Dinar Observer Daily

Pimpy – Dinar Guru  Article: “Iraq Pays Its WTO Membership Amounts”  This is good news.  Iraq has finally paid their membership dues and they can continue to move forward doing what they need to do to ascend into membership with the World Trade Organization.

Paulette – Dinar Guru   The CBI has a lot to accomplish prior to Budget funds being disbursed.  Look at how busy Alak was this [past] weekend.  Hopefully, we see the implementation of the “Delete the Zeros Project” prior to the Budget becoming law and certainly hope before any funds are disbursed.  Simultaneously or shortly after the implementation of the “Delete the Zeros Project”, hopefully the IMF launches the Reinstatement of the IQD magnifying the purchasing power of the budget disbursements allowing for all those rebuilding projects to be funded….  If we are to see the RI this year, we have a huuuuuge window ahead...

Militia Man – Dinar Guru  They’re talking about establishing a city that’s a financial and business center in Iraq…Could you imagine one square square mile or a half a mile of high-rise buildings all for a financial district on the amount of money that’s going to cost?  The amount of materials it’s going to take to do that kind of endeavor?  They don’t have enough dinar at 1310 to ever do that.

Pimpy – Dinar Guru  About a year and a half ago Iraq mentioned they wanted to remove the 50,000 and 25,000 dinars out of circulation and use them specifically for bank transaction or large business transactions…What he’s not understanding is if they go to redenominate/remove zeros off them that doesn’t mean they won’t keep the large denominations to do business transactions…But if you’re carrying around 25,000 and 50,000 dinars as a civilian you’re going to have to trade those in or you might risk the chance of losing out…because it becomes obsolete.  [Post 1 of 2]

Pimpy – Dinar Guru  So will they continue to use the 50 and 25,000 dinars to do large bank transactions?  Of course that’s possible.  Will the dinar note look the same as we know today?  Heck no.  Those notes will no longer be any good.  He’s mixing two things up.  He’s talking about the banknotes where they delete the zeros or LOP off the zeros and the exchange rate… Wikipedia Quote:  “Redenomination itself is considered symbolic as it does not have any impact on a country’s exchange rate in relation to other currencies.  It may however have a psychological impact on the population...”  So it has nothing to do with the exchange rate.   [Post 2 of 2]

Militia Man – Dinar Guru  The 25k notes – if they change the value – that value goes with it because you can’t have 2 exchange rates with an international currency.  It’s not going to work.  Never has been even suggested…the project to delete the zeros is real.  It’s not off the currency it’s off the exchange rate…

BGG ~ This seems a fairly absolute statement with little (or no) documentation…

Far more likely – the “project” referred to as “the deleting of the zeros” refers to the raising of the value and thereby removing the larger notes (ie; the 3 zero notes) from circulation.

Further, there may well be a current set of conditions that won’t require them to do any such thing. For instance, money as a construct is changing before our very eyes.

If their currency becomes widely used, they can gain value without costing themselves a penny. This seems a far more likely scenario, considering current world events…

Clare – Dinar Guru  “urgent… The President of the Republic ratifies the budget law”  Quote:  “Today, Wednesday, the President of the Republic, Abdul Latif Rashid, ratified the Federal Public Financial Budget Law…approving the budget is a turning point for the government to implement its program, which includes securing the necessary needs of citizens, providing basic services such as health and education, rehabilitating the infrastructure and initiating vital and strategic projects that will positively reflect on the reality of the situation daily life of the citizens.”

Clare – Dinar Guru  Article:  “Al-Kalabi: The President of the Republic did not sign the budget in order to study it well, and he has “15” days”  Quote:  “he has a validity of 15 days, and if it is not approved this week, it will take place after 15 days, 7/1, the budget will be launched, God willing.”

Mountain Goat – Dinar Guru  I feel we have been in a critical period of the currency reform program since January of this year 2023. Now we are in a “vital” period since the three-year budget has been passed on Sunday June 11th. … I quote from today’s article – “The budget needs formal approval from the Presidency of the Republic within 15 days and after publication in the Official Fact Sheet to be effective”. Now we wait for the president of Iraq to ratify the budget. He has told us he is going to “take his time and review it carefully” …According to the Iraqi constitution he has 15 days from the date it was delivered to his desk (June 15) to ratify it, that brings deadline to
July 1.

