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Wednesday Evening Opinions & News @ 7:20 PM CST - 2/08/2023


ronscarpa
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REMEMBER, no one really  knows what will happen, or when.  They're simply stating their opinions based on what they perceive to be happening in Iraq... So, take everything with a grain of salt .... :twothumbs: RON 

 

 

***Dinar CBI News Flash *** 
The Central Bank of Iraq has officially increased the dinar exchange rate to the US dollar.  It is now 1310 to 1 USD down from 1460.  Remember, going down in this instance is good for dinar holders.  This is a 10% increase in value.  Will the dinar rate continue to float upwards?  
 
Frank26  Article: "The Central Bank of Iraq begins selling the dollar at the new official rateQuote: "The Central Bank of Iraq will start selling the dollar at the new official rate, starting Wednesday, 2/8/2023, and will continue its procedures and steps until the dollar exchange rate stabilizes according to the official exchange rate.IN THE FLOAT YOU WILL HAVE TO KNOW WHEN TO HOLD 'EM & FOLD 'EM BUT BEFORE THAT YOU WILL WATCH THE EXCHANGE RATE GRADUALLY INTERNATIONALLY FLOAT TO, 1 TO 1..
 
Clare  Article: "The Central Bank of Iraq begins selling dollars at the new official rate" Quote: "The Central Bank of Iraq will start selling the dollar at the new official rate, starting Wednesday, 2023/2/08, and will continue its procedures and steps until the dollar exchange rate stabilizes according to the official exchange rate. The exchange rates will be as follows: 1300 dinars per dollar purchase price of the dollar from the Ministry of Finance. 1310 dinars per dollar The selling price of the dollar to banks through the electronic platform. 1320 dinars per dollar selling price of dollars from banks and non-bank financial institutions to the ultimate beneficiary."


MarkZ   From Rueters:  “Iraq revalues currency to 1300 IQD per 1 USD. – Cabinet statement”  On Bloomberg:  “Iraq revalues currency weeks after replacing central Bank head”  They are showing clearly that they have the ability to change it at anytime at will. I am getting some interesting feedback from the banking side on this. They are ecstatic. They have been looking for this first move. Treat this as a rumor but many of my bankers that are involved in the exchange process are convinced that after Iraq made that announcement this morning we are now in a 48 hour window since they have now made that first move.  Treat this as rumor…The thing you treat as fact is the process is well underway.

 
Walkingstick   From 1750 in the streets  to [1300] to 1160...to 1 to 1.  This is the goal in order to float and this is what you're seeing the evidence of it right in front of your face.  It's going in the right direction.

 
Militia Man   Today has been a big day...They are telling us they are going to do certain things and this 1300 was one of the first stages.  The second stage is...they're going to re-prepare the 2023 budget.  In this context the Central Bank governor has stated that's what's going to happen...

 
Frank26  The education to the citizens is becoming a little bit more in-depth. They have to know the next step is the float. IMO that's what the CBI meetings [In Washington/US Treasury] were doing - preparing the United States for the Iraqi dinar to float.

 
MarkZ  Question "So what is your plan if Nader is right and it’s a slow grind to get the dinar to a 1 to 1 rate?  At what point will you go and trade in your currency? Will you exchange a few or deposit it in a multicurrency account?"  I am told when it’s at a substantial change your banks will offer you a multi currency account when you come in to exchange it. You will be able to hold it as dinar in this account and your account balance will continue to float as the rate goes up. Hope that makes sense.  [Reference Nader's Post below] Whoever asked these questions must be a novice, and hasn't got a clue as to what's really going on. Unless, it's Mark making up the questions, so he can answer them - that's most likely the case...LOL..!

 
Pimpy  The Iraq dinar exchange rate has changed.  It went from 1450 dinars for every dollar to 1310 dinars for every dollar.  You're looking at about a 9.6% increase in value...Looking very good.  There is baby step one...just like I said, they're gonna go up in increments - small amounts a little at a time. :twothumbs:

 
Clare   Article: "Al-Alaq thanks Al-Sudani for lowering the price of the dollar: Your response is quick"  Quote "...the Governor of the Central Bank, Ali Al-Alaq, thanked the Prime Minister and members of the Council of Ministers for their approval of the decision to reduce the exchange rate of the dollar."

