Guest Guru Future – Dinar Guru Financial management law is part of the government preparation towards monetary reform...it is indeed a huge part of what we seek.
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Our current rate is $995 per million for uncirculated IQD.
G-Lin – Dinar Guru Article: “The House of Representatives votes on the Financial Management Law and ends reading the amendment of the provincial and district elections law” …This FML is a really big deal. It took them a very long time to accomplish it. Apparently over 23 meetings and hundreds of experts including international organizations…I likey.
Mountain Goat – Dinar Guru …they are telling us the auctions (the traditional methods) are no longer appropriate for managing their currency. …it is in the NEXT Phase in which they intend to implement the changes that effect the currency. I assure you it is coming and it may even come even before the end of the year 2020. I surely hope so. All we can is track the progress now of this effort. [post 2 of 2]
Mountain Goat – Dinar Guru Article quotes: “TO DEVELOP MECHANISMS TO CHANGE THE MONETARY AND MONETARY POLICIES IN THE COUNTRY, in coordination with the Central Bank of Iraq, AIMED AT RAISING THE DINAR EXCHANGE RATE”; “THE CHANGE WILL RAISE THE EXCHANGE RATE OF THE IRAQI DINAR AGAINST FOREIGN CURRENCIES”. How will they do this change in the dinar? Quote: “the Committee is keen to enact the LAW OF FINANCIAL ADMINISTRATION as it gives a complete road map of the financial policy in the country in terms of management of money and cash in the state.” So we know that the Law of Financial Administration is now key and it does include this monetary change. [post 1 of 2]
MilitiaMan – Dinar Guru Article: “The House of Representatives votes on the Federal Financial Management Act“ With the CBI talking about issuing small again from account balances, reeks of the Banks know the rate, as they would need to adjust for equivalency would they not? Imo, they would now know since it passed and what it means. I could imagine the people will now start talking about it and even leaking it out to family, friends, neighbors, roof tops, etc…lol.
Adam Montana – Dinar Guru [I understand oil is over $60 and Iraq has a lot of oil, but oil is only one of the variables…What about; – a fully seated government – HCL, Art 140, FML – IMF Art 8 – administrative and financial corruption – Iran interventionist – development of private sector – diversification of economy..] OIL is indeed only one of the variables. We don’t need everything in the list to be perfectly checked off. [It is quite Impressive the shear volume of good news coming out of Iraq lately.] It IS impressive, and keeps getting better!
Guest Guru Future – Dinar Guru Article: “…The financial management law has been finalized” Quote: “A member of the Finance Committee Majida Tamimi confirmed on Thursday the finalization of the Financial Management Law.” [They said they have voted on the FML but im not sure of the outcome] yea said it was finalized but not sure how many readings we need and for it to become law.
MilitiaMan – Dinar Guru Article: “THE PARLIAMENTARY FINANCE IS COMPLEMENTED BY THE FINANCIAL MANAGEMENT LAW” Quote: “At the end of the meeting, the Chairman of the Committee announced the completion of discussions on the law and readiness to vote in the House of Representatives on Thursday” They clearly seem to have every intention of completion! Mahdi being home makes it appear to me they have structured their moves so very timely with purpose… I can’t imagine even one member doesn’t show for tomorrow’s vote…if I am wrong then there are some seriously wealthy politicians that will looking at some very unhappy constituents taking off their shoes!!
Future – Dinar Guru …we got the new international trade bank in SA opening up, we have the FML to be voted on to raise the value of the dinar and protect foreign investors, we have new atms coming out that weren’t there before, and now the u.s treasury secretary sitting down making sure they are coming online properly electronically…i’d say things are def. heating up…and we had an article from 2014 saying the raising of the dinar was delayed 5 years…interesting timing for 2019. [post 2 of 2]
Future – Guest Guru Article: “Halabousi receives Assistant US Treasury Secretary” Quote: “The meeting discussed the promotion of cooperation between Iraq and the United States of America, especially in the economic and financial fields. The meeting was to enhance the prospects of cooperation between the Iraqi and American banks, and the need to develop the Iraqi banking sector and economic reforms through the activation of electronic systems in the exchange of cash...” great news…economic reforms and electronic banking…my belief is iraq raises the value of the dinar goes full on electronic banking than later on introduces a gold backed electronic dinar. “the activation of electronic systems” could explain those new ATMS popping up in the international airport…its all manifesting itself… [post 1 of 2]
Tman23 – Dinar Guru The only possible time Iraq can lift the zeros is start of July (or 2 weeks prior) or start of the New Year (or 2 weeks prior)… July starts the second half of the fiscal year, it was the central bank who said lifting the 3 zeros must be at the start of the New Year and not in the middle of a quarter. But several times they did pass it off till June in delaying the first of the year. NOT rocket science since banks books are adjusted accordingly to these time periods… 4 months and the CBI will have a new governor.