Militia Man – Dinar Guru  To be an observer component of the WTO you have to be responsible.  You’re supposed to pay your fees and dues.  Iraq hasn’t been paying their dues since 2018.  Why would you pay your dues if you’re not having any short-term need to have ascension?  You don’t.  So they didn’t pay.  Guess what?  They paid it all up to date.  The World Trade
Organization has got their dues…Why would you do that?  Because you’re looking forward towards the ascension into the World Trade Organization …this isn’t something that tells me we’re going to be sitting here until 2024/2025…

Nader – Dinar Guru  If he (it, “the RV”) doesn’t go on July we’re not going until 2025.  I’m sorry to give you this bad news but if it’s fixed it’s fixed.  They are going to try to work on the economy, on the private sector and all that so it’ll make it better.  That’s what’s going to happen…I was telling you guys… every budget’s a rate but it was a normal rate.  It’s 1300.

BGG ~ I disagree entirely. Not in July. However, there is no guarantee not until 2025 either… I already gave the conditions. There were 2. It has NOTHING to do with this current nonsense.

Paulette – Dinar Guru  Implementation of Article 140 seems to be on the horizon… This is likely the bone that was thrown to the Kurds in order to get the Budget passed. Latif, a Kurd, wanted to make sure the Supreme Judicial Council is on board.  This appears to be a key to him signing the budget along with resolution of the 400,000 barrels/day issue with Turkey.  All seems to be coming together nicely!

Clare – Dinar Guru  Article: “Iraq Pays The Sums Of Its Membership In The World Trade Organization”  Quote: “The Minister of Commerce and Chairman of the National Committee on Iraq’s accession to the organization had issued directives to give the issue the utmost importance.“

Paulette – Dinar Guru  They continue to talk about the “parallel rate” when they have been talking about “a significant drop in the dollar”.  Saleh clearly noted “2% Required”. They are still hovering around 10%.  They have put many things in place and perhaps have used this as a cover/ excuse for the de-dollarization process that we all looked for…prior to them taking the next step to change their currency and bring out the NSCN’s and Fils…I don’t see it feasible to run their country very long on the current currency structure.  All seems to be falling in place.  I would be ecstatic if the “parallel rate” got to 2%.

Pimpy – Dinar Guru  Article:   “Iraq is witnessing remarkable growth in the world of e-commerce for the first time“  Obviously this is good.  It’s another one of those things that helps strengthen the economy inside Iraq.  As you are aware the stronger the economy the stronger the dinar.  

Sandy Ingram – Dinar Guru   On the surface Iraq appears to have achieved a measure of stability.  The country finally has a functioning government after a year-long political vacuum.  Terrorist violence has fallen to  its lowest rate since the 2003 US invasion…however %&*$ is happening behind the curtain…For those of us outside of Iraq looking in, everything appears to be fine and for the most part it is but let’s get real with what’s really happening… Article:  “Iraq is Quietly Falling Apart”   Iran is silently and quietly…setting up financial systems of failure for Iraq starting with the 2023 budget that Iraq cannot afford.

Nader – Dinar Guru   The ATM I cannot comment on it because I never saw a newer ATM, maybe operated like I told you before.  But they’re not loaded with smaller categories because they didn’t even print it…They have picture of them but they didn’t print it.  It’s a waiting game…

Babysmom – Dinar Guru  …THE PRESIDENT OF THE REPUBLIC IS “REVIEWING” THE BUDGET. …HE HAS 15 DAYS TO SIGN/ RATIFY THE BUDGET OR IT AUTOMATICALLY BECOMES LAW. HE HAS SAID ON NUMEROUS OCCASIONS HE PLANS TO SIGN IT.

Paulette – Dinar Guru  Community comment [Thank you for your Application to join the WTO Iraq – just an FYI – ‘You ain’t getting in with a program rate of 1,300 to 1’]  I disagree…the rate is irrelevant to the World… Very relevant to the CBI who has to supply the actual money…look at Vietnam… Instead, I believe ‘You ain’t getting in unless you are recognized by the IMF as Article VIII compliant‘ is the more appropriate statement.  This brings the IQD back to FOREX and easily exchange worldwide.

