Sandyf – Dinar Guru   People should note that Iraq was effectively removed from UN Chapter 7 in 2013 when the Kuwait missing persons issue was transferred to Chapter 6.  Quote:  “the United Nations Security Council decided on 29 June to address the remaining question of missing Kuwaiti persons and property under Chapter VI, i.e. by peaceful means.  Iraq’s only remaining Chapter VII obligation is the payment to Kuwait of 8.5 billion euros, which is to be completed in 2015 if Iraq maintains the current pace of reimbursements. The UNSC decision therefore closes, both literally and figuratively, a painful chapter in Iraq’s history” There are still Chapter 7 sanctions in place against Iraqi individuals and entities but that has no bearing on Iraq as a country.

MilitiaMan – Dinar Guru   As at this stage…I don’t think we have ever been in such a good place as we see now from what they CBI is telling us.  They clearly state the positive effects of the reduction in the Iraqi Dinar is to be good for the global economy. They are telling us imo they have to raise the rate and in fact they go so far to state they made the decision to do so already.  By doing a reduction in Iraqi Dinar (raising the value) they have to stop the auctions as we know them. That is flat out pressure, if not mainly saying get ready we have to now raise the rate internationally, as we decided to reduce the auctions to once a week by reducing the Iraqi Dinar. The CBI is talking powerfully with what they are saying…imo. [post 2 of 2]

MilitiaMan – Dinar Guru   Article quotes:   “…the reduction of the Iraqi dinar and its impact on the Iraqi economy, some describe this reduction as support for the global economy…”;  “…there were comments from the audience and views and proposals on the decision to reduce the Iraqi dinar…”   there is far more that I am excited about and for very good reason…imo. Here are a few of them [quotes] that clearly suggest they are raising the value of the IQD and not next year. They would implode from inflation. They are quitting the auctions thus, they have to raise the rate and pronto. Very clear and concise..imo. [post 1 of 2]

Chattels – Dinar Guru  “The improvement in relations between the KRG and the federal government in Baghdad has created good conditions for foreign companies to invest “, Lutes said…”  “We know that Iraq and the Kurdistan Region of Iraq are at a pivotal moment. We think it is an opportune time for American companies to be looking to come in to invest and do business…”  I used to say that as Kurdistan goes, so goes our investment. What I meant and mean is that Baghdad – Erbil relations are key to socio-economic stability and a functional government, IMO. Does the foregoing article mean that we have arrived at such a point? No. but hope springs eternal.

Mountain Goat – Dinar Guru  Article:   “AMENDMENT OF THE BUDGET INCLUDES TAKING A PLEDGE FROM PRIME MINISTER ADEL ABDUL MAHDI TO RESOLVE THE POSITIONS OF PROXY BY OCT 1st.”   …look at his deadline date – Oct 1st.

Mountain Goat – Dinar Guru   Article:  “CBI ENCOURAGES BANKS IRAQ TO DEPLOY ELECTRONIC PAYMENT TOOLS REPRESENTED BY ATM AND POS”  Note this article DOES NOT say that the lower denominations (1, 5,10,25,100,.25, .50, etc..) are now available in the ATMs.

Mountain Goat – Dinar Guru    Article quote:  “…the delegation of the Security Council, which visited Baghdad yesterday DID NOT DISCUSS THE ISSUE OF LIFTING IRAQ FROM CHAPTER VII.”  …this is BIG…We just learned that Iraq is not “fully” out of Chapter VII.  It is the provisions to repay Kuwait. But didn’t Kuwait accept a deal to repay with gas sent from Iraq? Isn’t Iraq even building a pipeline to do so?  So we see all of this must be recognized still by the UN security council and they voted on to lift “all” of Chapter VII sanctions. So yes, this could be part of the holdup in letting the reinstatement go. But why are they bringing this up now?  They are bringing this up now because the Sadr movement want to move ahead and do the reinstatement and get the CBI to complete the project to delete the zeros. Not wait any longer…  But there are pieces to this that still must be clean up.

…A portion of the letter that John Adams wrote to his wife, Abigail, regarding Independence Day, on this date, 243 years ago.

“I am apt to believe that it will be celebrated, by succeeding Generations, as the great anniversary Festival. It ought to be commemorated, as the Day of Deliverance by solemn Acts of Devotion to God Almighty. It ought to be solemnized with Pomp and Parade, with Shews, Games, Sports, Guns, Bells, Bonfires and Illuminations from one End of this Continent to the other from this Time forward forever more.”

(Thanks Daniel)

Sandyf – Dinar Guru    The IQD is an Article 14 currency, so where does out of Article 8 come into it. Iraq needs to move to Article 8 for the IQD to gain guaranteed redemption and become internationally recognized.  This move would make the currency Partially Convertible, a currency has to be heavily involved in international trade for many years to be recognized as Fully Convertible.  Article 14 currencies change value all the time but they are not traded on the lower forex markets only the higher corporate levels. Companies that do handle Article 14 currencies do so at their own risk.

