FIREFLY: Sudani discussed Iraq’s plan to open up to the international community. He warned that those who continue to conduct business and sales solely in dollars will be left behind and held responsible for their actions. Frank expressed his admiration for this plan.
My partner and I have frequently discussed our plans for exchanging our dinar. We have pondered the possibility of hiring a facilitator or opening a dinar-based account to monitor its growth in value. While I am not yet informed on the matter, it is possible that our money may be deposited through some association with JP Morgan, which could potentially become the most prominent American entity in Iraq. This decision could ultimately determine how we proceed with our dinar. [Post 2 of 2]
Many experts have discussed the possibility of banking with Wells Fargo and similar institutions. However, I have always held the belief that local or regional banks are hesitant to participate in an unstable, developing currency market. Recently, it has come to light that JP Morgan will be opening an office in Iraq and conducting transactions at fluctuating exchange rates. [Post 1 of 2…stay tuned]
The reason why the instructions, budget, or rate change are not being implemented is because there is a specific budget period during which it is allowed to be implemented. Currently, we are not in that budget period and therefore cannot implement it at this time. We will have to wait until we reach that specific point in the year to do so.
The relationship between Kuwait and Iraq is highly impressive, especially considering that it was considered impossible just a few months ago. It seems that Kuwait supports Iraq’s monetary reform efforts, as long as Iraq’s currency exchange rate remains below that of Kuwait. It’s exciting to see the progress being made between the two countries.
You may have noticed in the news that a significant number of individuals are being arrested and prosecuted for engaging in illegal activities such as money laundering, illegal trading, and smuggling of currencies such as the dollar and dinar.
[via PDK] I have been hearing rumors that the new rate will be revealed when the budget instructions are issued and published, which has already been passed. The details have been kept secret quite well. However, I am receiving mixed reports about whether it will be announced on Saturday or Monday/Tuesday. Personally, I believe this will be the moment we have all been waiting for.
I hope that the situation between Iraq and the United States resolves itself and the sanctions are lifted, which would cause the value of the dinar to increase. It seems unfair that the banks are being sanctioned without concrete evidence, as suspicions alone should not warrant such actions in my opinion.
Article: It has been reported that deleting zeros and introducing new currency could potentially lead to inflation. It was previously disclosed that a German company was hired to print the updated lower denominations, while a Swiss company was tasked with minting the coins. This suggests that the new currency is ready for release.
Article quote: According to Article 304, broadcasting or fabricating false allegations that could harm the national bank note or weaken the state’s currency and bonds is punishable with imprisonment. This implies that Iran is introducing a new currency and exchange rate, and no one should interfere with it. The article is potent and well-timed.
[via Beth-n-Greenville] It’s been reported that all signatures have been submitted, and we should be seeing progress soon. Agencies and Iraqis are excited, and you will be too! More confirmation has come in, stating that there will be no tax on the exchange of any currency. Amazing! Another agency source has informed us that they are awaiting the “go” signal to arrive on Thursday. We’ll see what happens!