Dinar Observer Daily

Nader – Dinar Guru  No one can change the rate besides the CBI…telling you the truth we’re not ready yet.  They’re working on it.  They have good news.  They have good things going on but they’re not ready.  When they’re ready you will know…we all will know…

Pimpy – Dinar Guru  I would like to see Iraq un-peg their dinar from the US dollar and peg to the same basket that the Arab Monetary Fund uses…22 or 23 nations are involved in this organization and they all trade using their own special dinar.   That value is really high.  It’s the SDR rate, which I think is 1.76 x 4.  That’s how they figure out what the value of their [basket] dinar is worth. 

Dallasdude – Guest Guru   I personally have said for months that I did not expect a rate that favored us with the passing of the budget because they have said repeatedly for months that the official exchange rate will be in the 1300 range when budget is passed..their economy needs time to grow and over a period of time we hope gets in the 1 to 1 range or 1.50 to 1 whatever the case may be…this is not meant at all to be negative because quite honestly I really love the progress this current Iraqi administration is making…

Clare – Dinar Guru  Article:  “Planning: Items in the budget to address the impact of the dollar exchange rate”  Quote  “…serious discussions were held by the ministry, with the participation of the Investment Authority, government agencies, the Federation of Industries and other concerned authorities, regarding exchange rates and their impact on the market and therefore on citizens,”

Mountain Goat – Dinar Guru  I have to say it is all very good and the CBI and GOI are working together to move in the direction they need to take for us to very possibly see the reinstatement back to FOREX (Foreign Currency Exchange) by June or about. There are no obstacles. They must have a budget passed and in place. Also they must have agreements for the oil and gas law… we may be in the window to finally see this RV to the end… We will just have to sit tight and wait this one out.

Pimpy – Dinar Guru   It’s the same gibberish going on out there.  How many millions of different times can you say that we’re just waiting for the budget to be approved?

Clare – Dinar Guru  Article: “Al-Rafidain directs the collection of taxes and customs fees in Iraqi dinars”  Quote: “Al-Rafidain Bank directed its branches at the border crossings to collect taxes and customs fees in Iraqi dinars instead of dollars…The bank also decided that the receipt of the stamp fee will be in Iraqi dinars, noting that this step is in support of the national economy and strengthening the currency of the Iraqi dinar.”

Pimpy – Dinar Guru   Yes, I heard there’s an extension to executive order 13303 and everybody’s losing their mind.  ‘This must mean something.  What is it Pimpy?  Has something to do with the dinar.‘ … No it doesn’t say anything about the currency…the executive order that was signed that everybody keeps talking about it allows you to invest in the country…it’s the American’s way of protecting the money that has been generated from oil and gas revenues over in Iraq…

Deepwoodz – Dinar Guru   When Iraq initially changed the rate to 1310, it showed up for the first time internationally March 28. At least on the two boards I can see.  From that point, it would be 1310 for a day or two then back to 1460 for two or three days and then repeat that cycle until May 2.  May 2 it was 1460 and changed to 1311 on May 3.  Wednesday May 3  to now…. it has flatlined at approximately 1310.  I think this could be considered stable.

Sandy Ingram – Dinar Guru  Article: “The governor of the Central Bank comments on the recent rise in the dollar exchange rate”  He pointed out that those who go to buy dollar from he black market…may experience problems in the transactions they make.  It sounds as if Iraq got the message loud and clear from the United States…We do not know how this will affect the exchange rate in the future…

Pimpy – Dinar Guru  Article:  “Central Bank attributes the reduction of the dollar exchange rate to the increase in cash reserves and electronic platform”  What the cash reserves do, it allows them to flood the market with a competing currency therefore driving down the exchange rate slightly.  In this case Iraq’s parallel Market, people were given up quite a bit of dinar to get the U.S. dollar.  And what that does is affect the official rate. 

Clare – Dinar Guru  Article: “Campaign to support the Iraqi dinar” launched in Diyala”    Quote:   “…the Organized Crime Director announced the implementation of a major campaign, in cooperation with the Diyala Police, to deal in dinars instead of dollars.“

Mountain Goat – Dinar Guru   Article:  “POLITICAL AGREEMENT TO PASS THE BUDGET LAW IN THE NEXT FEW DAYS”   Quote:   “...most of the political forces, finally agreed to pass the budget law this week without putting any obstacles.”  They are aiming to take a vote on May 17th tomorrow.

Sandy Ingram – Dinar Guru  Article:  “Iraqis banned from dealing in US dollars”  Quote:  “Government warns of punishments as it tries to control currency crisis that has let to price rise…the surprise announcement …reflects an attempt to close the gap between the official exchange rate and that on the black market…“

Militia Man – Dinar Guru  I believe we are watching Iraq go international.

