PhillyDinar

I could be way off, but is this article to say that they look to reduce the ammount of iraqi dinars floating around within there nation prior to an RV??

Sounded good from what i could make of it... just wish they would get to a stable enough point to where they can revaluate there currency already... they all stand to prosper immensly from a revauluation. Whats the holdup...

Thank you, im in all of these. I havent been getting any emails regarding updates. And this update legit just came about after my post asking for an update.... prior to that. There were no recent relevant updates that i can find anywhere here. They are all about digital currency these days. Bit i do thank you for tagging me. God bless brother!

Thank you, i havent been getting the emails for the updates.

I feel like its been way too long since we have had any solid iron clad updates on the progress for iraqi and its potential to RV... Are there truly no positive or inspiring events taking place to be shared on this topic? I saw the dip in value by 22% and read that it was mainly due in part to poor economic policies over the last decade... They also go on to say that is is the LAST time they will ever devalue its currency (which says to me they still plan to grow and increase the value) but still would love to see what everyone is seeing, hearing, feeling and or knowing about the lack of any iron clad updates as of late... Source for my claims: Abcnews.go.com/international/wireStory/iraqs-central-bank-devalues-dinar-22-amid-public-74819699 Iraq's central bank devalues dinar by 22% amid public anger Iraq's central bank says it will devalue the national currency, the Iraqi dinar, by over 20 percent in response to a severe liquidity crisis brought on by low oil prices By SAMYA KULLAB Associated Press December 19, 2020, 1:17 PM • 4 min read FILE - In this Oct. 21, 2020 file photo, people shop at old Basra market, Iraq. A leaked draft of Iraq's state budget has spurred panic as it confirmed the government's intentions to devalue the national currency, the Iraqi dinar, and cut salaries to The Associated Press FILE - In this Oct. 21, 2020 file photo, people shop at old Basra market, Iraq. A leaked draft of Ira...Read More BAGHDAD -- Iraq's Central Bank on Saturday announced it will devalue the Iraqi dinar by over 20 percent in response to a severe liquidity crisis brought on by low oil prices, a measure that has sparked public outrage as the government struggles to cover its expenses. Riot police were dispatched outside the central bank headquarters in central Baghdad prior to the announcement in the event news of the devaluation sparked protests. A leaked draft of the state budget law for 2021 caused furore on the Iraqi street last week as it confirmed plans to devalue the dinar. The new rates represent a dramatic reduction from the previous official rate of 1,182 IQD. It is the first reduction in exchange rates that the Iraqi government has made in decades. In a statement, the Central Bank set the new rate for the dinar, which is pegged to the U.S. dollar, at 1,450 IQD when selling to the Iraqi Finance Ministry. The dinar will be sold to the public at 1,470 IQD and to other banks at 1,460 IQD. The devaluation raised the prospects of the dinar weakening further on the street. The rate has already risen to 1,400 IQD per U.S. dollar on Saturday, up from 1,300 IQD last week, at currency exchange agents. “I stopped exchanging currency,” said Abo Abed, who works at a currency exchange in the Karrada neighborhood of the capital. He turned away a customer with a $100 bill, saying he could only sell at the old rate of 1,300 IQD. “Who knows, tomorrow it could be 1,800 IQD.” Since an oil price crash earlier this year, Iraq has been grappling with an unprecedented liquidity crisis. The crude-exporting country has had to borrow from the bank’s dollar reserves to pay the nearly $5 billion in monthly fees for public salaries and pensions. Oil revenues, which account for 90% of the budget, have brought in an average of $3.5 billion. Efforts to introduce reforms have been met with opposition and to date, the government has been borrowing internally to foot state bills. A devaluation would give oil-rich Iraq, which imports nearly all of its goods, more dinars in hand to make urgent payments. But setting a new rate has been a delicate balancing act to satisfy the government's needs for liquidity without impacting the average Iraqi. The Finance Ministry is responsible to allocate salary payments to public workers, the largest working force in Iraq and among the most disgruntled by the new currency measures. The bank justified the devaluation saying it was the product of “intense deliberations” with the prime minister, finance minister and lawmakers, and stressing the reduction in the dinar's value would be a one-time occurrence. “It must be emphasized here that this change (reduction) in the value of the Iraqi dinar will be one-time only and will not be repeated,” the statement said. “The Central Bank will defend this price and its stability with the support of its foreign reserves,” which it maintained are still at stable levels. The bank blamed poor economic policies over the last decade. It said it had “no choice but to intervene” as poor economic planning and fiscal policies from Iraqi politicians have reduced Iraq to a crude-exporting state with the bulk of state expenditures going toward paying a bloated public sector. The devaluation drew the ire of public sector workers. Many fear a weakened dinar, as well as plans proposed in the budget to cut salaries and impose taxes, will amount to pay cuts. While taking a step toward austerity, the proposed state budget for 2021 also calls for record spending projecting a deficit of nearly $40 billion. A Cabinet session to vote on the law was postponed to Sunday. From there, it will be voted on by lawmakers, a challenging task as the cuts are considered wildly unpopular ahead of next year's nationwide elections. “It will be very difficult (to pass),” said lawmaker Sarkawt Shamseddine. “In order to to convince MPs to vote for this big bill the government has to show it has other plans ... to increase revenues. That's the strategy.” Prime Minister Mustafa al-Kadhimi called for early elections to take place one year earlier than scheduled on June 2021, in line with demands of anti-government protesters.

cant believe how close we finally are to this ride finally getting moving, sounds like wee could all be able to finally help our familys and do the things weve been dreaming about!! thanks everyone for all tht you contribute to this site its amazing ! =)

I'd like to ask adam a question regarding post rv banking. Thanks phil!

surprise surprise....and by that i mean im not nearly surprised.

I love these sort of updates! keep it rockin iraq, lets do this the rite way the first time. after 7 years im ready for the first among many paydays =)

hello adam, what do you believe is the biggest hold up with the RV of the IQD? as we all know iraq wants and needs a strong steady currency. whats the big hold up?

interesting info but where is the proof, are there no links???

hate to burst your myan calender myth but here is the proof: newly discovered mayan callender WAY beyond 2012

seewhat our lovley government has created. lets us crime as a way to create profits and see if it wont hurt our economy at all.. eh who cares right?!

yup, yup.. and there is only one reason they would want to do that!!, first help reduce inflation by putting more dependance on national currency and along with that is the need to RV that so said currency CHA-CHING. lets get this thing done...

no worries as this isnt exactly english, id classify it more as retteric then english. basically shab's discussed the removal of the 3 zeros to start at the beginning of next year, (exchange of large 3 zeros notes for lower 2, 1 and 0 zero notes. so that transactions can be much smoother like everywhere else in the world. you just have to read really, really slow and the major issues or important parts usually jump out at you.