"RV UPDATE" BY PIMPY, 1 MARCH

 Pimpy 

 Question: "How is the development road project going to be funded at 1310?" 

 The development road  project is not the world's largest project.  It's not even in the top 20.  But it is a very expensive project...Pay close  attention... Article quote "This year's budget is Iraq's largest at 198.9 trillion Iraqi dinars, about $153 billion based on the  exchange rate. 

 The 2024 and 2025 budgets will be the same unless the cabinet requests any changes and parliament approves them."   This budget has already calculated...What did it say in the article?  'With the current exchange rate.  And what is the current  exchange rate?  1310 dinars per dollar.

  There's no doubt this [Development Road Project] is going to turn Iraq into a transit center .  There's going to be a lot of traffic going through there.  [But] Article quote: "Iraq has postponed the launch of its $7 billion development road project to early 2025..."  Hello, remember, don't count your chickens before they hatch.  We are talking about Iraq.  This happens quite often.

  Community Comment:  "Thanks for the let down once more that Iraq will never RV."  I never said it would never RV.  Never.  In fact I'm the one that said it's going to go up in increments.

Question: "There have been some references...regarding some Iraqi banks in the US, have you heard  about any of thee banks on US soil?"  Here you go:  You have the Iraq National Bank that's in New York. Rasheed Bank that's in New  York.   North Bank  that's Dearborn Michigan, The Bank of Baghdad is in New York City, TBI Bank which is in Washington DC.  These are  the Iraqi banks that are currently in the US...    

Community Comment: "IMO I think a $1.28 would be a sweet spot for the RV and then go up from there."  $1.28 would be pretty nice if we can get it but IMO if they want to make sure not to really crash their economy they're going to have to go up in smaller increments...I know you guys don't like to hear that and it makes me the bad guy.  You might see it go somewhere from...1310 for every dollar...to around 1,100 dinars for every dollar or maybe even 1,000 dinars for every dollar, then from there down to like 700s...small increments.

https://dinarevaluation.blogspot.com/2024/02/rv-update-by-pimpy-23-feb.html

 Community Comment: "Once the 3 zeros are deleted, establishing IQD's REER, then the rate will go up in increments."   That's not what you want.  You do not want them to delete the zeros before the rate goes up.  If they delete the three zeros off your currency then your 25,000 dinar becomes a 25 dinar and then they raise the rate?  That's not going to help you.  We'll see what happens.

 If you're going to exchange your Iraqi dinar, let's just say for the sake of this particular example...3 to 1, congratulations you now got millions of dollars.  So you go and you swap your currency and they're saying, 'Hey, you got $3 million in your account.'  Yah!   You can't say to them I want $3 million dollars because the bank doesn't carry money like that no more. They might say...we are going to allow you to carry out $5,000 for today cash but we're going to have to set an appointment with you to come pick up the rest of the cash...If they have to order currency for you, they're going to charge you a fee because they have to pay a fee...

https://dinarevaluation.blogspot.com/2024/02/rv-update-by-pimpy-21-feb.html

Iraqi Dinar | WTO Confirm IQD Revaluation And New Exchange Rate | Iraqi ...

Iraq has completed requirements to join WTO: Minister, 1 MARCH

 Iraq has completed requirements to join WTO: Minister

ABU DHABI, 27th February, 2024 (WAM) — Atheer Daoud Al Ghurairi, Minister of Commerce of Iraq, has confirmed that Iraq has completed the requirements to join the World Trade Organisation (WTO) after completing economic reforms and improving the business environment.

In statements to the Emirates News Agency (WAM) on the sidelines of his participation the 13th Ministerial Conference of the WTO, Al Ghurairi pointed out that the trade in goods and services files have been finalised according to the set schedules for integration into the global trade system.

Al Ghurairi said that the interest of the Iraqi government in joining the WTO after Iraq submitted a request to join in 2004, in the belief that it is important to be part of the multilateral world trade system and for Iraq to return to an influential position in the global economy. He pointed out that there will be a meeting at the level of Arab countries to learn about their experiences before joining the organisation and ways to benefit from its advantages.

The Iraqi Minister of Commerce stressed the importance of the events of the conference held in Abu Dhabi, which is witnessing a successful organisation by the UAE. He stated the conference sends an important message to all countries of the world about the importance of joining this organisation, in addition to its role in discussing the future of the global trade movement according to current challenges.

Al Ghurairi mentioned Iraq’s plans to enhance economic and trade ties globally, aiming to establish new avenues for cooperation in these sectors.

https://www.bignewsnetwork.com/news/274139292/iraq-has-completed-requirements-to-join-wto-minister

"1 IQD = 1 IQD" BY HARLEQUINC3, 1 MARCH

 Harlequinc3  

Over the years, there's been many articles about the old currency retaining its 'nominal  value' -- the denomination remains the same, a 25,000 dinar note remains 25,000 one dinars. And the new 25 denomination remains 25  one dinars.

 1 dinar = 1 dinar. Denomination value just means 'name' not exchange rate. The confusion arises from people thinking  'value' means exchange rate, when it's just talking about the nominal value -- the 'named' value of the dinar, which in this  example is a '25,000 dinar' note -- that's its name, not its exchange rate.

