Thursday Early Morning Opinions @ 8:55 AM MDT - 12/28/2023

[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 

 

 

Mnt Goat ...there is always one news article to grab my attention and stands out from the rest...WOW, WOW, WOW news. It says that the purpose of foreign currency in Iraq is to deal with it outside the [national] economy, so it is not possible to consider the existence of a price in the dollar and a price in the dinar: one rises and the other falls.  No monetary policy can control such a situation...Folks this is just what we have been waiting for so long to hear...This is huge news.  [Post 1  of 2] I hope someone posts that article soon.

 

 

[cranman]

Here is the link

 

rudaw.net
https://www.rudaw.net › business
Using national currency needed for respecting state sovereignty, says ...

Edited December 28, 2023 by cranman

[BETTYBOOP]

in her news letter today it appears she thinks we are still a few months out from a rate change. Who knows

[cranman]

Try this one instead. 

 

https://www.rudaw.net/english/business/21122023-amp

[jg1]

15 minutes ago, BETTYBOOP said:

in her news letter today it appears she thinks we are still a few months out from a rate change. Who knows

NNNnnmnoooooooooooooooooo. If that happens, who knows when we will get the RV. Another day another problem another year another war. We need this to happen now. Always nice to hear from you Betty Boop.

[BETTYBOOP]

1 minute ago, jg1 said:

NNNnnmnoooooooooooooooooo. If that happens, who knows when we will get the RV. Another day another problem another year another war. We need this to happen now. Always nice to hear from you Betty Boop.

 I completely agree with you. If it doesn't happen in the next few weeks we could be waiting a while longer cause something is bound to happen which would further delay it. 

[BETTYBOOP]

Added at 1800 hrs GMT. If only frankie could be right.... it would be HUGE NEWS and a hint at what is coming.

 

12-28-2023   Newshound Guru Pimpy  Iraq has taken the necessary steps to strengthen the Iraqi dinar.  We know there's restrictions on the amount of money Iraq is receiving from the US.  But doing that has put the pressure on parallel market because they don't have enough dollars to trade...on the black market ...causing companies to have to use the official exchange rate instead of trying to be sneaky on the parallel market.  That means they have a stronger Iraqi dinar... Because of that they have more purchasing power... This is why I think as time goes on you're going to see the Iraqi dinar go up in increments.  

12-28-2023   Intel Guru Frank26  [Iraq boots-on-the-ground report]  FIREFLY:   They are talking about Fils and what they will mean to us.  FRANK:  What are fils?  Coins.  Because they're coins [REAL metals] and not fiat [paper currency or numbers on a screen] they are pip incremental increases FIREFLY:  They're talking about coins they are going to give us along with the lower denoms.  They're saying the battle with the dollar is soon coming to an end. 

12-28-2023   Newshound/Intel Guru Mnt Goat  They are finally getting off the sanctioned use of ONLY US dollars for trade outside Iraq.  Yes, they are beginning to act now like they are out of the UN 1991 & 2003 sanctions, that by the way, happened over a year ago. So, yes, it is about time. We all should be jumping for joy and maybe even taking a couple sips (I said just a couple) of that refrigerated champagne… lol.. lol.. lol.  Save the rest for what is coming next and that includes going to the bank.  [post 2 of 2]

Edited December 28, 2023 by BETTYBOOP

[Luigi1]

 

Please oh please, Goat...here's to hoping your right.

Don't let them get our hopes up again only to pull the rug out from beneath us....

Go RV.

[BETTYBOOP]

This info from the goat was in Tuesdays newsletter.  Or at least some of it was

Edited December 28, 2023 by BETTYBOOP

[rvmydinar]

2 hours ago, cranman said:

Try this one instead. 

 

https://www.rudaw.net/english/business/21122023-amp

It also says in the article: 

" the 2023, 2024, 2025 Iraqi federal budget , passed in june , set the exchange rate of $1 to 1,320 Iraqi Dinars ".   

" the exchange rate will be fixed , especially since it has been fixed in the federal budget law for three years ".  

( just wonder , what is the fixed rate for 3 years they are talking about? 1,320? )

[cranman]

1 minute ago, rvmydinar said:

It also says in the article: 

" the 2023, 2024, 2025 Iraqi federal budget , passed in june , set the exchange rate of $1 to 1,320 Iraqi Dinars ".   

" the exchange rate will be fixed , especially since it has been fixed in the federal budget law for three years ".  

( just wonder , what is the fixed rate for 3 years they are talking about? 1,320? )

It could be  1320. 

I say let's see what happens in the first quarter. Even the next few weeks will be telling. 

We won't get a heads up of any RI or RV before it happens

We are all just speculating.

[BETTYBOOP]

10 minutes ago, rvmydinar said:

It also says in the article: 

" the 2023, 2024, 2025 Iraqi federal budget , passed in june , set the exchange rate of $1 to 1,320 Iraqi Dinars ".   

" the exchange rate will be fixed , especially since it has been fixed in the federal budget law for three years ".  

( just wonder , what is the fixed rate for 3 years they are talking about? 1,320? )

 Yes they are saying it is fixed for 3 yrs at 1310. But I am sure there was also some clause where it can be changed. @Luigi1 or @screwball might be able to confirm

Edited December 28, 2023 by BETTYBOOP

[rvmydinar]

1 minute ago, cranman said:

It could be  1320. 

I say let's see what happens in the first quarter. Even the next few weeks will be telling. 

We won't get a heads up of any RI or RV before it happens

We are all just speculating.

That's right. Let's just hope , wait and see what happens until first quarter 2024.

[NWGUY]

Just do it Iraq...

[screwball]

1 hour ago, BETTYBOOP said:

 Yes they are saying it is fixed for 3 yrs at 1310. But I am sure there was also some clause where it can be changed. @Luigi1 or @screwball might be able to confirm

The budget sets the exchange rate for oil revenues in U.S. dollars at 1,300 dinars per dollar. It will remain valid through 2025, though it is subject to amendment, including to the oil price it uses given its near-total dependence on oil revenue.

 

The Iraqi Council of Representatives passed the 2023, 2024 and 2025 federal budgets on June 12, nearly eight months after Prime Minister Mohammad Shia al-Sudani’s new government was formed.

This year’s budget is Iraq’s largest at 198.9 trillion Iraqi dinars, about $153bn based on the official exchange rate. The 2024 and 2025 budgets will be the same unless the cabinet requests any changes and Parliament approves them.

 

do you think a change in oil price or exchange rate would push cabinet to seek amendments? And approvals from Cabinet?

 

[screwball]

 

https://www.aljazeera.com/news/2023/6/26/analysis-iraqs-new-budget-may-hamper-more-than-it-helps#:~:text=This year's budget is Iraq's largest at 198.9 trillion Iraqi,changes and Parliament approves them.

 

[screwball]

And it would appear by this article no more debt to Kuwait..as we suspected

[BETTYBOOP]

@screwball ofcourse they would. If the price oil drops below what they based the budget on then yes.. However, if they change the rate then everything is easier, prices change things become cheaper and accounting is easier. The citizens have a much better quality of life due to purchasing power and money for the goi to work with to fund projects

[Luigi1]

13 hours ago, screwball said:

 

https://www.aljazeera.com/news/2023/6/26/analysis-iraqs-new-budget-may-hamper-more-than-it-helps#:~:text=This year's budget is Iraq's largest at 198.9 trillion Iraqi,changes and Parliament approves them.

 

 

Odd isn't it...no change in 2023, 2024 & 2025 budget allocations.

This leaves no room for future growth, planning or takes inflation & other factors into view.

It's kinda like a dead horse at the starting gate.