Dinar Observer Daily

David M. Witty – Dinar Guru  Iraqi Parliament elects Abdel Latif Rashid as new president of the republic. Rashid to nominate Mohamed Shiya Sudani as new PM.  In Iraq, PM designee Mohamed Shiya Sudani: I will form my new government in the shortest time possible.

David M. Witty – Dinar Guru  Iraqi parliament vote for president of the republic is between 2 candidates, Barham Salih, the current president, and Abdel Latif Rashid, a former minister.

Clare – Dinar Guru  Article:  “A parliamentary source reveals the number of votes required for a presidential candidate to win”  Quote:  “the first round of secret balloting, if the candidate gets 220 votes, then he will go to a second round between the first and second winners, and whoever gets the highest votes will win the position of the presidency…In the second round, any candidate who gets more than 165 votes will be the president of the country.”

Clare – Dinar Guru  Question:  “the 26k note will be cancelled?”  THE 25K NOTE…NO, NOT AT ALL..THE NOTES ARE VALID THEY WON’T USE THEM IN COUNTRY.  THE NOTES WE HAVE WILL STILL BE ABLE TO EXCHANGE WHEN THE RATE CHANGES. IMO

David M. Witty – Dinar Guru  Iraqi Speaker of Parliament: the parliament meeting on Thursday will have one agenda item: electing a president of the republic.

Samson – Dinar Guru  Article:  “The judiciary releases Al-Maliki on bail after appearing in the leaks file” Quote: “Judge Jaafar al-Moussawi, announced…the release of the leader of the State of Law coalition, Nuri al-Maliki, on bail after appearing before the judiciary in the case of audio leaks.“

Mountain Goat – Dinar Guru  Article:   “THE CENTRAL BANK CLOSES THE DOOR TO CHANGE THE DOLLAR EXCHANGE RATE.. WHAT ABOUT THE PROJECT TO DELETE ZEROS?”  Quote: “the process of deleting zeros from the currency needs to legislate a law and requires some modifications, and the atmosphere must be available to accept such modifications,”  So, does the CBI need parliament approval?  …It clearly states in black and white that it does. [post 1 of 3]

Mountain Goat – Dinar Guru  I…know for a FACT that before the CBI will conduct the project to delete the zeros someday, it will have to get permission from the Finance Ministry thus the cabinet, to which writes the legislation and passed it on to parliament for debate and passing into law. The Finance Ministry is a ministry as part of the prime minister’s cabinet so the prime minister in charge will have a big say in it too. [post 2 of 3]

Mountain Goat – Dinar Guru   Why does Kap say it does not?  …The plan of the process to reform the currency was given to us in 2011… I would never even allude to a LOP.  Dr Shabibi told us specifically that a LOP is a tool that applies to certain conditions of currency reform for hyper inflationary situations and that there was no reason to apply it to the IQD dinar since inflation can be controlled and managed and is not out of hand. Situations like in Zimbabwe are a good example of applying a LOP.  [post 3 of 3]

Samson – Dinar Guru  Article:  “Parliamentary Investment: Iraq has a financial abundance of more than 86 billion dollars”  Quote:  “Iraq lacks a strong government, if it existed, there would have been a boom in its economy,” expressing his hope that “a government with full powers will be formed and bring people who are interested in serving the citizen“

Breitling – Dinar Guru  Question: “What is the central banks’s position on the government of Iraq?”  They’re fine with it…I keep telling people there’s no difference between the Sunni and the Shia.  They’re definitely fighting for control.  On how they treat the currency it’s exactly the same and the evidence of that is that the CBI has never changed its policies.  Ever.

Samson – Dinar Guru  Article: “The new 20 thousand dinars category raises controversy and reveals the hidden.. Economists: It will increase inflation“

Mountain Goat – Dinar Guru  Why have a new 20,000 dinar note?  …why issue it if there is a plan to conduct the project to delete the zeros in the very near future anyhow? Why go through all the work and expense?  So, I called the CBI and did my weekly update with my contact. What I was told is that the 20,000 dinar note will be used as part of the long-term banking system for international exchanges and payments only and that when the project to delete the zeros does happen the note will be voided out and taken out of common circulation…

Breitling – Dinar Guru  Question:  “Don’t shoot the messenger!  This concept is out there often – ‘Iraq is in no position to float the Iraqi dinar because they are 90% dependent on oil and until they pass laws, diversify their economy, the central bank will not float the dinar.  This is going to take months or even years before they’re in a position to begin to raise the value.’  What is wrong about that statement?”  It’s completely backwards because what they need to do if they want to diversify is to add value to the currency…they can’t diversify without a currency…

Kaperoni – Dinar Guru  Iraq is in no position to change the exchange rate at this time…Iraq needs to diversify away from oil, create a private sector market economy where they manufacture, have agriculture, etc. To support their own economy.  Until they pass laws, have a stable government, foreign investment to diversify nothing is going to happen.