Pimpy – Dinar Guru   The representatives have accomplished their second reading of the federal budget and it looks like they’re going to do a vote on the budget sometime around the middle of next week or so…if they continue to delay the vote on the budget it’s going to make this particular government look bad…will it get passed?  You hope, the sooner the better because there’s a lot of projects out there that are waiting for funding.  If they can get these projects going IMO you’d be looking at some great growth economically over in Iraq…

Clare – Dinar Guru  Article: “Iraqis banned from trading in US dollar” Quote: “The Iraqi Ministry of Interior issued a ban…prohibiting traders and civilians from conducting business in the United States (US) dollar,“

Nader – Dinar Guru   Something is happening this morning.  The float has been started guys.  It’s floated and we see what’s going on.  For now everything is calm.  Nothing is coming out.  The budget will come out this week.  Tomorrow I hope…they’re gonna announce it.  So get ready for everything…I want to say congratulations but not yet.  Don’t get all excited.  Keep grounded and just wait…

BGG ~ Pure speculation…

Mountain Goat – Dinar Guru   Article:  “IRAQ IS EXPERIENCING AN UNPRECEDENTED PERIOD OF STABILITY”  Go RV! Go RV! Yes, the STABILITY we all have been waiting for. Its here! This stability only came as a result that Al-Sudani is not going along with the goals of the Coordination Framework. Instead he realizes Iraq must progress forward and it is time. But these Framework politicians in Parliament are holding back and trying to delay once again…But we will see very soon what happens as June 1st is very near.

Clare – Dinar Guru  Article:  “For the first time in 15 years, the dinar devours 30% of the (dollarized) car market in Iraq”  Quote:  “the return to the dinar will weaken the demand for buying dollars from the parallel market by up to 20%, which means reducing the demand for buying them and blocking the way for repeated speculation to raise prices and reap profits by some.“

Sandy Ingram – Dinar Guru  Article:  “Customs achieves the highest revenue rate during the first quarter of 2023”  Customs department is proving to be a high stream of income for Iraq in the first quarter of 2023.  Revenues amounting to more than 214 billion dinars from custom duty collections.  This equals around $163 million US dollar.

Pimpy – Dinar Guru  Article: “Kurdistan in Baghdad’s footsteps:  Demands to use the dinar exclusively in the real estate and car market”  This is a big move.  If you want to boost the confidence and value of your currency you really have to get out of the habit of using dual currencies.  We know over in Iraq they use Iraqi dinar as well as the U.S. dollar.  People trust the U.S. dollar more than Iraqi dinar.  If you take that option away from them and force them to start using the dinar it will strengthen the dinar especially in the exchange rate against the U.S. dollar.  How does that work?  [Post 1 of 2]

Pimpy – Dinar Guru  If you’re in the country and people prefer the US dollar they’re willing to give up more Iraqi dinar to have the U.S. dollar.  That’s why there’s a black market out there.  That weakens the dinar.   If you restrict the use of U.S. dollars then that means the demand for US dollars will decline and the demand for dinars will increase.  This will give the value more to the Iraq dinar…I would love to see Iraq take the same approach that Russia has which is demanded everybody use Iraqi dinar to make purchases.  This will seriously strengthen Iraqi dinar…[Post 2 of 2]

Clare – Dinar Guru  Article: “Planning: The Iraqi private sector is starting to feel its right steps, with great investment opportunities“  Quote:  “One of the priorities of the government program is to support the investment and service movement in Iraq, by supporting and encouraging the private sector and investment.”

Militia Man – Dinar Guru   Why are they hiding the vote?  Why are they hiding the 2023, 24, 25 budget if they’re going to come out at 1310? …It doesn’t make make any sense...the 17th was suggested that they’re going to have the vote…we all believe there’s something that should happen from the CBI prior to that happening.

Yada – Dinar Guru  Im of the mind that we are going to see this rate release just before they pass the budget…The rate is the driver of the budget, not the other way around

BGG ~ Pure speculation…

Militia Man – Dinar Guru   The governor of the central bank is openly talking about a delegation of experts from the International Finance Corporation.  Why is he talking about the International Financial Corporation if he’s coming out at a program rate (that I call it) or the official rate of 1310?  It makes absolutely no sense whatsoever…they could have done it at 1310…1460…1166 and never did.

Pimpy – Dinar Guru   This [Money Laundering] is a big issue for Iraq.  If your government can’t stop laundering money, you’re going to stay on a so-called blacklist.  Your money will never be traded internationally because nobody’s going to trust you.  Once again people have found out Iraq is funneling money to Iran, money laundering it.  They find new, different ways and because of that the US dollars received are restricted.  And because of that restriction it causes a huge black market and causes their currency to devalue.

Henig – Dinar Guru  Article: “International Monetary Fund: Iraq is third in the Arab world in terms of exports of goods and services last year”  Quote: “Iraq exported goods and services in 2022 worth $ 140.7 billion, which increased from the years 2020 and 2021, which amounted to $54 and   $ 94 billion, respectively…Iraq came third among the Arab oil-producing countries with the highest value of exports of goods and services after the UAE and Saudi Arabia“

Militia Man – Dinar Guru   The 2023, 24, 25 budget  hasn’t been implemented yet.  They haven’t shown you anything in respect to a potential exchange rate but there’s some things that tell you that they are about to do that exchange rate change.  They say specifically that that’s part of the process.