Mountain Goat

Article:
‘A GOVERNMENT ADVISOR REVEALS THE TRUTH ABOUT THE DEVALUATION OF THE DINAR AGAINST THE DOLLAR.’

Quote:
‘there is a shortage of cash liquidity in Iraq and that salaries are ‘unsafe,’…’

…in early July the govt’s plan is to pay ALL salaries by automatic deposit in the citizens bank account. If they haven’t set up an account they will not get paid…This action by the govt is hoped to keep more cash in the banks to help with the liquidity issue. It may also flush out the stashes and hoards of cash in the homes that is said to be almost 90% of the issued cash..But remember that you and me also have dinar and our stashes must also come home to roost…lol…  They are going to come for our dinar next….

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MarkZ

[via PDK]

Comment: Many…are stating there is not redemption centers and no 800 numbers.

MarkZ: …Its all about definitions. What we call a ‘redemption center’ is a bank. A redeeming bank that has their staff trained for this exchange. We are not saying we will go to some pop up location in a shady dark corner. A redemption center is a bank location where they are going to redeem and exchange our currencies. Have you ever called an 800 number to your bank with a customer service problem.  It’s the same thing. If banks come out with new 800 numbers for our exchanges…[there will be]…Someone on the other end who actually knows about our exchanges…   

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Frank26 (KTFA)

Article:
‘The Iraqi Ministry of Finance announces the cessation of paper currency in all financial transactions and the adoption of electronic payment methods as the sole option for processing payments and revenues in government institutions’

GOING DIGITAL PROTECTS THE NEW EXCHANGE RATE!  This is all fantastic.

[Iraq boots-on-the-ground report]

FIREFLY: They’re telling us on the Asraflak website that the future for Iraq is digital. They say if we help them accomplish the digitalization of our country, bring in our three zeros, that would allow security and stability for our monetary reform.

FRANK: They’re not pulling any punches.  Digitalization is now.  …I don’t know.  It’s troubling to a degree and it’s exciting to another degree.  

When you remove the t********s that the whole world, every nation on this planet earth is fearful of, when you remove that type of tyranny, what happens to the Middle East or better yet what happens to Iraq. Safety, security, stability, freedom… 

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MilitiaMan

Article quote:
‘…representatives called…to ban cash payments within the government institutions…This means 80% of paper money will be transferred to cards…These steps should be implemented increasingly to move cash out of homes and pockets and into banks.’

They’re trying to and have been for quite a long time reducing the cash in circulation which is a good thing.

When it comes to the education, they’re doing what they should be doing.  Reminding the citizens that if you’re not on the cards you’re going to have a problem.

Sandy Ingram

Any perception that Iraq is siding with one party over the other could draw the country into the geopolitical crossfire.  In short the Israel-Iran conflict could lead to oil price surges that temporarily boost Iraq’s revenues but it may also increase regional insecurity, hesitation in investment and operational risks in Iraq’s vital oil sector…

Iraq manages its exchange rate through a currency auction system.  Every weekday the Central Bank of Iraq hold auctions where it sells US dollars, which come from Iraq’s oil revenues, to licensed banks and money exchangers.  This is how it regulates the IQD to US dollar exchange rate and how importers access foreign currency…The Iraqi dinar doesn’t have options, futures contracts or other financial products traded on global forex exchanges like the Chicago Mercantile Exchange.  This makes it inaccessible to institutional investors who might be looking for hedging or large scale speculation.  

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Kaperoni

Article:
‘Iraq is among the top 10 countries in the world in terms of natural resources.’

I pointed this out several years ago. This is why Iraq could never significantly RV their currency overnight. Such an event would bankrupt them since their entire net worth of natural resources is only $16 trillion dollars.  This is why the only way the dinar can go up in value is gradually over time so that they can reduce the money supply (remove zeros) from trillions to billions.

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Fnu Lnu

In my IMF and GOI newsletters, I see no talk of any monetary news except liquidity shortages and banks allowed to exchange Dinar for Dollars. 

Clare (KTFA)

Article:
‘Al-Nusairi: The Central Bank’s policies and procedures have contributed to narrowing the gap between the parallel and official exchange rates.’

Quote:
‘Economic and banking advisor Samir Al-Nusairi expects the US dollar exchange rate to gradually decline to approach the official exchange rate, in line with the Central Bank’s strategy and ongoing measures for comprehensive banking reform’

Source : dinarchronicles

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