Dinar Observer Daily

Nader – Dinar Guru  ‘Nader you said it was going to happen in June.’  No I didn’t say in June happen.  I said June they’re a possibility for them to work on the dinar because each time they worked on him it’s between June and August…They created a new white paper.  They’re going to start working on the exchange rate and I think from here to the 8th of July.  We’ll see what’s going to happen.

Militia Man – Dinar Guru  That vote is prior to markets opening in the United States in New York.  Will they vote?  Will they do it?  We’re going to find out

Pimpy – Dinar Guru  Article:  “The document..The House of Representatives votes next Monday on the budget schedules“  Finally after all this time.  There was a huge delay.

Militia Man – Dinar Guru  The totality of the Development Road Project, 1310 is not going to work.  They just don’t have enough money printed, period.  They just don’t.  We’re going to have to see how all that ties in with the budget because one of the things that’s still on the table is the Delete The Zeros Project.  If that’s the case trillions turns into billions quite quickly…If they do what they say they’re going to do it becomes far far cheaper.

Samson – Dinar Guru Article “Iran: Iraq is one of the richest countries in the Middle East”

Pimpy – Dinar Guru  I don’t think it’s going to RI but it definitely will revalue, without a doubt it’s not going to be reinstated.

Militia Man – Dinar Guru  The House of Representatives will vote next Monday on the budge schedules…We’ve been waiting for it… Is it important?  Is it not important?  Obviously it’s a focus.   Article Quote: “Mustafa … announced the House of Representatives intends to vote on the financial budget tables for the year of 2024…It will be held at 3:00 in the afternoon on Monday.” 

Samson – Dinar Guru    Article:   “The Finance Committee confirms the approaching end of its work on the budget tables: We are ready for Monday’s session”  House of Representatives are under the gun – Monday 3:00 PM Baghdad Scheduled for a Vote.

Clare – Dinar Guru Article: “Parliamentary Finance confirms the readiness of the budget tables for voting in Monday’s session“

Tishwash – Dinar Guru  Article:  Quote:  “...Iraq is considered one of the richest countries in the Middle East, in that it possesses 85 billion dollars in foreign exchange reserves, 130 tons of gold reserves and 147 billion reserves, confirmed from a barrel of crude oil (ranked fourth in the world), explaining that it achieved from selling crude oil an income equivalent to $76 billion in 2021, and $120 billion in 2022.“

Dinar Investor – Jeff   I’ve seen quite a few different investors out there that are super excited that Iraq was going to be approving their budget within parliament Monday…That’s a huge misunderstanding on your part if you’re excited…The budgets are calculated off the value of the currency.  When a budget is implemented or while the budget is implemented the rate cannot change…If this budget got approved Monday, the next time they could change the currency…rate, they would have to wait until mid-year (September or October) or a new budget period of 2025 (March to April)…Once this budget gets approved, that’s the currency value that’s locked in it…It can’t be magically changed…It doesn’t work that way.  

Kaperoni – Dinar Guru  Iraq doesn’t prosper by raising their exchange rate, Iraq prospers by creating the conditions for the world to invest in Iraq.  A country’s exchange rate ultimately is a reflection of that success, not the other way around.

Militia Man – Dinar Guru  I don’t think anybody’s going to be able to prove me wrong, you drop the three zeros, the exchange rate changes from 1 USD to 1.32 just like al-Sudani says.  Do the math it comes out to .76, apply the real effective exchange rate and that’s where the show starts big time… .76 is $0.76 – it’s slightly less than the dollar.  That’s value.  It’s not .0007 something.  It’s value.  That’s what they’re talking about – Bringing value to the currency.  That’s what Al-Alaq is there for.

Pimpy – Dinar Guru  Article: “Iraqi Dinar:  IBBC issues major new paper on De-Dollarization of Iraq”  There’s a new study/report that has been released…As you can imagine it talks about the currency state that Iraq is in, steps that need to be taken to improve the situation and of course there’s talk about the exchange rate…

Nader – Dinar Guru  Iraq wanted to de-dollarize.  They start de-dollarizing in January but it didn’t work for them too much.  The government didn’t expect that to happen even by telling them that the dinar are stronger…use the dinar instead of the dollar for the benefits of the country.  They tried everything.  Now, they said that plan didn’t work so they come out to the new white paper…They realized they cannot do nothing without changing the exchange rate.   [Post 1 of 2]

Nader – Dinar Guru They’re going to have to go down in the exchange rate for the de-dollarization…They’re going to have to change their exchange rate…Between now and 8th of July we should have an answer… what they going to do?  Are they going to change the exchange rate…keep it the same…go up…go down?  I think they’re going to have to go down on the exchange rate a lot for them to take off the dollar from the street.  [Post 2 of 2]

Clare – Dinar Guru  Article: “Professor Frank Gunter launches a new white paper on de dollarisation of Iraqi economy.”

