Newshound Guru Kaperoni
In order for Iraq to participate in the global market, it must comply with IMF Article VIII. However, its current market rate of 1152 is over 18% higher than the official rate, making it non-compliant.
Guru Nader From The Mid East
Regarding the HCL, we have received some payments. I checked my bank account and found that I have received some money. This is good news and a positive development as the HCL has started to make payments. The amount received this time is satisfactory, and although future payments may be slightly less, it will depend on the fluctuation of oil prices on a monthly basis. Please be patient as this progress is ongoing.
Intel Guru Frank26
Why isn’t the HCL out yet? It’s waiting for the new exchange rate.
Intel Guru MarkZ
[via PDK] I’ve received communication from some acquaintances who are interested in traveling over the weekend. There seems to be some disagreement amongst various sources about the exact dates – some are suggesting this weekend, while others are saying it could be anytime between the 5th and 12th of October. Nevertheless, it’s important to remain composed and be aware that things are progressing rapidly.
Newshound/Intel Guru Mnt Goat
A user has inquired about holiday plans in Iraq on October 3, which is their Independence Day. Additionally, on October 4, Iraq will become a member of the World Trade Organization. The user is curious about whether Iraq can still maintain the program rate of 1132 until the end of the year, or if CBI will release new small category notes before October 4. In response, I can inform the user that no specific dates have been provided, only a general timeframe for the release of the new notes. It is expected that the re-education process will occur in October, followed closely by the introduction of the newer, lower notes.
Intel Guru Frank26
What is your prediction for the rate upon release? To be honest, I am more interested in hearing that they will lift sanctions and allow their currency to be used internationally within the next 72 hours. Once that happens, the currency can be traded on Forex. We should be paying attention to how quickly it grows and what it ultimately becomes. It won’t take the usual 6 months to a year to reach the potential of the Middle Eastern exchange rates of 3 to 1. It could happen overnight.
Newshound Guru Sandy Ingram
There are some individuals who believe that it is not wise to anticipate that the IQD will increase in value to $1 or $2. However, those who are not involved in the IQD investment may not realize that even if the IQD only increases to a value of $0.20 to 1 Iraqi dinar at first, many investors could still experience a profit of $200,000 or more by holding 1,000,000 IQD. As a result, people may begin to inquire about purchasing IQD instead of speaking negatively about IQD investors.
Newshound Guru Breitling
They (Iraqis) are selling more oil at higher prices than ever before.
Newshound Guru Kaperoni
Many countries have weak currencies, including Iraq, which can only strengthen by diversifying its economy.
Intel Guru Bruce
[via WiserNow] According to sources, the new exchange rate will be announced on Sunday. It is uncertain whether it will be featured in the Gazette on Saturday, but this detail is not crucial. The country in question is aiming to become an independent and sovereign state, which is expected to be discussed during the international announcement of the new rate. Although there is a possibility of receiving notification over the weekend, it is not guaranteed. The current expectation is that we will receive notification on Monday. It is believed that the process is finally nearing completion and we should be ready to proceed.
Intel Guru Angel1
On Sunday, Alaq made an official announcement regarding significant changes in the external transfer mechanism. The announcement stated that this agreement was reached between the CBI and the US Federal Bank. From January 1, the Central Bank of Iraq’s auctions will function similarly to other international central banks worldwide. This is a significant announcement.
Intel Guru Frank26
Our goal is achieving security and stability for a successful monetary reform.
Newshound Guru Militia Man
We are witnessing the de-dollarization of the country. When all transactions are limited to the local currency, the dollar will no longer be used in the country. Once the authorities fix the parallel or black market, it will disappear.
Intel Guru Bruce
[via WiserNow] I understand you want to discuss rates, but I must adhere to guidelines that prohibit me from doing so. However, I can provide an estimate or approximation. Based on recent bank screenings, both the dinar and dong are currently in double digits, with the dinar having a slightly higher value. Overall, both currencies are performing well.