Mountain Goat – Dinar Guru There is no mention of a scheduled timeframe for voting on the current list of candidates for the last of the four ministers. Coalitions must agree on the candidates of the four ministries vacant, before the beginning of next month June, to avoid constitutional vacuum and legal breach. This is still almost two weeks from now. As usual they will probably play this game right up until the last moment.
Frank26 – Dinar Guru Article: “Halabousi receives Assistant US Treasury Secretary” “The meeting was to enhance the prospects of cooperation between the Iraqi and American banks, and the need to develop the Iraqi banking sector and economic reforms through the activation of electronic systems in the exchange of cash…”
Tman23 – Dinar Guru Surely every IQD holder knew the Shia militias were a problem and that means IRAN…Last post I made was that on May 6th there was to be a huge transfer of funds paid to US by China. Then out of left field China backed out and change the terms as news reported. …follow that up with 700 rocket attacks on Israel in one night followed by intelligence of the Iranian threat to US assets. For those that follow the future of China and ‘Silk Road” you know of the potential role Iraq plays.
Mountain Goat – Dinar Guru What does Sadr mean when he says “to give the people back their wealth”? What he means is this. Supposed someone had 2 million dinars before Oct 2003 worth a rate $3+ per dinar (when they decided to convert to the new large 3 zero notes). That was over 6 million US dollars. This 2 million them became almost worthless overnight as the value decreased to about $2,000 US dollars. So, what Sadr is saying is that the people need to regain the value they lost and get back at least their 6 million dollars. Get it? Sadr is not speaking so general as most think. He is very specific in his thinking on this topic… [post 2 of 2]
Mountain Goat – Dinar Guru …Moqtada al-Sadr spoke in parliament and stated that he wanted the promised reforms and the “wealth of Iraq given back to the nation”. He is putting pressure on parliament and the GOI to get the reinstatement of the currency, something which is way overdue. There is no reason for this process not to take place other than the corruption going on with the currency auctions and now maybe the Iran fiasco. …To coincide with Sadr’s efforts we need to watch what the CBI does. They must find a way to curb the corruption in the currency auctions and move ahead with the project to delete the zeros. [post 1 of 2]
G-Lin – Dinar Guru Article: “Agenda of the session No. (22)Thursday, May 23, 2019” Quote: “First: Vote on the draft Financial Management Law. (Finance Committee).” Vote on FML Thursday I hope.
MilitiaMan – Dinar Guru Another thing to think about is that Alak is the Vice President now of the AMF and will get the seat as President in the next Session. Are we to think he got all his awards, has his name on the new money and gets the nod for highest position at the AMF, second possibly to the IMF with out lifting the value of the IQD? No, He is not going to bring a program rate to drag the other countries down. He will bring value and expertise to the regional trading partners. Lets not forget the amount the AMF exchanges at… It is not a program rate I assure you all imo! …I agree with many others, they are telling us darn near every step they have made. Just not cut and dry as many may want.. But they are.. No delay, just finishing up final touches. imo. [post 2 of 2]
MilitiaMan – Dinar Guru [Referencing WTO Document] … The part where it says they are members and their status is complete is interesting! Thereby, imo when they lift the exchange rate to trade they, us…as in you and I, the ITB, etc.., will be able to exchange in an international level. Until that happens we wait. …They will not ever trade internationally at a program rate, nor will they open an operational international Bank in a foreign country using Iraq Dinar with out a significant rate change to reflect international standards and valuation. [post 1 of 2]
Breitling – Dinar Guru If there’s lack of information for a couple weeks I’m not shaken and neither should you. Regardless of what everyone else has said or what they thought about the dinar, their opinions. We still stand on the Iraq’s parliament specifically went and said to the Minister of Finance, The Ministry of Planning, the CBI and the IMF, ‘We want to get the value of our currency to $3.25. First we want to get it to a buck then we want to get it to $3.25.‘ That language has not once changed. [Post 1 of 2]
Breitling – Dinar Guru So you can get all the people with the PHD’s or whatever background and whatever bull$%&* they wrote and everything else, they will never ever be able to get around that. They just simply can’t do it. Their opinion does not count. My opinion actually does not count…that’s [what parliament said] never been taken off the table and it never will. It just keeps advancing. Sometimes it might not be as fast as people want and I understand that. If you thought this was a ‘get rich quick scheme’ then obviously you were wrong. So here we are. It’s a great great opportunity. [Post 2 of 2]
