Saturday Night Opinions @ 9:25 PM CDT - 12/23/2023

[ronscarpa]

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 ...  RON 

 

 

Militia Man  What I've always said is it makes more sense for Iraq to have a managed float which is effectively a fixed exchange rate...1 to 1 or 2 to 1, 3 to 1, 4 to 1 whatever they decide to do it makes it easier the higher that exchange rate is to defend...Having a...3 years budget keeps it stable...pricing stays stable.  Anybody that says it's going to float to from a relatively low range to a high range over time they don't understand. Article quote: "The exchange rate will be fixed especially since it's been fixed in the federal budget law for 3 years says Saleh..." This is coming from the advisor.  Don't talk about float.  It just doesn't make sense to anybody.

 

Clare  Article: "CBI Governor: Int'l welcome to the Iraqi banking sector’s commitment to compliance rules" Quote: "For the first time, Iraq is witnessing the reorganization of the external transfer process through correspondent banks, instead of the Central Bank or the Federal Bank being the executive interface for this process.”

 

Kaperoni  ...We all know things don't happen fast in Iraq. Iraq has a lot of work to do in order to succeed. The first of which is pass over 100 stalled laws through Parliament to encourage investment in Iraq.  And at the same time the Central Bank of Iraq has to continue reforms to the banking system, digitalization, and apply monetary tools to meet compliance.

 

Nader From The Mid East  That's what's slowing down all this process.  It's people still using the dollar in Iraq.  Even me, I use the dollar in Iraq.  When I was there last week I use a dollar in Iraq.  Why?  Because it's a lot easier.  It's smaller.  You don't carry a lot.  You carry $500, $600, $700 with you, $1000 max...If I didn't have the dollar and If the dinar for me to carry...it would be a lot in my pockets...

 

MarkZ  Pretty quiet from Iraq so far today. One of my sources believe the local elections had some effect on our timing and are finishing the ballot counting before they release rates. If he's accurate…the counting should be finished in the next day or so, possibly as early as today.  I have one source in Iraq who believes they will release the rate in Iraq as soon as they finish seating  these new electees. Possibly in a day or so or as early as today.

 

Pimpy  Remember the goal is to become a cashless society...Just because they're doing away with the US dollar has nothing to do with them changing the Iraqi exchange rate.  I did say IMO towards the end of the first quarter, the beginning of the second quarter you might see a bump in the Iraqi dinar exchange rate only because of supply and demand.  If they do away with using the US dollar and they start using Iraqi dinar more in country, that's going to strengthen the Iraqi dinar.  Plus there's going be a much larger demand for the Iraqi dinar because the dollar won't be around anymore for them to use...

 

Frank26  [Iraq boots-on-the-ground report] FIREFLY: Television special is saying we are seeking monetary sovereignty over the dollar.  FRANK: Can't get any more straight forward to the point than that can we.  When they say the word Monetary they mean money...They want your currency to dominate...They have told you after January 1st you will not be using anything but your sovereign national currency.  To me that sounds like a currency that has great pride in being announced to the world.  A currency that is about to go up in value.  It does not sound like the continued sanctioned, programed rate that has robbed you citizens of your future...

 

Militia Man   They said only one currency by the first of this next year and they also said that the taxation will be on the dinar, customs and borders this year. They'll have to educate those citizens effectively though - in the next 10 days. We're going to watch and see how it rolls.

 

 

[Luigi1]

Agree with the Kaps on this one...everything is NOT done in Iraq.

[rvmydinar]

12 hours ago, ronscarpa said:

Nader From The Mid East  It's people still using the dollar in Iraq.  EVEN ME, I use the dollar in Iraq.  When I was there last week I use a dollar in Iraq.  Why?  Because it's a lot easier.  It's smaller.  You don't carry a lot.  You carry $500, $600, $700 with you, $1000 max...

If you and Iraqi citizens still love to use dollar instead of dinar in Iraq, therefore , the dollar will still be flowing around everywhere in Iraq on 01/01/24 and after. Does that mean there won't be a rate change after 01/01/24?