Dinar Observer Daily

Clare – Dinar Guru   Article:  “Prime Minister’s Advisor: Central Bank Decisions Contribute to Reducing Inflation Rates in the Country”   Quote: “The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, explained that the decisions of the Central Bank contribute to reducing inflation rates in the country, and pointed out that economic growth contributes to strengthening the value of the local currency“

Militia Man – Dinar Guru   Why is Saleh, the Financial Advisor, talking so much about ‘enhancing the value of the local currency’?  Isn’t that what we’re waiting for?  Article quote: “…Central Bank’s policies play a major role in the stability of the currency which achieves harmony between the internal value of the currency and the external value…he added a booming and sustainable economic growth in GDP contributes to enhancing the value and stability of the currency…”  Saleh is openly talking about the value of their local currency, internal/external value, reducing inflation, stability of the value of the currency, strength of the national currency, enhancing the value of the currency.  It’s off the charts.  They talk about being historic, with language like that, I’m looking forward to something that’s going to historic.

Mountain Goat – Dinar Guru  I was…told Wednesday in my conversation with my CBI contact that Baghdad now has installed the huge TV screens…They also told me that they are getting ready to broadcast the swap out of the currency video…they do not expect to conduct the swap out until late this year, after the US elections and my information tells me that January is most appropriate.

Clare – Dinar Guru   Article:  “Passing the investment law within two weeks.. What are the positives?“

Samson – Dinar Guru  Article: “100% complete.. A government advisor announces the completion of the development road designs“

Militia Man – Dinar Guru  It takes time to get things done.  Now we’re watching all of these things come together at the end.  I think Iraq has made significant adjustments to what they’ve been doing.  I think their non-oil revenue streams is going to bring value to their country…Iraq…glory days was based off of just oil…Iraq has a lot more than just oil…Liquid natural gas, that’s a massive amount of income.  They used to burn it and flare it and just waste it.  Now they’re going to produce it and ship it, likely to Europe…They’re going to bottle that gas and sell it…They’re not only going to increase their oil but they’re going to increase their non-oil revenue streams.  That’s where all the ability to be able to support the value of their currency…

Clare – Dinar Guru   Article:  “Zaha Hadid Architects Unveils Construction Progress of Central Bank of Iraq Skyscraper in Baghdad”  Quote: “The Central Bank of Iraq (CBI) headquarters…is a new landmark on the banks of the Tigris River in Baghdad. Now the tallest building in the city, the 170-meter-tall skyscraper aims to echo the values of the institution: solidity, stability, and sustainability.“

Samson – Dinar Guru  Article:  “Trump Family Cryptocurrency Project Promises to ‘Ensure US Dollar Dominance‘”

Mountain Goat – Dinar Guru   I had an interesting conversation with my CBI contact.  It was confirmed that they are moving toward a January 2025 reinstatement. I know none of us like to hear this… We all know they planned for a late summer reinstatement, but that plan failed and the US Treasury finally stepped in to help out… Now we move on to a new chapter and another attempt at it.

Pimpy – Dinar Guru    No, there is no ‘in-country’ ‘out-country’.    It’s the same everywhere.

Militia Man – Dinar Guru   Article:  “The Central Bank of Iraq reveals the mechanism for ending the electronic platform”  Quote:  “During the year 2024 and until now, 95% of the transfer process from the electronic platform to the correspondent banking mechanism directly between it and Iraqi banks has been achieved, which means that only about 5% of it remains…which will be transferred…before the end of this year…”   We should all be very clear about what is transpiring before our eyes with Iraq’s reforms…We are seeing the end results with a mere 5% left to complete…So they already achieved what they were working on in the past. They are ready for completion to the best of my understanding now. Not later. Wow!

Sandy Ingram – Dinar Guru   [I’m] more concerned than ever that Iraq will take action to reduce the circulation of the Iraqi dinar to a manageable size which will automatically help increase the currency’s value.  The question then becomes will outside investors be included in the exchange?  Update your passports for travel to Jordan, Turkey or Egypt where Iraq now has banks…

Clare – Dinar Guru  Article:  “Government Advisor: The talks between the Central Bank of Iraq and the US Federal Reserve achieved advanced results”  Quote:  “Salih, confirmed…the renewed understanding with the US Federal Reserve will allow the monetary authority to restore an internal banking market, while he indicated that the results of the discussions between the Central Bank and the Federal Reserve are good and consistent with the rules of work, and he pointed out that they will allow for the implementation of a precise path between Iraqi and international banks“

Pimpy – Dinar Guru  A few days ago an article come out, “Two conditions for achieving it. Sudanese adviser rules out removing 3 zeros from the coin”  My fingers were crossed and I was hoping they would not remove the zeros…That’s step one, don’t remove the zeros.  Now, do we want the exchange rate to change?  Yeah.  Now is the time while the zeros are still on there.  I’m not saying that’s going to happen but what I’m saying is if it was ever going to happen the way we wanted it to, now is the time.

Samson – Dinar Guru   Article:   “The Central Bank of Iraq reveals the mechanism for ending the electronic platform“

Militia Man – Dinar Guru  Article quote: “All the currencies Iraq will be doing business with are now in compliance with the international standards and traded on the Forex…”   With respect to that, I think it’s time for everybody to sit back, relax, watch it as it happens…We’re all excited.  Maintain some groundedness because I believe there’s no stopping this at this stage of the game.  They have so much they’re telling us…It’s truly amazing..

