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Parliamentary Finance and the Central Bank take an important step regarding changing the dollar exchange rate


yota691
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20 hours ago, Theseus said:

Here is a fun exercise for you to get an idea of the RV rate:

 

How much tonnage of gold does Iraq have? (They haven't increased their gold reserve in several years). Convert that into USD or Dinar. Your choice.

 

How much money is in their International Reserves?

 

Now add that up and divide it by the total currency outside of the bank. If you like you can convert to USD at the current exchange rate..

 

Once you have that number you have the maximum amount Iraq can RV at. Iraq will RV below that number.

 

You cannot count the amount of oil in the ground that Iraq has because it is a commodity and commodities fluctuate as we have seen in the past. Nor can you count any other commodity, such as minerals, that has not been converted into cash. Once you have this you will see that Iraq will not be able to RV at the $3+ USD rate. At best the rate is well under 2 USD per dinar. Iraq will not RV at that value either, they will RV well below that value.

 

 

You are mistaken on atleast two of your main points! Iraq has purchased gold for their reserves over the past few years their have been many articles regarding this you can research it!! Second you absolutely do not have to count how many dinars are outside the bank so you are only partially correct with your statement! Iraq when they RV is only responsible for account the amount of dinars circulating INSIDE Iraq period, they do not count the dinars in our hands or outside of Iraq!! If you do not believe this fact to be true may I suggest you have wasted a lot of your valuable time sell sell sell now!! So unless I read your post incorrect I apologize but this point needs to be made so people understand clearly Iraq only has to cover the dinars circulating inside of Iraq’s borders when they calculate what their new dinar rate will be, hope that clears this up!!

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1 minute ago, Dinarrock said:

You are mistaken on atleast two of your main points! Iraq has purchased gold for their reserves over the past few years their have been many articles regarding this you can research it!! Second you absolutely do not have to count how many dinars are outside the bank so you are only partially correct with your statement! Iraq when they RV is only responsible for account the amount of dinars circulating INSIDE Iraq period, they do not count the dinars in our hands or outside of Iraq!! If you do not believe this fact to be true may I suggest you have wasted a lot of your valuable time sell sell sell now!! So unless I read your post incorrect I apologize but this point needs to be made so people understand clearly Iraq only has to cover the dinars circulating inside of Iraq’s borders when they calculate what their new dinar rate will be, hope that clears this up!!

Thank you for the knowledge! How does the CBI know what is inside the country and what is outside the country, truly just looking for more information here, and thank you 🙏. I am really hoping this investment pops real, real soon! 
GO RV!!!!

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2 hours ago, utah rock said:

How does the CBI know what is inside the country

 

Not dinarrock but the cbi has put out in articles over the last year or so how much is in the banking system and how much is outside the system inside iraq don't remember the percentage number members with a less fried memory than mine would recall the number , when the cbi does auctions they sell the USD for IQD who knows how much really gets placed back in the system and how much is withdrawn from it .... clear as mud huh .... cheers dv'ers 

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30 minutes ago, 3n1 said:

 

Not dinarrock but the cbi has put out in articles over the last year or so how much is in the banking system and how much is outside the system inside iraq don't remember the percentage number members with a less fried memory than mine would recall the number , when the cbi does auctions they sell the USD for IQD who knows how much really gets placed back in the system and how much is withdrawn from it .... clear as mud huh .... cheers dv'ers 

Thank you, yeah, this whole this is an exercise in patience, looking forward to seeing how it end. 

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16 hours ago, Dinarrock said:

You are mistaken on atleast two of your main points! Iraq has purchased gold for their reserves over the past few years their have been many articles regarding this you can research it!! Second you absolutely do not have to count how many dinars are outside the bank so you are only partially correct with your statement! Iraq when they RV is only responsible for account the amount of dinars circulating INSIDE Iraq period, they do not count the dinars in our hands or outside of Iraq!! If you do not believe this fact to be true may I suggest you have wasted a lot of your valuable time sell sell sell now!! So unless I read your post incorrect I apologize but this point needs to be made so people understand clearly Iraq only has to cover the dinars circulating inside of Iraq’s borders when they calculate what their new dinar rate will be, hope that clears this up!!

You are right they increased their gold reserves 5 tonnes since 2019, up from 91 tonnes to 96.3 tonnes. That is going to make a whole heck of lot of difference overall. (/s)

 

Outside the banks in circulation to be technical.  If you hold in your formerly nicotine stained hands (quoting Rush L.) circulated dinar, you count that, even if it is not inside of Iraq, because it is considered to be in circulation. Notice I also didn't differentiate between the different types of currencies Iraq has (not talking about circulation classification). 

 

You can get as complex as you want to, but for simplicity sake I went with what is most readily available.  This example was a rough illustration, the more you narrow or add to the formula, the less the RV max value turns out to be which is still under 2 dollars (even 1.85) per dinar. 

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20 hours ago, wciappetta said:

Until December1971, 1 Iraqi Dinar equated to the value of US$ 2.80.Soon after the inflation of the United States dollar in 1973, the Iraqi Dinar valued to US$3.39. The value of Dinar remained same till the war of Iran - Iraq. Iraq in 1982 devalued the Dinar by 5%, equating it to US $ 3.22.   

 

At least the reports show intent. Near future? May be sooner than we realize

And who made the rate of the dinar? (Hint: he was found in a hole in the ground and hung until dead). All you need to know that the rate was artificial.

