Dinar Observer Daily

Sandy Ingram – Dinar Guru  Kuwait is Iraq’s neighbor… they have the highest value currency in the world.  How did Kuwait get to this status?  For one the Kuwaiti money is hard, very hard, difficult to come by.  It is not plentiful like the Iraqi dinar or even the U.s. dollar.  Secondly Kuwait too is a an oil rich nation…

Paulette – Dinar Guru  I believe that the closer to the end of this year that Sudani’s GOI passes the budget, the greater likelihood we will see the CBI move to “restructure” the currency.  Realize, this “restructure” must also come with a significant rate change.  In country of course but a significant change nonetheless.  I am hopeful this will be 1.46 IQD to 1 USD.  I will certainly love to see $0.685 cents to 1 IQD going into January and then will sit tight knowing the RI is close behind.

Clare – Dinar Guru  Article:  “The “Finance” expects the Iraqi government’s vote on the budget: Parliament’s approval of it will take about two months”  Quote:  “the Iraqi Council of Ministers will vote on the draft general financial budget law for the year 2023 at the end of this month.”

Clare – Dinar Guru  Article “Central Bank: The exchange rate of the dollar will be returned to normal within two weeks”  Quote “…the exchange rate is still disciplined and will be returned to normal within two weeks, no more”

Kaperoni – Dinar Guru  I have stated numerous times the auctions are twofold, the first is to provide dollars to pay for imports for the country, and the second being to control the exchange rate by a balance between dinars and dollars.  This new action by the central bank will put more dollars in the auction weakening the dollar and strengthening the dinar which Parliament has been talking about for several months because of the effects on the poor.

Paulette – Dinar Guru  Sudani’s GOI continues working and I believe will pass the Budget in December…It then goes to Parliament who will likely read it after reconvening approximately 1/07/23…This will be the “1st Reading”...It will then go to Parliament’s Finance Committee for “study and observations”…this often can take 30 days or more...Parliament then does the “2nd Reading” …changes may have to be made which legally requires it go back to Sudani and his GOI to make changes...Upon return to Parliament, if all is agreed by Parliament, it can go for third reading and vote which is usually done “line item by line item”

Pimpy – Dinar Guru  When it comes to Iraq we’re always taking one step forward and three steps back…There’s problems with the currency auctions…they just can’t seem to get it together...the Federal Reserve has been auditing the currency sales…and they’re not liking what they see.  Some of the biggest issues that foreign investors and the International community had with Iraq – Money laundering and financing of terrorists…at least they’re catching these things…working with the United States to fix the issues…

Nader – Dinar Guru  The CBI or the government… didn’t make a decision yet to support [the dinar] with anything.  It’s detached from the dollars but not completely.  It should be detached by the end of this week or next week the beginning…the government have to support it with whatever they have reserve, gold…put if back on petroleum dinars…they have to attached it to something else.  It’s going to take a couple of weeks.  [Post 1 of 2]

Nader – Dinar Guru  …It has no support.  That’s why you see the dollar going up from 1460 to 1551 and it might get to 1552, 1553.  You’ll see in a couple of weeks it going back…things will get better.  You will see…The dinar needs some support…attached to some assets…the dinar will go up up quick.  It will be a dollar…I want to see 1160/1170 for now.  If it goes in that range I’m sure it’s gonna go quicker after that.  Right now we’re waiting for it to go in that range… [Post 2 of 2]

Sunkissed – Dinar Guru   Article: “Al-Sudani meets Al-Sisi and affirms Iraq’s keenness to maintain relations with its Arab and regional milieu:”  How can a country be a pioneer when they’re dependent upon another country’s currency because their currency is worthless? We all know that would be ridiculous! …Iraq is telling us exactly what they are doing here. Getting investment promises so that the moment they go article 8, these agreements go live so the international monetary process succeeds! This article should give everyone the assurance that Iraq is serious and on the threshold to ACTIVATE everything they have put in place and set in motion.

Sandy Ingram – Dinar Guru  Article:   “The Governor of the Central Bank of Iraq receives the IMF mission.”  The governor of the CBI met with the International Monetary Fund Minister of Finance…we know the IMF needs to sign off on financial recommendations for Iraq, meaning the IMF would need to approve or disapprove major financial issues pertaining to Iraq…

Pimpy – Dinar Guru   The lower the amount of dinars for every dollar the better for us.  We want to go all the way to the point where you get more US dollars for every one dinar.  That’s the direction we want to go in. 

Kaperoni – Dinar Guru  …This [auction] action by the CBI will not only help the citizens but it will help them with the IMF to meet compliance. Further liberalization also helps encourage investment in Iraq .  The real reason why they’re doing it though is to try to get the exchange rate back in line with the 2% spread limits the IMF has imposed. The current exchange rate in the market is around 1490 which is on the cusp of exceeding that limit making them out of compliance.