Mountain Goat – Dinar Guru  …One of the loose ends is the much-needed amendments to the Iraq Investment Law. They told us in an article that the WTO requested some changes to the law. In this same article, they told that this was the ONLY issue holding Iraq back from full accession… So, what pops out in the recent news. The article is titled “PARLIAMENTARY ECONOMY COMMITTEE DISCUSSES AMENDING THE “INVESTMENT LAW”. The Iraqi legislative arena is currently witnessing intensive discussions about the fourth amendment to Investment Law No. 13 of 2006, as amended, in light of the significant expansion of investment activity in the country in recent years. So we may see this law very soon. Then the WTO.

Clare – Dinar Guru   Article:  “Economist talks about new measures after stopping transfers”  Quote:  “the Governor of the Central Bank of Iraq, Ali Al-Alaq, in New York over three days with US Treasury officials gave a new boost and confidence to the Iraqi banking system…The Central Bank of Iraq will stop dealings with foreign correspondent banks in the future and reduce reliance on them, after developing the Iraqi banking relations network…and gradually ending work on the electronic platform for transfers and replacing it with direct banking relations between Iraqi banks and the network of international correspondent banks.”

Militia Man – Dinar Guru  Article:  “Away from the grey list”  Article quote:  “Due to the spread of this phenomenon means the Iraqi business environment has become compliant with international standards.”  They’re ready to be Article VIII compliant…To be in compliance you’re going to have to have an exchange rate…1310 isn’t one of them… This reeks of Article VIII compliance with the IMF, knocking on the door.  I think that is powerful.

Mountain Goat – Dinar Guru    …Iraq told us all about how they fully intend to get back the “glory days of dinar” and so…Yes, simply put, they are doing it… at this point the pieces are all aligning so nicely…it’s all about implementing the Financial Reforms and then comes the Project to Delete the Zeros followed by the Reinstatement.  You can’t do one without the other… it certainly “is not all done”… the path to the reinstatement is crystal clear… you can see the writing is on the wall. I don’t say this lightly either. We are just about there…  

Clare – Dinar Guru  Article:   “Central Bank of Iraq makes progress in reforming banking sector”  Quote:  “US Ambassador to Iraq Alina Romansky confirmed [via tweet]…the Central Bank of Iraq has made progress in reforming the banking sector...We commend the progress made by Iraq and the Central Bank of Iraq in reforming the Iraqi banking sector in partnership with the US Treasury and the Federal Reserve during recent meetings in New York, where the two parties discussed ways to cooperate to enhance transparency and integrity in the Iraqi banking sector.”

Clare – Dinar Guru  Article: “Ministry of Finance: Iraq maintains its credit rating and foreign exchange reserves level” Quote: “…the latest report issued by Standard & Poor’s Credit Rating Agency (S&P), Iraq maintains its credit rating at B- / B with a stable outlook, indicating financial and economic stability in Iraq”

Militia Man – Dinar Guru  The reason why I’m in this investment is because I listened to the IMF.  I read the IMF documents.  One of the longest reports I’ve ever read.  I read every page…198 pages.  That’s where the IMF talked about $3.22. that was what the exchange rate was back in those days.  Reinstatement…Revaluations are legal things.

Samson – Dinar Guru  Article:  “For the first time, Iraq was chosen to chair the Group of 77 and China at the United Nations“

Sandy Ingram – Dinar Guru  Iraq’s employment rate, inflation rate and GDP affect the value of [Iraq’s] currency.  The Development Road Project will positively affect Iraq’s economic status and provide a dependable income stream outside the oil industry.  As a global corridor to transport goods and energy the project will generate many jobs and investment opportunities for Iraq and the countries of the region as it will attract global trade.

Clare – Dinar Guru  Article:  “US Treasury praises Iraq’s progress in monitoring transfers and selling dollars”  Quote:  “The US Treasury Department praised the remarkable progress made by the Central Bank of Iraq in strengthening control procedures over foreign transfers and cash sales of the dollar, while considering that these steps contribute to strengthening financial and economic stability in the country“

Kaperoni – Dinar Guru   Article:  “Central Bank meets with electronic payment companies and contracts with an international auditing firm in New York”   Community Comment:   “They have been saying that for 15 years.”  Clearly you do not stay up to date… Iraq is making progress ever so slowly. Digital payments and electronic banking is the future in Iraq and will take effect early next year. The new Central Bank building will become a beacon in Iraq as they diversify their economy.

Militia Man – Dinar Guru  Back in the old days…when Saddam Hussein was around, when their valuations were out [$3.22], they were valuing based off of what?  Oil.  They didn’t have non-oil revenues.  Times have changed.  They need to renew all of that…They’ve had plenty of time to do research and analysis to…provide an appraisal for the people that need to know the numbers.

Clare – Dinar Guru    Article:  “Prime Minister’s Advisor Announces Increase in Non-Oil Revenues Compared to Previous Years”  Quote: “Saleh…oil revenues (semi-annual) for the year 2023 amounted to 53.88 trillion dinars, while non-oil revenues amounted to nearly 0.42 trillion dinars (during the six months of the same year 2023),” indicating that “oil revenues in the first half of the year 2024 amounted to 58.80 trillion dinars, while non-oil revenues (at the end of the first half of the year 2024) rose to reach 7.18 trillion dinars“

Mountain Goat – Dinar Guru …I was told [by CBI contact] once again the process will begin with “EDUCATION” followed by “ACTION”… Yes, we have seen some of it already but there is more to come… Also...the necessity of the parallel market to get very close, if not matching, to the official CBI rate.  We are watching for this and it has not yet reached its goals.