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the overthrow of its administration (documents)”   Quote:  “The current management of Al-Rafidain Bank, which has been withdrawn, is accused of several cases, including causing waste of public money and mismanagement, and making administrative transfers on the basis of nepotism and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”

Mountain Goat – Dinar Guru   Article:  “Iraq: Accession to the World Trade Organization (WTO)”  Quote:   “Iraq’s accession as a full member of the World Trade Organization is regularity in the global financial system in accordance with the criteria for liberalizing financial services”. Then yet more of the same good news and I quote –“access to foreign transfers in foreign currency to the real beneficiary, and compliance with the standards of the global financial system”.  Yes, Iraq is now a full member.

Sandy Ingram – Dinar Guru   Iraq made financial headlines when it boosted gold reserves by 2% in one day.  To understand why this is major news, let’s compare it to the fastest-growing currency against the US dollar, the Swiss frank.  The rapid rise of the Swiss franc, happened in 2015.  One single event is responsible for the Swiss franc blowing up.  The Swiss National Bank suddenly withdrew the peg of 1.20 franks per euro on January 15, 20215.  The central bank stated this was requested since the peg was no longer viable.  In the immediate aftermath…the currency surged 30% against the euro and 25% against the US dollar.  The decision shook the Forex market and put several foreign currency dealers out of business...  [Post 1 of 2]

Sandy Ingram – Dinar Guru  This is how your finances can change in one day…Here are two reason why the Swiss currency is so strong…Switzerland has a long history of low debt and fiscal responsibility.  And the nation has hard assets such as gold reserves…What is the bottom line?  Low debt and high gold reserves.   According to Statista, Iraq has extremely high debt, the national debt is estimated at $210 billion US dollars by 2028.  This is why Iraq booting its gold reserves by 2% in one day is breaking news and good news for Iraq…Once Iraq finds a path to reduce debt and increase revenue outside of the oil industry, its currency will increase in value.  [Post 2 of 2]

Pimpy – Dinar Guru  When you learn about what strengthens a currency – Iraq doesn’t have it.  They don’t have it at all.  The fact that 95% of their entire budget is reliant on oil tells you right there alone the currency cannot be stable enough to increase in value.  There needs to be more money generated inside Iraq through the private sector/public sector.  It just can’t all be oil…

Militia Man – Dinar Guru   The budget is an investment budget and they have not exposed it yet.  They’ve voted on it on the 12th last month, 21st went into the gazette and they still have not opened it...Vital project of getting their money and disbursements is what we’re waiting for.  What we’re hoping and expecting to see is a change in the exchange rate will be applied to their budget which we believe there’s a clause in the budget that allows for adjustments to the budget whenever necessary…

Mountain Goat – Dinar Guru  I am attempting to stay in close contact with the CBI during this revaluation process. …we still have not see any real news from the CBI (Ali Al-Alaq) itself on the project to delete the zeros. This project is pivotal in the revaluation and then the reinstatement…so why is the CBI staying so quite if they plan to reinstate the dinar anytime soon… I can’t figure out why the reinstatement has not already occurred. All the outward signs are way too obvious now. Is there still something to do? Since my contact in the CBI assured me the “green light” has been given a week ago why are we still sitting here? …My only guess is that maybe the CBI wants to revalue one more time…closer to 1000?

Pimpy – Dinar Guru  I agree it would be nice if they had a stronger currency.  I think it’d be more helpful.  They just don’t have the right things in place in order for them to jump up to a high exchange rate.  That’s why I said you’re going to see them doing it in increments.  It’s impossible for them to jump right into $3.22…All it takes is one small thing to happen within the oil market and it would totally collapse the entire economy.