Clare – Dinar Guru  Article “Central Bank: The volume of foreign reserves increased to 113 billion dollars” Quote “Today, Saturday, the Central Bank of Iraq announced that the volume of internal debt has risen to about 70 trillion dinars, and the volume of foreign reserves to 113 billion dollars.

Petra – Dinar Guru  Question: “Would it be your opinion that the UST folks showed up to click Sudani’s heels, or is it more than that?”   It is clear Sadani let them in because his people could not get it done, so they brought in “the pro’s” to make it happen…He wants this now…they [UST] were not welcome with open arms because it demonstrated their inability to “perform!”...if they had done their job…there would have been no need for the UST to travel back to Iraq…Sadani made the commitment…the UST is there to get it done. As to their role, I can only speculate that it was due to the lack of progress with executing the new rate, new notes, etc.

Enorrste – Dinar Guru  They’re going to switch from a ‘Keep my money in the mattress’ economy to forcing these people to take their money out of the mattresses and to put it into banks and the banks will then send the money to the central bank and the central bank will burn it...If they want to do any international trading at all they’re going to have to use electronic methods such as Visa/MasterCard…The process is beginning.  This is really key to moving toward getting to the float, which is what we’re looking for.

Yada – Dinar Guru  Article:  “A statement from the Central Bank regarding the campaign to support the dinar”  Quote:  “…the Deputy Governor of the Central Bank, Ammar Khalaf, announced the success of the campaign to support the dinar, and while confirming the application of controls that helped stabilize the exchange rate, he pointed out that there is no problem with the
amount of foreign currency supply.”  This statement will nullify a few in dinarland who think there too much money out there.  Fact is, that money in the central banks of other countries will be used to invest and buy in Iraq because they will only be using dinars. We are in the best of positions, the one about to enter the banks.

Militia Man – Dinar Guru  Sudani…asked to come to the USA and was denied. My view is he was told…three items to get to work on. He did. We now see the UST show up after. So, it appears an assessment was made as to where they were in getting this completed and likely found they were sitting on the ball on the side lines.. not good. Hence the arrests, the Rafadain Bank shake up, etc.. The level of focus now is fascinating to me. The IFC / WB still in town!!  Al-Alaq having had a progress report that looked good !

Kaperoni – Dinar Guru  You’ve got a brand new 30 to 50 story Central Bank building that’s going to be state of the art and you’re going to be represented amongst the world as the Central Bank of Iraq but you’re going to have a weak currency or a currency that doesn’t reflect the actual economic success of your country?  I don’t think that’s going to happen.  I think that’s why they’re launching…the stock market, the diversification of the economy, all of that is a prelude to 16 months from now.

Mountain Goat – Dinar Guru   Article:  “IRAQ: REVITALIZING THE STOCK MARKET”   Article quotes:   “…there is an urgent need to activate the role of the stock market as a mirror reflecting economic activity in the country“;  “It is said that the size of the cash block that is hoarded outside the banking circulation space amounts to about 70 percent of the cash issued”  Remember a lot of this cash is outside the country in our pockets and they won’t get it unless they reinstate the dinar and we can go to the bank and exchange at a rate we want as investors. Heck they sold us this currency in a time of need and now, as they are so rich, they have to pay us for it with a higher exchange rate.

Clare – Dinar Guru  Article:  “Wholesale corruption” in the Rafidain Bank… the most prominent reasons for the overthrow of its administration (documents)”   Quote:  “The current management of Al-Rafidain Bank, which has been withdrawn, is accused of several cases, including causing waste of public money and mismanagement, and making administrative transfers on the basis of nepotism and nepotism away from the standard of competence and integrity, and the rise of unqualified people to assume administrative positions.”

Enorrste – Dinar Guru   Getting out of Article 14 of the IMF charter  is essential for them to do what’s called international trading.

