"Q & A: is it true the Budget has nothing to do with the rate. It’s dependent on oil ? " WITH MARKZ, 9 JUNE

  MarkZ  

 [via PDK]  

 Question:  What’s the story of the rumored $28.50 contract rate on the dinar? 

 MarkZ:  WE have seen that rumor since the early days…it sounds great but don’t know how accurate it is. Maybe it means what our purchasing power will be when we go back to the gold standard? That would actually make some sense.

 Comment:  It looks like the Iraqi budget needs to be published in the Gazette before it becomes legal. If they are waiting on that it may be Wed or Sat …or it becomes legal 15 days from yesterday?  

 MarkZ:  Exactly...At this point we are expecting it to be published in the Gazette  [Wednesday] or Saturday... There is a mechanism to RV in the budget. And I have a ministry contact in Iraq who still thinks we will see a new rate with the budget.  Whether that is Wed. or Sat…we will see... This contact works in the government in Iraq.

---

 Question:   ...is it true the Budget has nothing to do with the rate. It’s dependent on oil? 

  MarkZ:  Yes and no…in the budget they left a mechanism for a revaluation based on rates and oil production. ….They can do the budget without the rate change- does it make sense to do that? NO….because they have been running over a 30% deficit each year.

  I have been unable to find a complete copy of Iraq’s budget that was passed to look for a rate.

 I do not think the new rate is in the budget that was passed …yet.  They have the mechanism for changing the rate in there though. So they can do that rate change at anytime...They are still showing the official rate of 1310…. 

 It happened like this in Kuwait also…that although they had started the RV process. Kuwait was still showing the official rate for awhile. 

Comment:  Maybe they are waiting to put the new rate in the Gazette- either Wed or Sat?   

MarkZ:  That is very possible.

https://dinarevaluation.blogspot.com/2024/06/rv-update-by-markz-5-june.html