Militia Man – Dinar Guru  They said in numerous articles that once we have the budget law done that the next step would be to expedite the oil and gas, which is the hydrocarbon law that takes care of the citizens.

Kaperoni – Dinar Guru   Passing the tripartite budget is more or less the beginning of events that will follow. They now have the ability to launch the rebuilding of their country, encourage foreign investment, continue to develop the banking system.

Paulette – Dinar Guru   ALL is GOOD as of today.  Look at all they have and are putting in place just this year.  I like this window going into July for something to change.   However, stay grounded as we really do not know…We know they have plans to change their currency and ultimately, they need to RI their currency.  Whether 2 hours, 2 weeks, 2 months…a change is coming.

Pimpy – Dinar Guru  People are claiming they can’t do reconstruction and anything else with the 1300 exchange rate.  Yeah…They sure the hell can.  That’s why the entire budget is based on that rate…The budget is the largest in history of Iraq.   It’s a 3-year budget.  So for you to go, ‘Oh, they can’t do it at that exchange rate.’ Is absolutely false.  All the calculations were based on the exchange rate they came out with.

Militia Man – Dinar Guru  The budget will not work with a mechanism of 1310 exchange rate. Not a chance.. Al-Alaq the CBI Governor knows that imo.. Very much so…A three year budget is meant for to keep pricing for materials in check and stable. Keep in mind a strong currency will make it cheaper for Iraq to buy materials to re construct the country. It may be something to think about coming here soon.. What an awesome time it is. This budget is not something to take lightly. It is going to be an historic event.

Mountain Goat – Dinar Guru  If the CBI was successful in regulating the use of the dollar in Iraq and now the conversion solely to Iraqi dinars as their national currency, then the redenomination to the lower denominations this could go quickly. Of course, there is lots going on here and there will probably be some hiccups as they may expose more corruption in the banks or black marketeers as usual. Anything can happen but there is no turning back now on the process.

Paulette – Dinar Guru  The Budget is NOT law yet…Usually at least 7-10 days to be approved and signed by the President and then 3 days Gazette posting…

Militia Man – Dinar Guru   JP Morgan one of the largest banking entities on the planet, worth about 4 trillion dollars didn’t come into Iraq to do business in a quagmire.  They came to do business in a functioning government with a 3 year budget.  That’s what’s got them motivated to come in and do international trade.  It’s amazing and it’s a key sign things are happening.  So all the folks out there that seem to think there’s no such thing as a reinstatement of the Iraqi dinar or no revolution in the future are highly mistaken…

Pimpy – Dinar Guru  There was a change to the exchange rate.  Yes you heard it.  They changed the Iraq exchange rate. Sure enough it was in there and yes it went in the right direction.  Article quote “…the budget set the exchange rate for oil revenue in US dollars at 1300 dinars per dollar.”   So we shaved another 20 dinars off the exchange rate.  I know 20 dinars is not that big of a deal but anytime we’re taking a step in that direction I’m going to celebrate it no matter how small…Keep removing the amount of dinars you get per dollar, that’s what we want…like I said it’s going to happen in increments.  Hopefully a much bigger step next time but I’ll take it…take the W and be happy with it.

Kaperoni – Dinar Guru   This is a very good first move for Iraq now that they passed this tripartite budget.  It gives them a 3-year window to begin to diversify away from oil.

Mountain Goat – Dinar Guru  …what took place these last 4-5 days culminating in completing the passing of the budget, getting it ratified and in the gazette…is important not because the RV rate is in it because it will NEVER be in the budget…The rate used in the budget is $IQD 1300 per 1 $USD certainly not the rate we are looking for…this rate is NOT important and this rate is “flexible”.  I assure you that the reinstatement if [is?] going to happen and is just around the bend…I am still under the timing of quite possibly going to the bank sometime this week. I would be VERY surprised if we don’t. But remember if we don’t, it will still be VERY soon.