Babysmom – Dinar Guru  OK I JUST GOT PERMISSION TO SHARE THE FOLLOWING INFO. THE CITIZENS OF IRAQ WERE TOLD THEIR RATE IS CHANGING TO ONE TO ONE, THEY WERE ALSO TOLD THAT THE RATE WILL FLOAT IN IRAQ. THEY WERE TOLD IF THEY DIDN’T TURN IN THEIR 3 ZERO NOTES THEY WOULD MISS THE OPPORTUNITY TO CHANGE THEM FOR THE LOWER DENOMINATIONS. THE 1:1 RATE WILL BE IN IRAQ ONLY AND THEN WE’LL FLOAT HIGHER. OUR RATE WILL COME OUT ON FOREX HOPEFULLY AT A MINIMUM OF$3.81 USD TO 1 DINAR.

BGG ~ Complete B.S. This person may well believe this to be credible information, but somewhere “up the line”, the source is just making it up as they go…

Militia Man – Dinar Guru   Iran is talking about circumventing using the dollar, which they’ve been after all this time but now they want to use the dinar.  There’s obviously something going on.  They know there’s some change is about to come and they want to be a part of that.  They are one of the largest trading partners for Iraq.

Paulette – Dinar Guru  It looks like the weekend of 7/14-7/16 will be a Holiday weekend with the New Year on 7/18.  Shabs said “…..after Eid, before the New Year…..”  Perhaps the next target since they missed 7/1…

Pimpy – Dinar Guru   Question:  “Kuwait has $3.29 dinars.  What do they have that Iraq doesn’t?  A currency that’s free of sanctions and restriction is what they have. 

Sandy Ingram – Dinar Guru   The good news is the mainstream news media is saying the IQD is expected to increase in value as the country becomes more stable.

Enorrste – Dinar Guru  JP Morgan [bank] is ready to leap into the fray…Their words are amazing, ‘Bring it into the world trade system’… They’re [Iraq’s] going to go from being a little regional area to being a world trader thanks to the efforts of JP Morgan signing this agreement with the Central Bank of Iraq.  They’re ready to roll…You can’t do this in Article 14 of the IMF charter.  I suspect the IMF is behind all of this because they said to the biggest bank in the world JP Morgan get your ass over there and get this thing on the road.  I wouldn’t be surprised to see a change to Article VIII within months…

Clare – Dinar Guru  “Parliamentary Finance Talks About The Stage Of Implementing The Budget.. What Are You Waiting For?”  Quote “…We will wait for the court’s decision regarding the contested articles that there will be a state order to be issued, and in the event that it is not issued, the Finance will continue.”

Mountain Goat – Dinar Guru   There is not much more we can do but relax and let the reinstatement come to us. ...we have not heard even an update on the project to delete the zeros. Normally Ali Al-Alaq is real good at giving periodic updates on this event. He has been back in the seat of CBI governor now for almost 6 months and still no word. I am told by my CBI contact that they are still working on it and plan to do it very soon. This is all the news I can get on this topic.

Militia Man – Dinar Guru  The Minister of Transport announced the completion of the port is 60%…At 1310 how many dinars is it going to cost to rebuild a port?  How’s that going to work?  It didn’t.  It’s not finished… Remember this 2023-24-25 budget is retroactive to the 1st of this year…If they change the exchange rate…if they got to 1 to 1 that’s 1300% cheaper.  What if they come back to the previous era…around $2.80 to $3.22…that’s 2600% cheaper… amazing how much cheaper that port’s going to be to build.  Same with all these construction projects…The country is going to have to import those materials.

Kaperoni – Dinar Guru   We’ve been saying for a long time nothing was ever going to happen with the dinar until Iraq diversified their economy.   We’re reading about it today that this is their focus.

Pimpy – Dinar Guru   All currencies have some type of backing …what supports the IQD is the oil industry.  But there are other things out there like the amount of gold they buy, the amount of foreign currency assets they build up, all these things support the IQD.   But when you say something is asset-backed that means this particular commodity solely and purposely supports the currency and Iraq doesn’t have any assets or any commodities that solely are developed for the sole purpose of supporting the IQD.

Mountain Goat – Dinar Guru  Article:  “IRAQ AND GERMANY SIGN A STRATEGIC COOPERATION AGREEMENT IN THE FIELD OF COMMUNICATIONS AND POSTAL SERVICES”  Does Iraq need this to RV? NO! But it certainly shows us once again just where this country of Iraq is slowly progressing more and more “open to the rest of the world”.