BGG ~ You said that already…

Samson – Dinar Guru   Article:  “American Institute: The world is moving towards not recognizing the Iraqi diplomatic passport”  Quote: “the Geneva Convention granted the right to every state participating in the United Nations to issue 1,000 diplomatic passports for every 100 million of its population…Japan, with a population of 125 million, issued only 1,000 diplomatic passports…Iraq…forty million people, has issued…15,000 passports…many problems contributed to the spread of Iraqi diplomatic passports, most notably the bubble of political elites in Iraq, wasta and corruption…“

MilitiaMan – Dinar Guru  We have been told over and over that the CBI has upwards of 90 -145 billion in $ reserves and over 130 tonnes of gold. The border income may match or exceed Iraq’s oil revenues. Add in the Natural Gas deals? You get the picture. The new notes expected will be supported by all that aforementioned and the private sector once the re [RI?] construction process begins…we know what the CBI is about to do, or they wouldn’t be talking about deleting the three zeros from the exchange rate now would they?

Clare – Dinar Guru  Article:   “After reaching international forums, the Iraqi company TNFX obtains a global license” Quote:  “The license allows it to deal financially in Iraq and abroad, and it is one of the reliable international financial dealing companies”  COPIED FROM TNFK WEBSITE: TNFX is an ECN forex broker serving both individual and corporate clients. We offer our clients a comprehensive range of trading tools, technical support, and advisory services with the aim of making the trading process efficient, hassle-free, risk-free, and above all profitable for the client from new account registration to funds withdrawal.

Samson – Dinar Guru  Article “Iraq is the largest buyer of gold for the second quarter of this year”   Quote  “The World Gold Council announced today, Saturday, that Iraq was the world’s largest buyer of gold during the second quarter of 2022. The council said in a tabular report seen by Shafak News Agency, that ‘ Iraq bought 33.97 tons during the second quarter of the current year 2022, bringing its balance to 130.3 tons…'”

Mountain Goat – Dinar Guru   But as inflation rises with their devaluation of the dinar since 2020, these too come almost worthless in Iraq …Gold is going to sky rocket since all countries are going to go back to the gold standard officially and not just under Basel as we are now seeing partial implementation behind the scenes. Iraq is already preparing for this. This is where our wealth transfer is going to come from. But I could be wrong ( I don’t think so) and so let’s see what happens. [post 2 of 2]

MilitiaMan – Dinar Guru   Article:  “Ports announce the completion of their electronic procedures for exempted goods”   The completion of the last link means to me they are fully ready for what is expected. They go international the coffers will fill quickly, aside from the oil revenues!!!..imo No coincidences with respect to timing..

Michael Cottrell – Dinar Guru  I think right now it could happen at any time for any reason…we are at the right stage…the right time…and the right players are stepping up to the plate.

Samson – Dinar Guru   Article:  “The Central Bank announces the achievement of the largest cash reserve in its history”   Quote:  “The Central Bank’s reserves exceeded 87 billion dollars, which is the largest number that the Central Bank of Iraq’s reserves reach…the Iraqi currency is very strong because the reserves constitute 130 percent of the source of circulation from the funds in banks and others.”

Militiaman – Dinar Guru  Article:  “Economist: Going to print a currency of 20 thousand dinars will cost Iraq a lot of money”  There has already been allocations of large sums of money to print new currency issuance and it has been recorded and expensed by the CBI in 2018 era. At this juncture in time, there is no reason to print something that has no real effective utility, imo… They already have 100k and 50k notes for internal use for large transactions.

Kaperoni – Dinar Guru   There are several news articles regarding the central bank reserves reaching 87 billion, and discussion on the new 20,000 dinar note.

NORV – Dinar Guru    The good news is they are not going to implement delete zeros…”there was a proposal to delete the zeros from the dinar, but it was not implemented.”  The dinar is getting stronger and the very reason they will NOT delete zeros. The dinar value will naturally rise as the economy grows.

Mountain Goat – Dinar Guru  Article:  “IRAQ: CENTRAL BANK RESERVES EXCEED THE CEILING OF 87 BILLION DOLLARS”  Yes, 87 billion reserves already and it just the end of September. They will reach way over 90 billion as projected by the end of the year and will probably reach over 100 billion even. Yet the CBI says they have no intention of completing the project to delete the zeros  or raise the rate of the dinar against the dollar. Why? If this is not corruption I don’t know what is. We know for a FACT the economy of Iraq supported way over $3 dinar back in 1990. The situation of Iraq now is way much better with higher reserves and much more gold reserves. In fact they can almost back their currency totally with gold now.

Samson – Dinar Guru   Article:   “Karbala Refinery.. Unprecedented Iraqi oil production reduces 70% of gasoline imports”  Quote: “the Karbala refinery, which opened yesterday, will reduce Iraq’s import of gasoline by 70%, while they indicated that the completion of the development of the country’s refineries will lead to a surplus to be exported abroad.“

Kaperoni – Dinar Guru  Yes, Iraq will float the dinar but it won’t float until they diversify away from oil and create a private sector market economy and begin to prosper.

BGG ~ Why would they do such a thing?!? They are the richest oil nation in the history of all history. I very much doubt Iraq changes to conform to anyone else’s reasoning.

MilitiaMan – Dinar Guru   We are waiting on a calm atmosphere. Today’s vote of confidence for Halbousi may have been just the calm we needed...The CBI too, can calm markets. That is a part of their job. To delete the three zeros from the exchange rate is  directly related to the economy and market prices within the country. The result of deleting the zeros will calm the people and the markets, thus, the investors too...