Clare – Dinar Guru  Article “Al-Maliki makes the approval of the oil and gas law conditional on this matter”  THAT IS NOT NURI AL-MALIKI ….. IT IS A DIFFERENT GUY SAME LAST NAME

Sandy Ingram – Dinar Guru  So what would they [Iraq] need to do in order to…increase the value of their currency?  One thing they could do would be to create a new currency like Kuwait did and provide a window of time when people could exchange the old Iraqi dinars for the new currency or they could go digital.  But where does either of these options leave us as investors? …Get a valid passport…there are ways you and I will be able to fly into the Middle East..we need to prepare for this option now…

Pimpy – Dinar Guru  I’m not saying it’s not going to change come this budget, mostly likely it won’t because the Central Bank said this is the rate it’s going to be for the next 5 years.  We are now 2 1/2 years into that 5 years.  We’ll wee what happens when this budget comes out…

Mountain Goat – Dinar Guru   One could almost say the news is once again just all about the currency. The pressure builds for the CBI to act now. Over 100 of the parliamentary members claim they will not even attend parliament sessions to vote on the new budget unless this issue is addressed in the budget.  …These are exciting times and personally I can’t see the CBI holding back this reinstatement much longer….

Clare – Dinar Guru  Article:  “The Central Bank announces that its cash reserves have exceeded the $90 billion mark”  Quote:  “The Iraqi currency is now witnessing a significant rise and recovery, as it is considered one of the strong international currencies, although it is not an international currency for circulation,”

Militia Man – Dinar Guru  Article: “Baghdad & Kurdistan Region at the table of Constitutional Entitlements”  The looks of things here are seriously on fire. They talk about budget and in detail, they went over the file with respect to key points that needed clarifications or reorganization, etc…IMO… Timing is ablaze with urgency..

Kaperoni – Dinar Guru   …The Central Bank announced they’re going to liberalize the foreign exchange.  Meaning they’re going to spend more dollars in the auction. This of course has impact on the dinar exchange rate… the reality is all they’re going to do is put it closer back to the rate it was a year ago around 1170 to $1…

Pimpy – Dinar Guru  There is a lot of talk once again about the change in the exchange rate.  I think some people are misinterpreting what they’re reading… Article:  “Government official: Dollar exchange rate will fall and its impact in a week”   …they’re talking about controlling the actual market itself…they are going to do what they can to make sure they maintain a specific rate...Be careful with all the rumors…talking about the exchange rate going to happen.  You got to hear directly from the Central Bank and no one else.

Nader – Dinar Guru   They [the CBI] didn’t say how much.  They [the CBI]  just said to the old numbers and then it’s gonna go down gradually…that’s good news.  I’m happy about that.  It will help me out a lot actually if it goes down to 1160.  There’s a new decision has been made…from here to maybe next week or the week later you’re gonna see changes.  Maybe this week we don’t know.  So get ready for it.

Pimpy – Dinar Guru  When it comes to this new government in Iraq it is moving quickly and I mean very quickly.  Not just locally but internationally…

tlm724 – Dinar Guru   Article:  “Association Of Banks: Central Bank Measures Will Return Dollar Prices To Their Rates Quickly”  Quote:  “those who criticize the central bank must be aware that its measures announced yesterday by increasing the supply of dollars through its approved outlets and banks will inevitably lead to the return of the price to its target rates inevitably and quickly.“

Clare – Dinar Guru   Article:  “Government official: The exchange rate of the dollar will decrease and its impact will be after a week”  Quote:  “A government official confirmed, on Monday, that the exchange rates of the US dollar against the Iraqi dinar will decrease with the Central Bank’s decision to increase the weekly share of banks, exchange and mediation companies, pointing out that the decline will have an impact next week.

Kaperoni – Dinar Guru  The Prime Minister of Iraq met with the central bank governor…He was instructed to take steps to improve the banking system.  The governor was directed to further liberalize foreign exchange. The benefit of such a move helps Iraq integrate with the global banking system, increase investment and encourage financial integration…this should put Iraq in a position to accept IMF Article XIII...   [Post 1 of 2]

Kaperoni – Dinar Guru  This step by the central bank today will help perpetuate investment and develop their economy. It is a first step of many.  Liberalizing the foreign exchange and access to dollars should also have an affect on the dinar exchange rate. Though they are not talking about an RV they are talking about using the liberalization to raise the value back to what it was a year or so ago around 1170 to $1. [Post 2 of 2]

Militia Man – Dinar Guru  Article: “In the document.  The central bank decides to increase the weekly share of dollar sales“  Are they about to make a big move?

Clare – Dinar Guru  Article: “Starting tomorrow… the Central Bank of Iraq is moving to reduce the price of the dollar (document)”  Quote: “The Central Bank of Iraq decided, on Sunday, to increase the weekly sales of the US dollar in the currency auction, in an attempt to restore the exchange rate to its previous state.“

CandyKisses – Dinar Guru  Article: “Parliamentary: Discussions and Dialogues to Review the Dollar Exchange Rate”  Quote: “MP Najwa Hamid confirmed the House’s move towards reconsidering the dollar exchange rate.  Hamid told Mawazine News that “there are discussions and dialogues between members of the House of Representatives, and the Finance Committee specifically to reconsider the dollar exchange rate, and we believe that an appropriate price will be maintained.“