Dinarland Highlights for August 14, 2024 (2024)

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MarkZ

[via PDK]

Here’s a good one… “Parliamentary committee for Nina-A government team is preparing a new draft of the oil and Gas Law”

They are letting us know they are moving forward…meetings are happening and they are moving towards completion.

Frank26 (KTFA)

[Iraq boots-on-the-ground report]

FIREFLY: Television show…the topic was about dropping the zeros from our currency and the introduction of a new currency and the issues of the implementation of this new currency.They had on there a doctor of economics. We don’t know him but he is being sent by Sudani…He said…we have low inflation so we can delete the zeros. They talked about how we will be obtaining purchasing power with this move.

FRANK: It’s exciting to see the monetary reform education now on a daily basis teaching you on your television what you are about to be given…This is the third week in a row they talk to you about lifting the three zeros and about a new currency coming to you and now on the process of how they’re going to implement that new currency to you…They continue to reaffirm purchasing power is coming to your currency…

These guys are coming out, Saleh, the Finance Minister, Alaq, the governor of the CBI, even some of the board, Sudani,everyday they’re coming out on the television and what are they doing? They’re trying to police the lies.

MilitiaMan

Saleh, financial advisor to the prime minister, has a really good report. “Government Signal: High Export Capacity Boosts Currency Value”He’s giving reasoning why certain things will boost value…They’re talking about floating and fixed prices…He gives his opinion – Floating seems too aggressive, fixed prices work but a managed float I think is what he’s talking about…

There are a lot of things that are rough and tumble out there.On a good note, everything we’re seeing is still focused and still on track and I think we’re going to be in good shape.If they launched this over a year ago, we’re coming to a close.I firmly believe it, they’re coming to a close and they’re getting ready to do what they have to do...

Jeff

I’m about the only [guru] out there that has put an emphasis on the budget, telling you that the budget is unconstitutional.Nothing, not even the rate change, absolutely nothing economically is happening in Iraq till the court overturns the budget…The budget has to be overturned and it probably going to be around mid-September.That’s the main piece to the puzzle you’re waiting on right now.

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Pimpy

On July 11th it was $84.69 per barrel of oil. As of the 6th of August it had dropped down to $76.17 per barrel…It is now $79.66 per barrel.This goes right back to the whole issue about the price Iraq has set per barrel in their budget. There’s an expectation…if they don’t meet it then everything they plan for ends up being a deficit for Iraq. A few month ago we heard this was a problem in Iraq and the central bank kicked around the idea of devaluing the Iraqi currency again...It doesn’t mean it’s going to happen. I’m just bringing to your attention they have spoken about devaluing the Iraqi dinar because of the rate they had set in the budget per barrel which I believe is around $70 per barrel.

Mike Bara

[via Judy Byington]

I have been given a date of Wed. 21 Aug. for the revaluation of the Iraqi dinar…

SkyWalker

There seems to be some confusion…when it comes to the delete the zeros program.Value of the Iraqi dinar starts in country by government policies, CBI reserves, oil production, investments by the Iraqi government, output of the economy, and so on.Value is currently represented by the three zeros printed on the currency. An exchange is a ratio of two currencies which is used outside the borders of a country.Therefore, when value is added to the Iraqi dinar first by the CBI in country the three zero notes will be physically removed from circulation. In their place the CBI will release the lower notes with added value…Lastly, the exchange rate of the Iraqi dinar compared to other currencies will reflect the added value to the Iraqi dinar. So, it is not about the zeros coming off the exchange but the three zero notes being no longer used…

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Nader From The Mid East

[Iraq former government/UN employee friend Imad from Basra update]

Question:
“Will the three zeros be deleted?”

Yes sir, they will be deleted soon…realistic it’s not going to happen next week or next month. It’s not…you have to hang on and wait a little bit.

NADER:I say from here to December…Is it going to happen before the election?

IMAD:No. Let’s wait and see. NO…It’s not in the near future…To move these three zeros takes a lot of work…corruption…a lot of things have to straighten up a little bit.

Breitling

What would happen if they did what Turkey did, they shifted their currency, they re-denominated, added value to it and tried to recreate the markets to get more customersand it doesn’t work?There’s no place to go. It would be too tough. Then they would really be dependent on the US dollar and then they would have no power over their own economy. That’s what’s at stake for Iraq. They are in trouble. They are in deep trouble…

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