Adam Montana – Dinar Guru   I hope you understand how huge this is for Iraq. They are one of the founding members of OPEC. The 2nd largest producer in the group. Iraq is agreeing to support these cuts.  But they did not agree to join the group in their cuts.  This gives Iraq carte blanche – complete freedom – to increase their production on a moment’s notice, revalue their currency, and corner the market while they rake in cash to cover their “expenses”. They may be operating on an increased production as we speak, stocking up hidden stores of oil in preparation for a huge push to bring in a massive amount of capital to cover the RV. There is more than one way to skin a cat, as they say, and that’s just one aspect.   The above is certainly an oversimplification of the big picture, but the fact remains – Iraq is nodding in agreement with the cuts, but they have never committed to it.  NOT.  ONE.  TIME.   [post 3 of 3]

Adam Montana – Dinar Guru    Iraq is noted as the second largest producer… wait, what? We’re talking about BLACK GOLD here, one of the most valuable commodities on the planet. And Iraq is #2… yet the currency they use is currently over 1000X weaker than the US dollar.  Collectively, OPEC nations have over 80% of the world’s known oil reserves… yet Iraq, the 2nd largest producer in that group, has a currency that would require 2000 pieces of it to buy a loaf of bread at your corner store.  OPEC as a group agreed to keep oil production low, to stimulate oil prices. The majority of the members placed their name on the list of participants in this endeavor when it was originally voted on.  The majority of the members did that… Iraq specifically did NOT.   [post 2 of 3]

Adam Montana – Dinar Guru   Interesting times right now. GOI members are playing very nicely… The G20 didn’t produce any immediately exciting news that I’ve ran across, but it didn’t bring us anything bad either. Back in the news, and worth a review, is the current OPEC agreement. Article:  “OPEC deal important for oil market stability: Iraqi PM”   Important notes in that article: 1. Iraq is the 2nd largest oil producer in OPEC. (Does it make sense that it’s currency is valued so low?) 2.  The production limitation agreement has been extended for 9 months – to boost the price of oil, rather than overproduce and drive the prices down.  The amount of time the agreement has been extended isn’t as important as the mere fact that it IS extended.  Oil is hovering just under that $60 mark, and the stability is a great thing. Stable oil prices = comfortable accountants = solid footing to RV. (Yes, the accountants have a say!)  [post 1 of 3]

Mountain Goat – Dinar Guru   The PM still needs to get the education minister ratified by the parliament and this is still scheduled for this week to be completed, maybe a vote today.

Mountain Goat – Dinar Guru  Article:  “LAUNCH OF THE MASTER CARD AFTER PROVIDING ELECTRONIC SHOPPING TO LOCAL AND INTERNATIONAL MARKETS“  So any new international credit/debit card will need FOREX to find the rate first when converting to the country’s currency you are in when outside the country thus international. This is how it works. …So the questions is this – will they have the new reinstated rate on FOREX shortly for these cards to work internationally?

Mountain Goat – Dinar Guru   Article:   “PARLIAMENTARY MOVE TO RAISE THE PRICE OF THE DINAR AND MAINTAIN THE STABILITY OF INFLATION” Quote:   “THE CHANGE WILL RAISE THE EXCHANGE RATE OF THE IRAQI DINAR AGAINST FOREIGN CURRENCIES while maintaining the stability of inflation in the country”  this means to put the dinar on a float. To do this means reinstating the dinar on FOREX.  Quote:  “The Commission is DETERMINED TO MAKE THESE CHANGES DURING THE NEXT PHASE and NOT TO FOLLOW THE TRADITIONAL METHODS ARE NOT APPROPRIATE AT THE MOMENT.”  “TRADITIONAL” means the current currency auctions will go away as they use today.

Iraqi prime minister under more pressure to deliver reforms

Now, Abdul-Mahdi, in office for only eight months, is facing the threat of being toppled even before his term is over.

LONDON – Iraqi Prime Minister Adel Abdul-Mahdi is under increasing pressure to deliver on the range of reforms he promised despite his success to fill three key ministerial positions that had been vacant since his appointment last October.

The Iraqi parliament voted on June 24 to approve naming Yassin al-Yassiri as interior minister, Najah al-Shammari as defence minister and Farouq Amin Othman as justice minister. The post of education minister, however, remained unfilled…

Read More: Dinarupdates.com/blog

Tman23 – Dinar Guru  …I posted month or so ago about replacing the CBI governor...that doesn’t come until September 28th so ignore all the other chatter… I told you this was happening month ago and now you are seeing it in print…

Larrykn – Dinar Guru  ...Iraq has never said they were going to do the RV next year, they never said anything about the RV. Its just what needs to take place for them to do it is the question, which IMO could happen anytime they feel they are ready. They seem to have been moving forward a lot lately so time will tell…I don’t care where they start at or how, just do it…seem to me they have got a lot done that I thought they need to get done but I still feel some Laws need passing, which hasn’t happen yet…

Tman23 – Dinar Guru  ...couple days to July 1 G20 in Japan where the issd board meets and sets precedence …Sept 28 2011 is when Abadi as the chairman of finance committee made an announcement that the 3 zeros were set to be lifted at the start of the new year. he made another around October 8 which spoke on providing the new lower notes were available….. Soon after CBI governor Shabbibi was in Japan at the issd meeting (this was noted a attending a convention)….. IMO from research and info this is where the MAGIC happens… Maliki placed the warrant for Shabibi while he was in Japan never to return to Iraq again… So what is happening now is very interesting !!! 