 To an Iraqi, an exchange rate of pounds sterling to dinar is meaningless. 1 dinar is just 1  dinar. But what does that 1 dinar buy? That's what matters to an Iraqi...IMO, the latest article is explaining, the named value of  both notes don't change (it doesn't affect the 'nominal value.')

 It answers the question about a lop of the old dinar, explaining  you will exchange 25,000 old dinar for 25,000 new dinar (electronically) at a 1:1 value -- the named value remains the same. Of  course, for people outside Iraq they will be exchanging 25,000 dinar for their home country's national currency of 25,000 dinar at  an approved exchange rate.  

$25,000 US Dollars Equals to 25,000 Iraqi Dinar Get Ready RV Approved On...

Iraq concludes its discussions with the International Monetary Fund expert mission in Amman, 1 MARCH

Iraq concludes its discussions with the International Monetary Fund expert mission in Amman

Mawazine News – Baghdad
The Iraqi delegation, headed by Finance Minister Taif Sami, concluded today, Thursday, its discussions with the Article IV mission of International Monetary Fund experts in Amman, while the mission confirmed its continued support for the government’s reform steps.
The Ministry of Finance stated in a statement received by Mawazine News, that “during the discussions, the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development infrastructure, financial sustainability, and maximizing non-oil revenues were reviewed.”

The Iraqi delegation confirmed, according to the statement, that “the Fund promised to support development programs to advance public financial management, digital transformation, banking, retirement, and customs sectors, and to enhance private sector participation efforts through investment incentives, infrastructure, and reconstruction,” indicating “its intention to continue discussions and consultations during the Fund’s periodic annual meetings.” “.

The Fund’s mission praised “the achievement of good progress in many financial and monetary aspects and in the areas of transparency, control, provision of financial statements and rationalization of expenditures, in addition to the strong return of growth in the non-oil sector during 2023 with a noticeable decline in inflation rates, and this is reflected in the decline in food and energy prices.” .

The mission noted “the positive developments in the return of trade financing operations to their normal path and the stability of the foreign exchange market following the implementation of anti-money laundering and counter-terrorism financing controls on cross-border payments,” welcoming “government plans aimed at strengthening public financial management, including welcoming “With the steps taken by the government towards establishing a unified treasury account, improving cash flow management and increasing the tax base, as well as reviewing the customs tariff structure and achieving more targeting in social support and care.”

The mission also expressed its optimism about “the level of understanding and progress achieved with the Iraqi government and the coordination steps and joint consultations that will be completed in the near term that will contribute to addressing the financial problems imposed by the circumstances of international conflicts and their accompanying economic impacts,” explaining that “purposeful structural reforms are continuing to stimulate economic diversification.” “Creating job opportunities led by the private sector is a pivotal factor in achieving sustainable and inclusive growth.”

According to the statement, priorities at this level include creating equal opportunities for the private sector by implementing reforms in banking and the electricity sector, reducing distortions in the labor market, and continuing to make efforts to strengthen governance and limit the spread of corruption.

It is noteworthy that Article IV consultations are bilateral meetings held annually between the International Monetary Fund and member states, after which a team of Fund experts meets the member country and conducts formal consultations with its officials.

https://www.mawazin.net/Details.aspx?jimare=242967

"RV UPDATE" BY BRUCE, 1 MARCH

 Bruce   

[via WiserNow]  ...we could get our notifications Thursday, which is the 29th of February...start exchange on first of March, which is Friday... Everything is moving in the right direction...So let's see what happens guys. 

[via WiserNow]  This is a non taxable event.  These exchanges that we're doing...they're not taxable  to you...It was designed to be tax free.  [Dinar Guru Note:  Some gurus feel the dinar is non-taxable, others feel capital gains and still other feel it will be taxed as ordinary income.  The only opinion that matters in the end is the IRS's.  At the appropriate time consult your tax advisors to determine the correct tax for your unique circumstances.]

 Prime minister of Iraq met with our President Trump for a couple of hours in an undisclosed location on Sunday afternoon and they were discussing the fact when Prime Minister, Sudani of Iraq was going to fly back to Iraq that afternoon...he was going to announce to the entire country of Iraq they were indeed a sovereign nation and had a  sovereign currency -  once that occurred...we would have simultaneous announcement here...

not quite sure who was going make it but was to be made to banks and to our redemption centers, and other institutions - with other officials dealing with currency exchanges...  once those announcements were made, we felt like we were good to go and get ready to get started...

 ...we haven't started yet. But we know that we've checked with certain banks...like Chase and Wells have the dinar, for example is one of our currencies on the front screens of the banks and ...they're rising in value.

 But there the last time we checked, the bank screens rates were flashing - ...when it's flashing on and off...it means that it's not quite ready...to be exchanged...So we're waiting according to the latest information that we have from redemption centers and banks, that they're waiting for the green light to come in the form of an email from Wells Fargo, corporate New York...When that email comes in to the redemption centers, they will know that it's time to go it's time to start...we're close.

https://dinarevaluation.blogspot.com/2024/02/rv-update-by-bruce-23-feb.html