DINAR REVALUATION

Saturday, December 23, 2023

Against major currencies. US dollar at 5-month low, 23 DEC

Against major currencies. US dollar at 5-month low

Baghdad Today - Follow-up

The US dollar fell against a group of major currencies around the world, on Friday (December 22, 2023), recording its lowest level in nearly five months, affected by data from the slowdown in annual inflation in the United States in November, which reinforced Market expectations about a US interest rate cut in March.

As of November, inflation in America, according to the PCE price index, stood at 2.6 percent, down from 2.9 percent in October.

Excluding volatile food and energy components, the core PCE price index rose 3.2 percent year-on-year in November, the smallest rise since April 2021

The dollar index fell 0.13 percent in the latest trade to 101.65, its lowest level since late July.

The index has fallen more than two percent over the past two weeks and is heading to end the year down just under two percent.

Sterling rose 0.28 percent to $1.2728 as traders digested data showing British retail sales in November jumped more than expected, but third-quarter GDP was revised downwards.

The dollar rose 0.18 percent against the yen in the latest trade to 142.37 yen, after data from core inflation in Japan slowed sharply in November.

The risk-sensitive Australian and New Zealand dollars traded higher during the day. The Australian dollar rose 0.12 percent to $0.6811 after earlier touching $0.6825, the highest level since July.

The New Zealand dollar traded 0.24 percent higher at $0.6309, also a five-month high.

"RV UPDATE" BY NADER FROM MID EAST, 23 DEC

Nader From The Mid East

That's what's slowing down all this process. It's people still using the dollar in Iraq. Even me, I use the dollar in Iraq. When I was there last week I use a dollar in Iraq. Why? Because it's a lot easier. It's smaller. You don't carry a lot. You carry $500, $600, $700 with you, $1000 max...If I didn't have the dollar and If the dinar for me to carry...it would be a lot in my pockets..

The facts are the facts. If they delete the dollar, if they take off the dollar from the markets in Iraq, they're going to have to come out with a small category of dinar. That's it. Why? Because it's too much dinars to carry...I'm not going to cary 150,000 dinars in my pockets. I'm not going to do that. I prefer to have $100 than 150,000.

Everybody's asking me what's going on. What's the news. The news, you will see it on the 1st of January - what exactly is going on. They already gave you a date. I told you the 1st of January we'll be out of the dollar. We will not work with the dollar anymore in Iraq.

https://dinarevaluation.blogspot.com/2023/12/rv-update-by-nader-from-mid-east_0350340910.html

Iraqi Dinar🔥Rejoice IMF Announcement For IQD RV Holders Today 2023🔥iraqi...

"RV UPDATE" BY PIMPY, 23 DEC

Pimpy

Remember the goal is to become a cashless society...Just because they're doing away with the US dollar has nothing to do with them changing the Iraqi exchange rate. I did say IMO towards the end of the first quarter, the beginning of the second quarter you might see a bump in the Iraqi dinar exchange rate only because of supply and demand. If they do away with using the US dollar and they start using Iraqi dinar more in country, that's going to strengthen the Iraqi dinar. Plus there's going be a much larger demand for the Iraqi dinar because the dollar won't be around anymore for them to use...

With them taking away the US dollar there's some logic to...an increase in Iraqi dinar. Will they? You're not going to see them go 1 for 1...

Nothing would make me happier than to be wrong about this. I would love to go, 'Oh, my gosh, everybody was right and I was wrong. Darn.' As I take my dinar down to the bank...It's not that simple. There are a lot of hurdles and...precautions countries have to take before you do anything that outrageous with your exchange rate. The best you can hope for is it goes up in increments...You're not going to see any huge significant change in the Iraqi exchange rate despite the fact they're taking away the US dollar.

Plasschaert sends an end-of-year message to the Iraqis: Bright opportunities are on the horizon, 23 DEC

Plasschaert sends an end-of-year message to the Iraqis: Bright opportunities are on the horizon

Shafaq News/ The Special Representative of the Secretary-General of the United Nations in Iraq, Jeanine Hennis-Plasschaert, confirmed today, Saturday, that Iraq has an excellent opportunity for rapid progress in its sustainable development.

Plasschaert said in an end-of-year message followed by Shafaq News Agency: “Going back to last year, I said that, with political stability and bright opportunities on the horizon, Iraq has an excellent opportunity to advance rapidly in its sustainable development, and a year later, several important steps and promising initiatives have already emerged.”

She added, “While the country is in a position to seize the many opportunities available to it, doing so will not be an easy task, and therefore, I can only echo the words of Secretary-General António Guterres during his visit earlier this year: “The United Nations is committed to supporting Iraq.” To consolidate its democratic institutions and advance peace, sustainable development and human rights for all Iraqis.”

She continued by saying: “On behalf of the United Nations family in Iraq, I wish you all a happy New Year full of peace and wellness.”

shafaq.com

"RV UPDATE" BY MARKZ, 23 DEC

MarkZ

[via PDK] Pretty quiet from Iraq so far today. One of my sources believe the local elections had some effect on our timing and are finishing the ballot counting before they release rates. If hes accurate…the counting should be finished in the next day or so, Possibly as early as today. I have one source in Iraq who believes they will release the rate in Iraq as soon as they finish seating these new electees. Possibly in a day or so or as early as today.

So far this morning - very quiet…no real changes since last night. There is nothing negative…Just no news saying anyone is spending any money yet this morning. Maybe we will get more news throughout the day today.

Comment: Iraq may be spending 80% of their 2023 budget to flood its citizens with dinar right before the RV. MarkZ: That makes a lot of sense. There was a lot of backlash in Kuwait because they did not do something similar. A lot of Kuwait people were caught without having Kuwait dinar because they were using US dollars.