Iraqi Dinar Guru Update (07-25-2023)

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Intel Guru Frank26 stated that :

It seems that recent discussions have been focused on different entities in Iraq. A couple of weeks ago, the International Monetary Fund (IMF) was the main topic. Last week, it was the government of Iraq. And now, the Central Bank of Iraq (CBI) is in the spotlight. The CBI has taken charge of the situation and is determined to lead the way in monetary reform. The new exchange rate will be administered by the government of Iraq (GOI). The governor of the CBI, Alaq, along with the Prime Minister of Iraq, Sudani, are driving this initiative forward. They have stated that they will not be deterred by any obstacles, particularly those coming from Iran-influenced members of the Iraqi parliament.

Newshound Guru Clare stated that :

An article has been published regarding a warning given by economic expert Abd al-Hasan al-Shammari. According to him, Iraq may face sanctions under Chapter VII due to banking violations of the Swift system. He emphasized the need to diversify the sources of the economy and trade exchange with capitalist countries to avoid such consequences.

Intel Guru MarkZ   [via PDK] stated that :

Throughout the afternoon, I have been receiving numerous calls and messages regarding Chase Banks. There are rumors being spread about system failures, branch closures, virtual branches, and other unusual events. It is quite intriguing to see what is happening at Chase as they prepare for their new system. According to the official story, they are downsizing their banking services due to the increase in electronic transactions. They are automating their processes to save on labor costs. However, some employees have mentioned that they were informed about the arrival of new wealthy customers, which suggests a move towards wealth management.

Guru Nader From The Mid East stated that :

The United States government, the Iraq government, and the CBI all have the potential to offer help. However, the Treasury, Forex, the World Bank, and similar entities hold the ultimate responsibility. It’s not solely on the CBI to improve and strengthen their job, increase reserves, achieve goals, and boost the value of the dinar. As Iraq progresses, the dinar’s worth will reflect their successes. [Post 2 of 2]

Guru Nader From The Mid East stated that :

Since December 2021, the country has started rebuilding itself. They have begun repairing their economy, private sector, and banking system. They are also working on improving their international standing and the value of the dinar against the dollar. There is still much work to be done, but it is important to note that the responsibility for lifting the dinar’s value lies with the person who caused it to drop, not the CBI, the government of Iraq, or the United States. [Post 1 of 2….stay tuned]

 Intel Guru Frank26 stated that :

According to the CBI, banks should avoid using the American dollar, but they have the option to use the dinar or other international currencies besides the dollar that are not based in Iraq.

 Newshound Guru Militia Man stated that :

Currently, there are issues with the parallel market that need to be addressed. The country is using both the dollar and the dinar, which is not allowed under the law that prohibits the use of multiple currencies. However, there are valid reasons for the use of the dollar. The dinar is the official currency issued by the central bank and must be used according to the law. The government is taking steps to resolve the problem.

 Newshound Guru Pimpy stated that :

Today’s news is mainly focused on the exchange rate, particularly with regards to the Iraqi Dinar. It appears that there is a problem, which I had previously expressed concern about. The recent deal between Iraq and Iran to bypass US sanctions may have repercussions between Iraq and the United States, and we are now seeing the impact of these sanctions on 14 banks, which is affecting the exchange rate.

 Intel Guru MarkZ   [via PDK] stated that :

There are widespread rumors circulating currently regarding a potential significant event occurring today, and optimism for tomorrow as well. There has been talk for several days now regarding the 27th, with rumors of individuals possessing substantial funds. However, I have yet to see any concrete evidence to support these economic claims. Additionally, I have observed numerous individuals being silenced by non-disclosure agreements or other means. This situation gives me a sense of comfort and security.

Newshound/Intel Guru Mnt Goat stated that :

Last Thursday, the Central Bank of Iraq issued instructions to all licensed banks and non-bank financial institutions, prohibiting them from conducting dollar transactions with 14 Iraqi banks. It is evident that if these illegal dollar cash transactions persist, the CBI will have to shut down these banks. This move is expected to significantly reduce and maintain the value of the dollar against the dinar. It could be the final step needed to address the banking sector’s issues. As the free market economy takes shape, diversification in banking practices that generate profits from products beyond currency exchange spreads will occur naturally. Currently, the 3-year budget is accessible, and funding is being allocated to the districts for several projects.

Intel Guru MarkZ stated that :

[via PDK] A message from Iraq has emerged regarding the potential crisis of the increase in the value of the US Dollar against the Dinar. Currently, the exchange rate stands at 1132 Dinar to 1 US Dollar, which is not yet a prevailing trend but has been observed in recent days. This information has been published in various articles, sometimes with conflicting rates. However, the important point is that there is an effort to reach a parallel rate, which many believe will lead to a significant change in the exchange rate. It should be noted that this process may take time, and we must be patient for it to happen. Nonetheless, it is a positive development towards achieving the desired outcome.

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