Dinar Observer Daily

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.

Samson – Dinar Guru  “Prime Minister’s Advisor Announces Increase in Non-Oil Revenues Compared to Previous Years“

Militia Man – Dinar Guru  Non-oil revenues is going to increase…It will enhance the value if they’re not just basing their value on oil, which is massive. 

Samson – Dinar Guru  Article ”Eight months of waiting: The Iraqi budget is held hostage on the shelves“

Clare – Dinar Guru  Article: “Oil Minister: I expect gas reserves to increase to more than 200 trillion cubic feet” Quote “Oil Minister Hayan Abdul Ghani confirmed…the gas reserves achieved in Iraq amount to 128 trillion cubic feet and it is expected that these quantities will increase to more than 200 trillion cubic feet through these areas spread in the western region, which, by investing in them, will achieve self-sufficiency in gas and perhaps Iraq will turn into a country exporting gas to the countries of the world...We are about to go to the United States of America to present these exploration areas to specialized  American companies with the aim of investing in these areas and sites.”

Nader – Dinar Guru  Whatever who told you…the small category has been released and all that, not yet.   That doesn’t release it in one part of the country.  The whole country work the same thing.  They whole system the same.  When they release, they release it to all banks…

Militia Man – Dinar Guru  One of the hopes is Iraq is going to try to work with other countries in the region to defend their currency.  They’re going to try to keep it as stable as they possibly can.  Having flexibility to the exchange rate so they can move it a little bit here and there so they can inject money, take money out or buy and sell the dinar etc is something they’ve got on their mind.

Samson – Dinar Guru  Article “Oil Minister: I expect gas reserves to increase to more than 200 trillion cubic feet“

Clare – Dinar Guru  Article: “Oil Minister reveals upcoming visit to US to discuss gas investment file”  Quote: “The Ministry of Oil plans to offer these gas investment opportunities to specialized companies, and we have a visit to the United States soon for this purpose, as we plan to offer them to international American companies.”

Sandy Ingram – Dinar Guru The Iraqi Ministry of Finance revealed…the country’s financial revenues in 5 months surpassed 54 trillion dinars, approximately $41.3 billion.  Wow.  Data released by the Finance Ministry for the months of January, February, March, April and May 2024 showed oil exports are still the main resource for Iraq’s general budget representing 89%…Non-Oil revenues were 6.78 trillion dinars, approximately $5.2 billion…

Militia Man – Dinar Guru  Article: “After the success of the recent negotiations in Washington…the Central Bank succeeded…in diversifying the basket of commercial currencies.  Indicating this will lead to a significant decrease in the demand for the dollar...This meeting with…the Central Bank of Iraq…US Federal Reserve and US Treasury, which lasted for 3 days…”  Commercial currencies with the Iraqi dinar.  They’re not going to do that at 1310…When things change everybody’s going to be ready to do business with Iraq.

Samson – Dinar Guru  Article  “Oil Minister reveals upcoming visit to US to discuss gas investment file“

Clare – Dinar Guru   Article: “Oliver Wyman Company and lifting sanctions on banks banned from the dollar ”  Quote:  “A firm like Oliver Wyman can therefore help sanctioned Iraqi banks understand the sanctions imposed on them, work on strategies to mitigate their impact, and even help remove these sanctions in some cases.”

Militia Man – Dinar Guru  Article:  “Al-Mashhadani announces the approval of the majority of deputies to his nomination for the post of Speaker of Parliament”  Now it is waiting for a vote. Let’s see how long that takes…I do believe the optics of having all three presidents in place when they fully open the doors to the world with their real effective exchange rate, will or would be well accepted globally.  Investors would likely see it as security and stability.