Paulette – Dinar Guru   Question:  “The latest article…suggests that the HCL will be passed in the next legislative term.  When is that term?”  The legislative term starts on the 13th but currently the Oil and Gas Law is not on the agenda.  When it is, expect a first reading, at least 3 days and probably two weeks before the second reading at which time a Third reading could be waived and the Law voted.  If third reading, expect another 3 days to two weeks after the second reading.

Militia Man – Dinar Guru   Halabousi was talking to the leaders of the country, the politicians etc, he says to run away before your arrest on corruption charges.  So the Speaker of the House of Representatives is telling the people, those of you that are corrupt, you better start running…There’s been 96 arrests…those arrests probably have some influence on why Halabousi has suggested these guys take off and start running.

Kaperoni – Dinar Guru  With the new securities law eventually passed Iraq can end their currency auctions.  They can begin to float the dinar and access to the principles of supply and demand.  And of course transition to the IMF article VIII which has been an issue for a long time…

Mountain Goat – Dinar Guru   …the CBI told me they were moving along and we should expect the rate in the US. But last Saturday I did finally get in contact with my CBI representative and I was told that the Oil and Gas law did impact the ability for the Central Bank to move ahead…the RV or Reinstatement has NOT occurred I can assure you with 1000% certainty. We still wait. Will the passing of the Oil and Gas law make any difference. To me it should since I also know it is a constitutional requirement and I was told a decade ago there will be no Reinstatement unless the Iraqi constitution is fully implemented and this law is such a critical law…

Pimpy – Dinar Guru  It’s looking very good for Iraq right now.  It’s sounds good, it looks good, but let’s see if they can actually implement the things they need to and they actually do what they promise they are going to do…A stronger economy helps build a stronger dinar…

BGG ~ Not long ago I made a fairly long post describing what I have come to understand over the last year or so…

To review: I explained how the biggest impacts on the value of the Iraqi Dinar would likely be…

1) Them using their own currency (exclusively), they are nearing this point now…

2) Them entering some “Brics type” alliance, as opposed to being so attached to the US (note this recent alliance with Qatar – more to follow?).

Take note of Iraq recently not buying US Treasuries. If we (Janet Yellen) won’t even buy our own treasuries, why should they?? We’re such a bad investment, we won’t even buy us.

Finally, note this recent article I put up:

“Parliamentary Finance explains the impact of approving the budget on the exchange rate during the coming period”.

While I highly doubt there is any direct change of the rate contained in the budget – the currency pressures created by the new methods in this budget may well force the currency higher over time.

So aside from all the recent nonsensical hype, the actual news for the future of Iraq is pretty decent.

Hang in there.

Read More: http://www.dinarupdates.com/blog

BGG ~ The point I was trying to convey, is to quit listening to all the “budget hype” and “group chant”… RV, RV, RV, RV.

This may well happen, but at this point, not for any reason that has been previously discussed. Not one.

This post wasn’t about false hope… it was about KNOCK OFF THE BULL$4!T.

Paulette – Dinar Guru  The full Oil and Gas Law is still in negotiations but the framework has been established in the budget and for the next three years…..  I no longer care when they pass the full Oil and Gas Law unless I see something concerning…

Militia Man – Dinar Guru  They’ve had problems with the parallel market which is an illegal market.  It’s the black market and they want that to cease to exist.  They want to be able to be on the dollar only for foreign exchange.  Internal, external, merchants, traders they want it to be in the dinar…their goal is to get price stability.  I believe they are going do that.  My view is changing the exchange rate to an Article VIII compliant currency accepted by the international world is going to make all the difference to the parallel market…

Clare – Dinar Guru   Article:  “Al-Nusairi: Iraq’s accession to the World Trade Organization contributes to the development of the financial and banking system”  Quote:  “Al-Nusairi said that one of the most important returns and benefits achieved by the financial and banking system in Iraq from Iraq’s accession as a full member of the World Trade Organization…”  Question:  …did they just say they are a full member of the WTO?  Clare:  IMO YES…THAT’S WHAT HE MEANS!  “from Iraq’s accession as a full member”