DINAR REVALUATION

Sunday, July 28, 2024

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RV UPDATE BY MIKE BARA, 28 JULY

MIKE BARA

Sat. 27 July 2024 Mike Bara

The word I have is that Thursday night 25 July 2024,the US Treasury told Iraq that if they didn’t revalue their currency per the agreements “immediately,” UST would force the issue. Iraq responded that they were holding up because of concerns about some smaller banks that they suspected were doing business with the Iranians.

They are determined that no RV funds make their way to Iran, because the two countries are historic enemies. UST responded by seizing the 5 banks, consolidating them into a single, manageable entity, and pushing the RV through.

Today, Sat. 27 July 2024 the Central Bank of Iraq made the announcement regarding this transaction. As far as I know, this is the last hurdle to the revaluation.

RV UPDATE BY PIMPY, 28 JULY

Pimpy

Community Comment "An old 1000 dinar will be worth $3.21 x 1000 dinar = $3,210."

No it won't. Not at all. They'll just look at [your 1000 note] and know this is the old currency and you have to exchange it for the new currency and if you don't want the new dinars that fine but they're not going to give you a $3.21 rate time this full amount. They [will] know the re-denomination has already taken place...They'll give you $3.21. That's what you get.

Article: "International Monetary Authority: Iraq increases its gold reserves to 148 tons".

They added another 2.6 tons of gold to their holdings...I remember way back when Iraq had...86 tons and now they have 148. Iraq is doing everything they can to help strengthen Iraqi dinar. This is a great sign.

Pimpy

Article: "Iraqi bank announces investment deposits with returns up to 10% " that's a really good return...Imagine if 20 years ago you'd have made a deposit and been able to get back 10% back annually while it's just sitting there. You'd have made a ton of money by now...

You see some of us have millions of Iraq dinars. Let's just say for the sake of it

somebody like me, I got 5 million, I deposit it. It's going to give me 10% return on my investment. I'll take 500,000 Iraqi dinar back annually. That's a nice little return. And just let it sit there while I'm waiting...If the exchange rate changes I can always have them return it to me in USD.

If you'd been holding on to your dinars for at least 10 years you have more than doubled your money. That's not including any change to the exchange rate, because if the exchange rate changes, then you get that back once you cash out.

In other words if you tell the bank I'd like to get it in USD, they go, okay, no problem. And please transfer that to my American account. Just something to think about. I may actually do this. I'm going to reach out to them and see what it takes and what happens. If I can get 10% on it annually I'll take it. Heck I might buy more and deposit more. Something to think about.

https://dinarevaluation.blogspot.com/2024/07/rv-update-by-pimpy-26-july.html

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Iraqi PM seeks to pressure factions to halt attacks on US interests, 28 JULY

Shafaq News/ Iraqi Prime Minister Mohammed Shia Al-Sudani is reportedly exerting pressure on Iran-aligned armed factions to cease their escalating attacks on American interests and targets in Iraq.

Sources told Shafaq News Agency that Al-Sudani has been working for days to urge these factions to stop their actions against US forces, particularly after the recent missile attack on the Ain al-Asad airbase.

Al-Sudani fears potential American retaliations could destabilize Iraq's security situation.

The sources added that Al-Sudani has reached out to Iranian officials, seeking their influence to persuade the armed groups to de-escalate. “He aims to negotiate a withdrawal of US forces through dialogue rather than violence. However, the factions have so far resisted Al-Sudani’s and his associates' pressures.”

On Friday, a spokesperson for the US Department of Defense confirmed that an attack occurred near Ain al-Asad Airbase in Iraq, with no US military personnel injury.

On Thursday, a security source reported that Ain al-Asad airbase was hit by at least two rockets.

Harakat Ansar Allah al-Awfiya (HAAA) commented on the resumption of attacks on US forces in Iraq following a recent drone strike on the base.

Ali Al-Fatlawi, a senior member of HAAA, stated that the Iraqi resistance factions had paused their operations for four months to allow the Iraqi government to negotiate US withdrawal, but have resumed attacks due to delays and US support for Israel in Gaza.

He warned that any US response would escalate attacks on American targets in Iraq.

Earlier this month, two drones targeted the base, but details on casualties or damage were not provided.

RV HIGHLIGHTS: " THE 3 AXIS" , 28 JULY

RV HIGHLIGHTS

-The first axis: The continuation of the punishment of the previous banks, and there is no lifting of the sanctions on them, meaning that the ban on those banks trading in dollars will continue indefinitely.

The second axis: closing banks that continue to violate federal controls related to money laundering, dollar smuggling, and supporting sanctioned entities and countries.

The third axis: Preventing the Iraqi government from interfering in the dollar file, and for this file to be in the hands of the Central Bank of Iraq only.

He stressed that “the last axis explains that the Federal Bank has detected political influences from the Iraqi government,” noting that “the Iraqi Central Bank is today in a very embarrassing situation and is almost in trouble due to internal pressures on it to obtain a larger space for the dollar and its circulation.”

He stressed that “the Central Bank will only be able to delay and postpone federal procedures for the longest possible period of time, while achieving temporary protection for the Iraqi banking system and the Iraqi dinar.”