Mountain Goat – Dinar Guru   I wanted to share an interesting conversation I had…with my CBI contact this past Wednesday…I was told that the committee to work on the Project to Delete the Zeros has sent the CBI prepared articles to the news media for the sake of educating the citizens on the upcoming process. However, they are dated and so they are for the near future and not for current news.  Yes, they are getting ready and moving ahead.

Yada – Dinar Guru  Article: “Parliament sets next Monday as the date for the session to approve the budget schedules”  …we are not waiting on their vote, their vote will happen after the release of the rate. IMO, the rate for the budget voted upon in June 2023 is what we are about to see…any moment. The budget they vote on on Monday is the rate change for the newest contract since Jan 24 this year…All the more expecting to see the rate any moment now.

Kaperoni – Dinar Guru  Community request: “What are the so many reasons for no revaluation please.”  The first reason which is the most important is there’s almost 100 trillion dinar in circulation. Iraq’s net worth including all minerals and oil in the ground is only $16 trillion dollars. An RV to only a nickel would bankrupt the country.

Sandy Ingram – Dinar Guru  Last week marked a sensational milestone for the central bank of Iraq.  In a stunning financial twist, foreign remittance sales skyrocketed by a whopping 90%, surpassing cash sales by over $252 million…The majority of these sales…were strategically utilized to bolster balances abroad through remittances and credits.  By regulating the flow of foreign currency the central bank instills robust confidence managing Iraq’s balance of payments. 

Pimpy – Dinar Guru Article: “Economist:  The budget is not affected but dollar exchange rates.  And explain the reason”  The person is saying the budget is never affected by the dollar exchange rate because the budget is based on Iraqi dinars.

Clare – Dinar Guru  Article: “Economist: The budget is not affected by the dollar exchange rates… and explains why”  Quote: “...because Iraq will receive the dollar from oil exports, and on the contrary, revenues increase with the increase in dollar prices globally…market obligations are dealt with in the Iraqi dinar, and there is no dealing in the dollar, and the budget is built primarily on the Iraqi dinar and not on the dollar, so the budget is never affected by the dollar exchange rates.”

Militia Man – Dinar Guru  Article quote: “If we assume the Central Bank issues a new currency this will not affect the exchange rate of the Iraqi dinar.”  This guy is not wrong…It won’t in my view.  The exchange rate will affect the new small denominations though…If they change the value of the exchange rate by dropping the three zeros, therefor the new denominations will be affected by it, which will be value.  It’s pretty simple.

Mountain Goat – Dinar Guru  …we read three articles about the CBI official rate equaling the Parallel or Black market rate in the coming days. WOW!…Saleh, the prime minister’s financial advisor, then goes on to say this will make one dinar equal to one dollar in Iraq. WOW! …I was told by my CBI contact months ago to watch for right before the CBI makes one more “official” rate change closer to 1000 from 1320. If you take 1000…and delete the three zeros 1000 what do you have? Of course, you have a situation of 1 dinar equals 1 dollar…But I believe that when they CBI does make this next official rate change it will move closer to 1166 and not 1000 which would make 1 dinar = 1.16 dollars just over a dollar to help the banks retrieve these dollars hoarded outside of the banks…   Let’s sit tight and watch this play out.

Samson – Dinar Guru  Article: “Central Bank: The issuance of new monetary denominations will not affect the dinar exchange rate”

Militia Man – Dinar Guru  If you raise the value of the currency it’s going to have a ripple effect…Instead of being a pebble…or a brick in the pond this might be a boulder.  There’s going to be some waves.  The World Bank, IMF, US Fed, US Treasury…Bank of International Settlements, everybody’s going to need to know what you’re going to do and when you’re going to do it and pretty close.  They’re not going to be broadcasting it like everybody thinks, ‘What’s the date and what’s the rate?‘  That’s not how it works.  But we study it close enough to where…we can see it can’t be far off…

Kaperoni – Dinar Guru The dinar when it floats will be whatever the current exchange rate is and could rise gradually accordingly.

Clare – Dinar Guru   Article:   “Experts expect the dollar exchange rate to fall and reach parity with the official price”  Quote:  “Financial experts expected the parallel dollar exchange rate to fall and reach parity with the official price.”

Mountain Goat – Dinar Guru   The train is moving faster down the tracks now than ever before...In fact, Iraq has come right and told us this is going to end with the Iraq dinar regaining it’s former strength.