Wednesday, January 31, 2024
"RV UPDATE" BY KAPERONI, 31 JAN
Kaperoni
I still have significant concern over Iraq wanting to redenominate (LOP) their currency. There are numerous educational symposiums teaching the citizens about such an event. This is a very real possibility.
Article "US and Iraq agree to start talks to end presence of US-led coalition"
The dinar either rises gradually over time as Iraq's economy prospers reducing the money supply or Parliament will authorize the deletion of zeros reducing trillions to billions and a LOP. Not what we want to see.
there is no way Iraq can RV the Iraqi dinar with [120] trillion dinar in circulation. No country could afford. Iraq's total net worth is only around $16 trillon dollars.
There is no significant RV of the Iraqi dinar. And if the dinar does ever go up in value, it will be based on the success and growth of Iraq's own economy. There are no shortcuts.
Article: "Ali Al-Alaq, the current governor of the Central Bank of Iraq confirms that Iraq's money supply exceeds 100 trillion dinar."
If and when the Central Bank decides to increase the value of the Iraqi dinar more than likely it will be based on some type of gradual float as a result of the success and growth of Iraq's own economy and an increase in GDP.
I hope each and every one of you find success in this investment...It may take time. It may be another 1 to 5 years. I certainly hope not but I believe things could happen quickly over the next 36 to 48 months. It all depends on Iraq.
...We all know things don't happen fast in Iraq. Iraq has a lot of work to do in order to succeed. The first of which is pass over 100 stalled laws through Parliament to encourage investment in Iraq. And at the same time the Central Bank of Iraq has to continue reforms to the banking system, digitalization, and apply monetary tools to meet compliance .
A country's exchange rate is the result of the success and growth of their own economy. When you have a weak economy, you have a weak exchange rate. Until Iraq passes laws, diversifies their economy and increases their GDP, nothing will happen with the dinar. When Iraq passed their tripartite 3 year budget a few months back, it created the conditions for them to diversify and privatize their economy over the next three years. Now Iraq is on the clock to accomplish such.
There's a new article out that many people are translating and confusing. They are not talking about an RV in Iraq, they are talking about the spread being in compliance early next year.
Just a reminder the spread is the difference between the official rate and the market rate or street rate and has been way out of whack recently in Iraq. This article simply means they expect the spread to come down closer to the official rate early next year. There is no RV.
A very important statement was made back in 2020 by the prime minister's economic advisor Mohamed Salah who used to be Deputy Governor of the CBI under Shabibi. He stated that Iraq's entire wealth including all minerals in the ground amounts to only $16 trillion dollars. Knowing that information one can then determine that there is no way a significant RV could ever occur with over 90 trillion dinar in circulation. It doesn't make sense...
They...have to have the dinar stabilized within the country and within the 2% rule mandated by the IMF in order to then accept IMF article VIII and begin to float the dinar which would raise its value based on supply and demand. All of these processes and or steps required time.
https://dinarevaluation.blogspot.com/2023/12/rv-update-by-kaperoni-10-dec_0650267841.html
https://dinarevaluation.blogspot.com/2023/12/rv-update-by-kaperoni-18-dec.html
The US Treasury requests Iraqi cooperation to limit funding for armed factions,31 JAN
The US Treasury requests Iraqi cooperation to limit funding for armed factions
Shafaq News/ The US Treasury Department suggested, on Wednesday, that it would obtain assistance from the Iraqi government in identifying and disrupting the financing of Iranian-backed armed groups in the country, especially after the killing of three American soldiers, as a result of a drone attack launched by an Iraqi faction.
In news translated by Shafaq News Agency, Reuters quoted a Treasury Ministry official as saying, “The Iraqi government must share information about such groups, especially after the killing of American soldiers in a drone strike.”
He added, “We are now in a situation where there has been a loss of American lives in Jordan.”
The official added, “These, as a whole, are groups that use and abuse Iraq and its financial systems and structure in order to perpetuate these actions,” adding, “We must address this directly.”
He continued: “It is clear that our expectations at the Treasury Department are that there is more that we can do together to exchange information and determine how these militias operate in Iraq.”
The official noted, “In just 12 to 13 months, we in the Treasury Department have witnessed a tremendous amount of Iraqi progress in the areas of preventing the dollar from reaching armed groups loyal to Iran.”
He added, “We are not trying to achieve perfection. This is a difficult area, and Iran is very good at this in particular,” stressing his confidence in “successfully making Iraq meet international standards for money laundering and terrorist financing, and this will lead to the removal of a large amount of unsupported financial capacity.” legitimacy of this system.
shafaq.com
Evening News with MarkZ. 01/31/2024
"GEORGIA BANK STORY FOLLOW UP" BY FRANK26, 31 JAN
Frank26
[Georgia Bank Story FOLLOWUP from 1-30-2024 below]
BANK VISITOR: Today I went to a bank called Truist in Georgia...I asked [the financial advisor] you mind if I get a minute...I'd like to ask you a few questions?
She said Yeah...I said I've been banking with this bank a long time...Have you heard of the Iraqi dinar?
She got quiet... She said, well I know there are things happening in Iraq...yes...I can't really tell you anything but if you want to ask me some question I'll be more than happy to answer...
FRANK: Bingo!
BANK VISITOR: ...Are you guys going to be exchanging the Iraq dinar?
She said, well we will not be exchanging the Iraqi dinar but we will take it and send it off for you to have it exchanged.
https://dinarevaluation.blogspot.com/2024/01/georgia-bank-story-by-frank26-31-jan.html
BANK VISITOR: I said, I don't know I want that to happen without knowing who that might be and she said, I can't tell you but I can answer your questions. I said, well is Chase Bank part of that?
She said, yes.
I said, What about Bank of America...?
She said yes...
FRANK: The answers she's given you IMO are spot on...Did you ask her if they're going to have a fee to exchange?
BANK VISITOR: Yeah...I said, if I was to exchange here what is the fee you would charge me...?
She said...from my understanding there will not be a fee for people especially of a certain caliber.
FRANK: Bingo!
BANK VISITOR: She said, but we can discuss that more at an appropriate time...probably not too far in the future..
BANK VISITOR: The following day Saturday I got a phone call from Truist [Bank]...a wealth manager...She set up an appointment this Thursday to meet with me...The funny thing about this Frank is this account is a petty cash account. I don't keep any money in this account.
FRANK: But they know you will soon.
BANK VISITOR: My wife said that's not a coincidence. You go and speak to somebody and it's a petty cash account... Why would a wealth manager be calling you?
FRANK: It's obvious they are getting ready for you...
[Stay tuned for the follow up of his Thursday appointment.]
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