Newshound Guru Militia Man
They won’t be able to join the global financial system with a program rate of 1310, despite talk of Iraq’s power.
Intel Guru Frank26
[Iraq boots-on-the-ground report] FIREFLY: There is news of a new edition to the oil and gas law that is about to be announced. Frank believes that this new addition to the HCL law will be presented to the citizens, which indicates a new exchange rate to grant sovereignty to the people of Iraq.
Newshound Guru Paulette
If the exchange rate is 1320 and the MOF needs to pay an expense worth 1,000 USD, they will exchange the 1,000 USD to 1,320,000 IQD to cover the cost. However, if the exchange rate is 1 USD to 1 IQD, the MOF will exchange the same amount to 1,000 IQD to cover the expense. In both cases, the cost remains at $1,000. I am perplexed when people claim they cannot make the budget work at a “program rate,” as they have been able to do so in previous years using the 1/12 system at a “program rate” even when they did not pass a budget. [Post 2 of 2]
Newshound Guru Paulette
Community comment: It is not possible to start any of the projects in the Tripartite Budget at a rate of 1310 +/- toilet paper programs. The budget requires a rate of $1.00 USD to $1.00 IQD, if not more. Iraq’s primary source of revenue comes from selling oil in USD. The Budget authorizes the Ministry of Finance to exchange USD to IQD for specific approved expenses. The rate is not very important as it only affects the amount of IQD that the MOF obtains and remits for each USD. [Post 1 of 2….stay tuned]
Intel Guru MarkZ
[via PDK] I haven’t come across any major news updates recently, and even the latest developments from Iraq seem to be scarce. As of now, there haven’t been any changes in rates.
Newshound Guru Militia Man
Article quote: Financial experts are encouraging the adoption of the slogan ‘Our Dinar’ as the Iraqi people prepare to focus on their currency. The Central Bank is leading the charge, and these experts are urging the media and other entities to support this effort.
Newshound/Intel Guru Mnt Goat
The International Islamic Bank (IMTB) in Iraq has recently announced a noteworthy partnership with CR2 to enhance their banking services. This partnership is a significant achievement for the International Islamic Bank and excellent news for the banking industry and investors. The partnership is in line with the three “Pillars of the Iraqi Financial Reform” as stated in the White Paper, which is expected to hasten the RV process.
Intel Guru Frank26
[Iraq boots-on-the-ground report] FIREFLY: A friend from the bank has informed me that there may be one more exchange rate change, possibly to 1166 or even 1000, before things start to improve. Frank agrees with this, as he had previously predicted that there would be one more change before the official exchange rate begins to fluctuate. Once this final change occurs, they expect the rate to settle at 1166 and eventually reach $1.16, which Frank is content with.
Intel Guru Bruce
[via WiserNow] We were expecting notifications from several sources on either Tuesday or Wednesday, but we haven’t received any yet. It’s possible we’ll receive them on Thursday instead. We’ll have to wait and see in the coming days.