G-Lin – Dinar Guru    …The IMF Art. IV report is due out in July. It should give some good info.

Mountain Goat – Dinar Guru   So parliament is now into their 2nd legislative term. Didn’t they tell us they wanted to complete the project to delete the zeros during the current or 1st legislative term? Here we sit with still no reinstatement. But remember this is not a simple process of flipping a switch and so it may still very well be in the making soon. Just relax and let’s see what happens in the coming week.

*** Dinar Newsflash ***  PM Mahdi sent a new name for the Minister of Education to be voted on by parliament .  Unfortunately, this person was denied.  This means the government is still not officially formed.  What’s not completely clear at this point is whether Mahdi included a name to parliament for a permanent Central Bank of Iraq governor.  The name being reported is Ali Abdul Allawi.  There was intel about a possible change at the CBI several months back…now it appears a change may be near.

Larrykn – Dinar Guru   Iraq has never said they were going to do the RV next year, they never said anything about the RV. Its just what needs to take place for them to do it is the question, which IMO could happen anytime they feel they are ready. They seem to have been moving forward a lot lately so time will tell…

Breitling – Dinar Guru   …When I first got into this investment from the reports I got…I thought it was going to revalue at 12 cents.  That was the highest it was going to go.  This was in the very very early stages.  So that’s how I bought my dinar based on that.  Then later on down the road they started saying hey, “we want it to come in at $1.18.  Eventually we want it at $3.25.”  Understanding in my mind that it’s going to be a process that it’s not gonna be boom its gonna revalue.  They specifically said it’s going to be a process.  I believed in it and I still do believe in it…

Adam Montana – Dinar Guru   Even though Iraq isn’t technically “present”,  it’s not difficult to understand that anytime oil, money, gold or gifts leave Iraq – they are touched by one or more of those major players listed above. For Iraq to be successful in raising the value of their currency, they need to be able to operate their business, and the G20 Summit will have an effect on how the global money game is played for the next year. Once the Summit has concluded, Iraq may change their tactics slightly, but most importantly they will be free to make a decision and act accordingly.  It’s a big deal, and it’s good.  So although I don’t expect an RV announcement to be made at the Summit, or directly because of the Summit, I do think it’s reasonable to expect some actions after the summit. 

Adam Montana – Dinar Guru   …This time of year has historically been big for Iraq. Monumental items like Chapter 7 unfolded in late June, and there’s another important event right around the corner:  The G20 Summit.  Quote:  “The Group of Twenty (G20) is a global forum comprised of twenty of the world’s largest economies, focused on addressing global economic challenges. Its membership includes nineteen countries—Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the United States—and the European Union.”  You probably noticed that Iraq is not on the list. In that case, it might not be immediately obvious why this even matters to us, so I’ll explain a small part of it…  [post 1 of 2]

Breitling – Dinar Guru  …Iran and currency and Iraq being a backdoor advantage…is specifically because of the U.S. dollar.  So if Iran is cut off from the US dollar market wise they could probably funnel some US dollars or use U.S. dollars through Iraq.  But that is being shut off.  Iraq can see the light and they’re pivoting.  This is crystal clear what is happening.  They might even support Iran and have empathy toward Iran but they know who’s going to win at this.  They know the result and they don’t want any part of the losing team at all.  So it’s kind of a hard pivot…It’s kind of amazing.  You can see it in the news.  You can see what they are doing through the GCC.  Through all the stuff that’s coming down the road…

Breitling – Dinar Guru   [Question: “Would the revaluation be held up knowing that Iran has Iraqi dinar with sanctions against Iran the US might influence or convince Iraq to hold up until the Iranians come to terms.  Why allow dinars to be worth more? Iran would just continue to fund its war machine?]  …Iran has a foreign currency reserve just like every other country.   In other words they have US dollars in that reserve.  They have Russian rubles…all sorts of currencies…no body knows the combination.  How does that money get transferred?  That’s the key you need to understand on what it is that if Iran has dinar why it doesn’t matter…One of the part of the sanctions was we are going to stop Iran from using the Swift accounts…it’s an electronic blockade…so they can’t use any of their currencies...so if they have dinar and there is value added, they can’t use it to trade efficiently…don’t worry about the Iraqi dinar in Iran’s hands and it revalues…It’s not going to change anything.  It’s not going to give them an advantage…

Larrykn – Dinar Guru   …the cbi and the government are to different entity but they do work with each other, my thinking of them moving forward was that until today they had not seated their government and unless they did so I can’t see them moving to doing anything with their currency, now that they have I like to see the laws needed getting done, like the Investment laws and others. I hope to see that done soon. It finally looks like they are going in the right direction. 

Sandyf – Dinar Guru    …the CBI and the Government are completely different entities from one another. The CBI is the one who is responsible for the currency and can change the rate not the Iraqi Government. A central bank is only responsible for the currency, a government is responsible for the monetary unit, of course you would need to understand the difference.