Breitling – Dinar Guru “…Am I reading this correctly?” Absolutely. That’s exactly what it is. It’s a major major deal for us. But before you get too excited remember it doesn’t say when they’re going to do it and they don’t give us a clear date on the revaluation and all that stuff…Is this a big mess or what? No not at all! If you understand the importance of that [Financial Management Bill] then you’re going to be very very happy. For some people it’s too technical and it won’t sink in but it’s a phenomenal position to be in for us and watching what these guys are doing. So they’re moving forward. [Post 2 of 2]
Breitling – Dinar Guru There is massive phenomenal news coming out of Iraq…article “The Finance Committee rebuild the of the draft for the Financial Management Bill and announced the establishment of a mechanism to pay off foreign debts warn the committee on the economy and investment to double the value of external debt because of the benefits of them.'” – Question – If I’m understanding correctly they’re talking about making sure when the rate changes they won’t overpay their debts. So they’re changing all their rates on their debts. This was the law the CBI was talking about a year ago that needed to happen before they could change the rate...‘ [post 1 of 2]
Mountain Goat – Dinar Guru Article: “CENTRAL BANK OF IRAN WILL LAUNCH ITS NEWLY-DEVISED INTEGRATED FOREIGN EXCHANGE MARKET NEXT WEEK” …this “unified currency market” is of course a tactic from Iran in order to circumvent the US sanctions. It will be interesting to see how this all plays out in relation to Iraq and the reinstatement of the dinar, which we all have been waiting for so long.
Adam Montana – Dinar Guru Oil is still strong above $60. Remember I said months ago that $60 was the target? Target reached, stability is being proven on a daily basis, and that is perfect. Any huge spikes or drops would be bad. OIL is solid right now… even with some tensions in the Middle East. This is exactly what we want…It’s definitely Ramadan, but I’m still keeping an eye on things. The current situation is just too close to ignore the possibility that things can happen this year despite the normal holiday lull.
Larrykn – Dinar Guru […2020…we will be lucky to see it then.] the way they are moving, I just don’t know. Alak was brought in by Maliki, I’m wondering why he is still here now. I was thinking they would have gotten rid of him when Adabi was around. [I know…he is stealing money thru the auctions…like crazy] and that is why I say they need to stop those Auctions…when they do we will see the RV.
Mountain Goat – Dinar Guru Reconstruction: We can see…that in Kurdistan region that they are moving ahead with the continuation of the construction of the high-rise buildings. …Today they are moving ahead with these projects once again building housing units and buildings for businesses. Many of these buildings from 2008 are not completed and occupied already. Many more are being constructed. Kurdistan is not some backward area in the desert. It is a civilized sector of Iraq that is moving ahead into this new century of modernization very quickly. How can they continue with a currency worth just an 8th of a penny? [post 2 of 2]
Mountain Goat – Dinar Guru Article: “IRAQ’S OIL MINISTER DISCUSSES PLANS TO STRENGTHEN ITS OIL INDUSTRY, DIVERSIFY ITS ECONOMY AND ATTRACT FOREIGN INVESTORS” We know that 80% of Iraq’s economy is dependent on imports from Iran. Two of these major imports are electricity and refined oil products. OIL: In the coming years Iraq has plans to be gas and oil (refined gasoline and diesel fuel) independent from Iran and other suppliers. The oil ministers says Iraq is trying to break away from the dependence on Iran for the supply of these items… ELECTRICITY: We know that the German firm, Siemens and the American firm, General Electric both have major contracts with Iraq to bring up the war torn electric grid… AGRICULTURE: We also know that Iraq is working hard at being independent on agricultural products… [post 1 of 2]
MilitiaMan – Dinar Guru Article: “Financial inclusion and sustainable development” Quote: “…it is very clear that there has been a positive change in the scene Financial and Monetary For the Iraqis, after the launch of the strategy of the Central Bank, and indicators of this positive change…” ...The lack of trust for the Banks is gone now or at least significantly diminishing. They significantly increased the financial coverage and it is still growing. They have been successful in getting the citizens into the banks with large sums of chunky money. …once they collect the chunky, they will need to issue the smalls. Hence the ATMs will need them, as will vendors of money (greenery?), shops, barbers, restaurants, etc…Don’t forget they say this started about a year ago imo, more than that!!