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lol Gee don't get your feathers ruffled, Saddam didn't take the helm until mid 1979 so the $3.39 rate is what it was without his influence. It wasn't until the Sept 1980 invasion by Iraq into Iran that began to influence the exchange rate evidenced by the 5% devalue of the dinar in 1982. After that I agree. But Shabibi referenced a period of time prior to Saddam's influence. 

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Talking about gold- Iraq has avast untapped massive gold mine found outside Baghdad. When they add that to the mix I bet ya the value of the Dinar is far higher and stronger than most of us believe. It was reported that this gold mine is easy to get and they think it’s as big as there oil reserves. Iraq is ducking rich! 

Edited by dinarbeleiver
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3 hours ago, wciappetta said:

lol Gee don't get your feathers ruffled, Saddam didn't take the helm until mid 1979 so the $3.39 rate is what it was without his influence. It wasn't until the Sept 1980 invasion by Iraq into Iran that began to influence the exchange rate evidenced by the 5% devalue of the dinar in 1982. After that I agree. But Shabibi referenced a period of time prior to Saddam's influence. 

So Saddam just popped out of thin air in 1979? Neat trick.

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3 hours ago, dinarbeleiver said:

Talking about gold- Iraq has avast untapped massive gold mine found outside Baghdad. When they add that to the mix I bet ya the value of the Dinar is far higher and stronger than most of us believe. It was reported that this gold mine is easy to get and they think it’s as big as there oil reserves. Iraq is ducking rich! 

Yes I do know about that and it is one of the reasons I prefaced the exercise with do not count the assets not pulled from the ground. You won't get a loan based on your Net Worth, only your liquid assets. Meaning those assets that can be readily converted into money. The mountain behind Bagdad sur e it has gold and other minerals but it is not readily convertible into currency so it wouldn't matter how much there is below the ground because it is not easily convertible at this time. Think about the mines in the Western United States. How many of those that went bankrupt after pulling out hundreds of thousands of tonnes of raw minerals. What happened to those towns? Finite resources not readily converted do not make an exchange rate. It might spike the rate for a short period of time but is not sustainable.

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12 minutes ago, Theseus said:

So Saddam just popped out of thin air in 1979? Neat trick.

 
 
Saddam Hussein
Saddam Hussein Abd al-Majid al-Tikriti was an Iraqi politician, the fifth President of Iraq from 16 July 1979 until 9 April 2003. A leading member of the revolutionary Arab Socialist Ba'ath Party, and later, the Baghdad-based Ba'ath Party and its regional organization, the Iraqi Ba'ath Party—which espoused Ba'athism, a mix of Arab nationalism and Arab socialism—Saddam played a key role in the 1968 coup that brought the party to power in Iraq.Wikipedia
Born:Saddam Hussein Abd al-Majid al-Tikriti, April 28, 1937, Al-Awja, Saladin Governorate, Iraq
Died:December 30, 2006, Camp Justice, Kadhimiya, Baghdad, Iraq
Cause of death:Execution by hanging
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8 hours ago, wciappetta said:
 
 
Saddam Hussein
Saddam Hussein Abd al-Majid al-Tikriti was an Iraqi politician, the fifth President of Iraq from 16 July 1979 until 9 April 2003. A leading member of the revolutionary Arab Socialist Ba'ath Party, and later, the Baghdad-based Ba'ath Party and its regional organization, the Iraqi Ba'ath Party—which espoused Ba'athism, a mix of Arab nationalism and Arab socialism—Saddam played a key role in the 1968 coup that brought the party to power in Iraq.Wikipedia
Born:Saddam Hussein Abd al-Majid al-Tikriti, April 28, 1937, Al-Awja, Saladin Governorate, Iraq
Died:December 30, 2006, Camp Justice, Kadhimiya, Baghdad, Iraq
Cause of death:Execution by hanging

Again, Saddam just appeared as president out of thin air in July 1979? Neat trick.

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If you're suggesting as a politician he had influence on the exchange rate before being president I'd say that's a stretch...in either case, Shabibi references the 70's as the goal for the exchange rate which is exactly what the US State Dept. plan  suggested in 2001.... The image below is from the "Future of Iraq project" document 

Why new Currency_LI (2).jpg

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6 minutes ago, wciappetta said:

If you're suggesting as a politician he had influence on the exchange rate before being president I'd say that's a stretch...in either case, Shabibi references the 70's as the goal for the exchange rate which is exactly what the US State Dept. plan  suggested in 2001.... The image below is from the "Future of Iraq project" document 

Why new Currency_LI (2).jpg

The mere fact that they used a unit of 1000 fils still for the new Iraqi currency vs a denomination unit of 100 like the Saudis despite the fact that the new dinar was going to be worth a fraction of a penny tells you the long term plan is to have it worth well over a buck again some day. Doesn't mean our current denominations will be but thats where the "speculation" aspect comes in. 

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Yes and the document footnote is also interesting since it represents market sensitive material. Basically it says in footnote number 1 not to advertise the expected or anticipated change in the future value. Having that info public before they introduced a new banknote would have been catastrophic to the plan, everyone and their uncle would own it. This document used to be classified and it was obtained through a FOIA request designed to beat up the Bush administration for liberating Iraq. It appears to have escaped the sensors what was also in there until it was already public. Of course great lengths have been taken to downplay it since then. This is proof of a plan even before the US entered Iraq or introduced one new banknote and the fact that Shabibi in 2008 echo's the plan is not to be overlooked.

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