 
Frank  Media Tweet "Panic selling USD as Iraqis try to get rid of their dollars after Central Bank of Iraq successful measure to reinstate IQD value"  JUST WAIT UNTIL IT FLOATS AT 1 TO 1... THIS IS A TEST RUN. :twothumbs: I agree, just as I said yesterday. 

 
Pimpy  This is great news.  We love to see the Iraqi dinar exchange rate go in this direction, the right direction.  The Iraqi dinar has increased in value against the US dollar.  What else is all right?  Me predicting that the increase wouldn't be above $.01.  As a matter of fact I said that the increase will most likely go back to the original rate prior to the devaluation.  I thought for sure they were going to go to 1190 dinars for every dollar but instead they went to 1300 dinars for every dollar.  It's still a step in the right direction.  

 
Sandy Ingram   Emergency Breaking News Update.  IQD rate changed to 1300 to 1 dollar.  Hold on, the fat lady is NOT singing...the Iraqi dinar has been selling at 1470 dinars against the dollar before the New York Federal Reserve introduction tightening control on International dollar transactions.  Yes, this is not what we were looking for...but this is excellent news for the Iraqi people.  We knew there would be a rate change and we would not be happy with it.  We also knew that we may need to wait for higher rate exchange to the US dollar...

 
Nader From The Mid East  I told you [yesterday] morning before everybody, before it comes out even in the news.  I told you the dollar was at 1300...it's not going to be go to sleep and I wake up and I'm millionaire and the RV happen...it's gonna float...It's gonna be 1 to 1 by July...but for now it has to float.  It has to show its muscles...for the next couple of weeks gonna get better.  Watch it floating...

 
yada   Consider all this time the dollar was being removed from their economy, it was to create a demand for the dinar. The government offices and merchants were told not to use dollar or be arrested. And now with all the contracts from other countries come to Iraq, they will pay in dinar, creating more of a demand hence causing the market value to go up.

 
MarkZ  Article: “Panic selling of US dollars as Iraqis try to get rid of their dollars after the Central Bank of Iraq’s successful measure to reinstate IQD value.“  These people know something. They know the mechanism has started…  All over Iraq they are trying to dump their US dollars and get dinars back in their hands.  This is huge news.
 
Pimpy  You're looking at about a 9.6% increase in value [at the 1300 rate] for the Iraqi people.  That's more purchasing power...we'll see if the Iraqi people actually feel the increase once the prices start to change...that increase could be so small that it doesn't do a whole lot to the markets...I do think this is their first increase this year...I'm anticipating a second increase this year.  The second increase is really going to depend on how the economy is going...
 
:jester: And NOW for a few of our Clown Posts :confused2: :violin::trash:
 
Bruce   Remember the international rate that you may see is not necessarily what we’re going to have on the front screens at the banks, we‘ve already seen some of those rates and much higher and are going to be very good for us  ok don’t worry about that...I’m excited Let's, get this thing done. Let's have a great weekend. :violin:

 
MarkZ  I am still hearing though from banking contacts... now it could happen between yesterday when they announced the rate is 1300 and mid February...The banking side is more confident than I have ever seen them that we are at the end of this. :violin:
 
:tiphat:
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Not disagreeing. 

Some of these articles suggests there are many more floats to come. 

The float from 1,460 to 1,310 was not really a float but was an adjustment to where it was six months ago. 

Under IMF guidelines a currency can only float at 2.5% per quarter.  That's 10% a year.   Do the math.

At that rate there is no way the IQD will be 1 to 1 by this summer.  No way.  IMHO.

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33 minutes ago, ronscarpa said:

Walkingstick   From 1750 in the streets  to [1300] to 1160...to 1 to 1.  This is the goal in order to float and this is what you're seeing the evidence of it right in front of your face.  It's going in the right direction.

 

 

Walkingstick's post brings up an interesting point that people are overlooking. (Or is my memory THAT bad?) It went from 1750, to 1300, to 1160.  I know it isn't 1160 at the moment, but wasn't that the rate for quite sometime?   Then recently the numbers started changing again, and everyone is losing their mind!  I know we are all wanting this thing to be done, but don't get so blind from excitement that you lose track of what is really happening.  🙏   LET'S GO RV! :crossedfingers:

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