using the black markets] numerous warnings [to get out of the dollar].

Samson – Dinar Guru  Article: “Five Oil and Gas Laws in Parliament”

Clare – Dinar Guru   Article:  “The parallel market will be upended.. Sources: Expected decisions from the Central Bank will confuse markets and raise exchange rates Urgent“   Quote: “The Central Bank will issue new decisions regarding foreign currency prices and the method of trading them within Iraq…The aim of these decisions is to limit currency smuggling or its monopoly by the weak-willed.”

Kaperoni – Dinar Guru  Article: “Al-Sudani’s advisor reveals the results of the discussions between the Central Bank of Iraq and the US Federal Reserve”  Community Comment:  “Hopefully 1 step closer to the long awaiting financial reforms”  These steps are all good.  And for Iraq to ever raise the value,  they need these reforms along with diversifying their economy.

Pimpy – Dinar Guru  Article:  “Inflation in Iraq slightly increased in July”  Article quote:  “Inflation in Iraq reached approximately 3.7% in August of 2023 compared to 4.4% in August of 2022 despite the rise in inflation in Iraq’s neighboring countries.”  In other words Iraq has done a great job keeping inflation down…That’s what it is we’re looking for.