Iraqi Dinar Guru Update (08-21-2023)

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Newshound Guru Clare

Article: In the past six months, Iraq has earned trillions of dinars in revenue. However, an economist has raised concerns about the “Dutch disease.” The Iraqi economy is dependent on oil sales and lacks investment and productivity. This creates a state of dependency that leads to unemployment among young people. The imbalance in the economy is a major issue that needs to be addressed.

Intel/Newshound Gurus MarkZ & Militia Man

[via PDK]   MarkZ:  There was a time when I thought Iraq required another adjustment in their rates, but I no longer think that is necessary. It wouldn’t be in their best interest at this juncture. According to Militia Man, it doesn’t seem practical currently.

Intel Guru Frank26

 [Iraq boots-on-the-ground report]   FIREFLY: According to reports on television, our efforts to move away from the dollar have been commendable. However, there are still challenges to overcome. As someone who may not be the most knowledgeable on this matter, I wonder why the CBI doesn’t provide us with a rate and value for the dinar. This way, people will be more inclined to use it, and there won’t be a black market for the dollar. Sudani has claimed that the dinar will have a higher value than the dollar, so why can’t the CBI make this happen? To us, it seems like a straightforward solution.

Frank responds by saying that if the CBI gives the rate to us now, the monetary reform will fail, and we won’t see any progress. He empathizes with our frustration and acknowledges that it may seem easy to solve the problem in our eyes.

Newshound Guru Pimpy

It seems that the budget has not been distributed properly yet. Could this be because they are planning to implement the Central Bank Digital Currency in Iraq? It’s clear that the necessary funds for job growth have not been released yet, which is what many of us are eagerly waiting for.

Newshound Guru Militia Man

According to reports, the total sum of looted funds in Iraq is estimated to be around $450 billion. The Iraqi government is currently putting in efforts to enhance cooperation with international organizations that specifically deal with combating corruption, such as the United Nations, the World Bank, and Interpol. Al-Sudani and other international entities have emphasized the need to curb corruption and it seems like they are making progress. Personally, I am impressed with the stability that this effort is likely to bring, not to mention the incredible amounts of money that will be recovered. It’s truly breathtaking.

Newshound/Intel Guru Walkingstick 

Question: Why is Alaq, the Governor of the CBI, requesting assistance from the United States for these banned countries? The sanctions imposed on these countries make it challenging for them to obtain USD, which leads to a rise in the USD rate due to the principle of supply and demand. Thanks to implemented laws by Sudani, this issue has been tackled head-on, which has paved the way for the new exchange rate. This initiative is eliminating corruption that has previously hindered progress. Sudani has approached the United States of America for help in ceasing the usage of the American dollar in Iraq.

Intel Guru MarkZ 

 [via PDK] It seems like things are going well this week, but we should still be prepared for unforeseen events. Keep in mind that no one can predict the exact timing of what may occur.

Newshound Guru Clare

An advisor of Al-Sudani has shared that there may be an upcoming attack that will target high-ranking corrupt individuals. The Sudanese government has prioritized this in their program and it has been approved by all political groups. We can expect to see this happening in the near future.

Newshound Guru Kaperoni

[Response to Guru Breitling’s post 8-20-2023 below]  It was previously believed that there would not be a float of the Iraqi dinar. However, this is incorrect! A float is actually the plan, but it will not occur until the country diversifies its economy. The value of the dinar can only increase with the success and expansion of their economy.

Intel Guru Frank26

I am glad to see efforts being made to apprehend corrupt individuals in Iraq, including politicians like the former Oil Minister. This not only affects Iran, but also impacts the progress of the IQD exchange rate by hindering the Central Bank of Iraq’s ability to advance. Eradicating corruption is a crucial step in the ongoing monetary reform process and will pave the way for a new exchange rate. It’s encouraging to see the focus on destroying the corruption that has been hindering these important reforms.

Newshound/Intel Guru Mnt Goat

I don’t think the RV will happen immediately after the CBI gets the green light. They would first RV within Iraq and limit it to their country. At that point, it would likely be just below or above a dollar, possibly more to motivate citizens to exchange their 3 zero notes. The CBI will then monitor inflation closely, but we’re uncertain how long this process will take. It could take a few days or weeks.

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