Newshound Guru Pimpy
It is hoped that Iraq will begin de-dollerizing to enhance the value of their currency. The future looks promising for Iraq and changes may soon occur. The Middle East is expected to experience increased prosperity and Iraq is likely to play a significant role in this development.
Intel Guru Goldilocks
I came across an article that mentioned that the Central Bank of Iraq (CBI) plans to restrict all domestic trade transactions to their local currency from next year onwards. Additionally, another article stated that the Iraqi Dinar is expected to become an international currency in early 2022 for domestic trade transactions. They will be utilizing their local currency for these trades globally, which will lead to an increase in demand for their currency, resulting in authentic exchange rates and price pressures.
Newshound Guru Guru Clare
An article discussing Iraq’s monetary policy shift explains that the Iraqi Council of Ministers has made a significant decision to bolster their national currency. Going forward, all local contracts will be required to use Iraqi dinars, rather than the previous practice of using US dollars. This is an important change that marks a new direction for the country’s economy.
Intel Guru Frank26
The Central Security Custody system, also known as CSC, is set to become active within the next 72 hours. This was mandated by the BIS to ensure that Iraq is ready to conduct international transfers by the 28th. We expect to see changes in the auctions on the 28th as a result of this important step in the ongoing monetary reform process. There are many other crucial steps taking place at this time that are also significant.
Newshound/Intel Guru Mnt Goat
User Question: Is there a limit on the dinar exchange rate?
Mnt Goat’s Answer: Yes, the IMF will initially place the dinar on a managed float with a cap limit. However, the exact cap limit is uncertain as it was discussed years ago and may have changed. It’s possible that we may see the rate go up to $12 before it’s cut off. In 2011, Dr Shabibi stated that the dinar could sustain a rate of $16 due to increased oil production, agriculture exports, and gold reserves. As of now, the back screens at the bank show a consistent rate range of USD $3.80 – $4.25.
Intel Guru Frank26
There are some upcoming events related to international financial transfers. On the 28th of this month, there will be some activity in this area. On October 1st, all international private satellite banks of the CBI around the world will be opened. On the 3rd of October, there will be an Independence Day celebration for them. In the coming days, a new currency will be given to the Iraqi citizens. This is a sign that a new exchange rate is coming, but the new exchange rate won’t be announced until they give the new currency or simultaneously.
Newshound Guru Sandy Ingram
Iraq is close to meeting the International Monetary Fund’s suggestion of having a strong source of income other than oil. The Development Road Project will not only generate $4 billion in annual revenue, but also boost the GDP of Iraqi citizens.
Newshound Guru Kaperoni
If Iraq wants to do business with the world, they must comply with IMF regulations. They should also accept Article VIII and pass laws to encourage investment.
Intel Guru MarkZ
[via PDK] Question: Will we receive the same rate as the announced rate in Iraq during the exchange?
MarkZ Answer: It has been communicated to me that if we use one of the “qualifying banking centers” with staff who have special training and verification equipment during the exchange, our rate is predetermined and we won’t have to pay fees or compromise on service quality. According to my bankers, we may be offered a higher rate due to the “Oil for Dinar” program, which offers a bonus.
Newshound Guru Pimpy
Development is underway at the Port of Faw, which will greatly enhance their shipping capabilities. In addition to shipping, they are constructing a new rail system and expanding their highways to facilitate the transport of goods. This development is a significant boost to Iraq’s economy, as it will reduce their reliance on oil and enhance the dinar’s strength.
Intel Guru Frank26
[Iraq boots-on-the-ground report] According to a TV advisor, it has been reported that within 72 hours there will be a change to the dollar exchange rate, which will also impact our exchange rate. Apparently, there will be a mechanism applied to control the parallel market rate. It is said that Sudani and the CBI have many proposals and papers to address this issue. We should expect to see these changes take effect within the next 72 hours.
Intel Guru Bruce
[via WiserNow] So, if they follow through with their promises, we’ll be in excellent shape and can begin the party before the week’s end.
