mally2

Good morning. What happens on the 29th?

It is sad and many well meaning people dont realize it just makes the rich richer and the poor poorer growing the divide as the price of hard assets and various investment vehicles that the rich can afford go up.

Its a race to the bottom. US cant print fast enough devaluing our currency and causing inflation meanwhile even with that mideast countries move to further devalue their currency against it. 😑

It was a "faith" thing but only because the gov said so, therefor it was a light switch event but not how it is often portrayed in dinarland. Iraq raided banks in Kuwait, currency was stolen. After kuwait was invaded banks were closed and people did not know if the old kuwaiti dinar would even be recognized as legal tender anymore so the street value of it plummeted. Once Kuwait got their banks reopened (only a few months during the uncertainty period) they issued a new currency and a statement that they would honor the old kuwaiti dinar at close to the same rate it was honored pre-invasion.

The Saudi currency is broken down into units of 100 like the american dollar and cents. The Kuwaiti currency is broken down into units of 1000s called fills. Iraqi dinar is still in fills and units of 1000s. Currencies in 1000 units tend to have higher values when compared to the dollar. Iraq will probably one day be above 2 dollars again at least. That doesnt mean they will honor the current issuing of dinar that we hold at that higher value but its reason enough to stay on this ride and see.

That last sentence is really doing a lot of work "and the same problems will remain every year."

Spend some time reading about what a redenomination is. I don’t want to be banished to the lopster tank. Most the time when countries go through a redenomination they try to do it after hyperinflation but when things have normalized. This economist is saying a redenomination won’t fix our current problems and doing so now while things are bad with a large deficit could be extra bad.

It would increase the rate of the new dinar but not the dinar we hold. It’s a redenomination. What you are describing is this, “we devalued by 20% but to make up for it and help the poor we are going to increase the value by 1000% from that point” completely illogical, they could of just increased from the original rate. We want them to liberalize the exchange rate and find ways to increase it. We don’t want two classifications of dinar.

You are not talking about “dropping the three 0s” you are talking about increasing the exchange rate by 1000%. Dropping the 0s means from our dinars as well despite how it’s always been spun in dinarland. This article is positive.

Xrp has been exploding last couple days. Just speculation or ...?

Not that it matters but I used to be mally, or amal, cant remember. Thats why its mally2. Some technical problem or forgotten password. I bought my first dinar sometime around 08 and have been getting news here since the days of kaperoni passing out pizza slices in chat.

wouldn’t they of just moved it from .0008 to .68 then? They just devalued by 22%, they could of increased its value by 22% or 500% or whatever. The only reason to move in increments of 1000 is if it’s a redenomination, old 25k note is same as new 25 note. I’ve been in this sine 08 and remained optimistic but I’m having a hard time seeing a happy ending with this move ugggh. Hoping the Iraqi citizens won’t stand for this

They aren’t proposing devaluing by 30-50% to then revalue upward 1000%. They’re proposing devaluation for a bit then a revenue neutral redenomination, aka the bad three letter word. If they truly devalue my confidence in this will drop significantly. The good news is we should find out soon. Remember the white paper reforms were formulated then Kazemi came here and made a few more important stops. Seems like a lot of hoopla for what any third world country is doing when they have big deficits, devalue.

I’ll be a little disappointed if after all this talk of reforms and a trip to Washington together we only get a patchwork 3 mos agreement.

This comes from a parliament group calling for devaluing the dinar. They propose moving the dinar down in value in steps until it gets to 2000-1 and then lopping the 0s to make it 2-1. Not what we want and not from the cbi. Not surprising though as devaluing your currency is happening all around them, iran, syria lebannon etc as countries try to juice their economies by depreciation (lowering their costs when compared to usd). The same thing is playing out all over the world. This economic crisis (covid response) is deep and solutions will need to be drastic and out of the box, ignore the fake

You have to take (in the coming period) and subtract 3 days

Yota!

I hope so bro. I'm generally optimistic about where things are at the moment but I do feel the need to point out this agreement is in relation to the budget law for 2020. This is how they have gotten by without the hcl the last decade plus. They fight over their oil allotments/payments, come to a patchwork agreement, write it into the budget for that year and then within months start accusing each other of not fulfilling each others end of the agreement. We wouldnt need an oil agreement in the budget law if they would pass the hcl. Hopefully this is a step and financial reforms are right ar

Thanks Yota! I'm really hoping this isn't another year long patchwork oil agreement. Every year we hear about a breakthrough in an agreement between the kurds and central gov regarding oil and the budget. Get the hcl done and stop the madness!!

This sounds interesting, anyone have the rest of article translated?

The council of ministers passes laws when they think they’re ready for parliament. Then parliament votes, argues, votes again, argues and then votes a third time where it becomes law. The hcl has been to parliament but is always too contentious to make it to the third vote.

They come to a half-assed patchwork agreement every year and write it into the budget law for the year. We dont want that kind of agreement, we want the hcl which will be more permanent and legally binding...wont have to be debated every consequent budget year.

Shots fired in the bro-down trade war...

I believe this is the key sentence "should remain in effect until the implementation of its provisions," I think the supreme court is saying keep the doing what we've been doing until you are ready to implement new provisions to article 140 which have been voted on. I don't think it's a big or important ruling, I think the important thing is they agree on what the long term borders are going to be within the country. Bro.

I don’t get why people who have been on this ride for years are jumping at this? It’s normal for them to use . Like we use , they always have?? Exciting they’re talking about international use though.