PimpyAn RV and a revaluation is the same thing.People often confuse a reinstatement and a revaluation…they’re two different things…Not only is a revaluation possible but Iraq has done it a few times already…Iraq revalued their currency or I should say in this case devalued the currency, it went from 1,190 dinars, dropped down to 1450 then revalued up to 1,320 dinars. So when people say, ‘Man the Iraqi dinar is never going to revalue.’ I always go, ‘What do you mean?It has revalued a few times already. As a matter of fact, several times over the past two decades.’
Frank26Do you think Sudani is going to allow you a large amount of time to watch the dinar grow so that you can profit?How much time willhe give you, once he raises the value?…What if he gives you 1month…two weeks …1 week? It is his prerogative. Put yourself in Sudani’s shoes.What would youdo?Would it hurt the monetary reform if he allowed it to grow outside of the border?...Sudani would you pretty please with sugar on top give me plenty of time, maybe 6 months? Sudani, would you consider giving me a year?
… Mathematically I don’t think it would hurt Sudani…I only see positiveness from letting it float for awhile.
MarkZ [via PDK] Comment:An intel guru…says Iraq is following Dr Shabibis plan to a T. MarkZ:They are.The plan was to increase the value, put lower denominations in circulation, and put the larger notes we hold in the banks for foreign reserves.Shabibi planned it all out and told us what would happen.
WalkingstickThey put these ATM machines out in order to put out the lower notes…These ATM machines will teach the citizens about the lower denoms and it will teach the bank employees about this as well too…There’s going to be a stampede of people that will be rushing into the Iraqi dinars…These ATM machines are now being impregnated…
Kaperoni Question:“The redenomination talk keeps popping up; issuing new notes without the three zeros. Which as you have already commented; ‘is a neutral event’ …If Iraq did actually do this, when would make more sense, before or after forex float (or doesn’t matter).”I think they talk about it periodically but I don’t think there’s any chance that they will ever redenominate. It doesn’t reflect the countries economic success that would come from the actual growth of the currency over time based on success and GDP.
Clare Article: “Tracy Jacobson: I will advance American interests and fight militia influence in Iraq” Quote: “Tracy Jacobson, US President Joe Biden’s nominee for the position of US Ambassador to Iraq, gave her opening remarks before the Senate Committee on Foreign Relations.”
PimpyArticle: “Iraq is preparing to establish a project that changes the oil map”. Does it affect energy producers?Oh, it’s going to change the map alright! If they can accomplish this, this is really going to be huge…
MarkZ [via PDK]I do feel comfortable saying it has started…we are seeing movement…My understanding may be a little off as to how they are executing it…It’s been pretty quiet from Iraq sources over the weekend. They seem to finish things first over there and then tell us.
Frank26 The ATM machines IMO are being loaded up. IMO we have some US military forces protecting these ATM machines that are being loaded with he lower denomination notes that will reflect a new exchange rate…They are distributing them all over.Banks are assigned to fill them up with lower notes. I don’t know if they’re doing it now or if they have done it or they’re in the process of doing it.That’s the phase I believe these ATM machines are in right now.
SamsonArticle:“Early elections in Iraq.. Prime Minister stimulates Al-Maliki’s appetite for a third term”
Walkingstick When they load or if they have loaded them up [new ATMs], the note count has already been determined. The note count for each individual machine has already been accounted for…These machines will be the state of the art…State of the art has nothing to do with a program rate. If it was they would have had the state-or-the-art with the program rate for the last 20 years…The CBI is desperately trying to put out the least amount of currency at the onset before they release the new exchange rate. Because once they do this, if needed, they will be able to add to this note count as the value is needed.
Mnt Goat…the economic and financial advisor to the Prime Minister,Mazhar Muhammad Saleh, proposed an “unusual” idea to establish a sovereign wealth fund. …Unlike the CBI reserves that are mandated by the IMF to cover the government expenses in time of emergencies,the SWF is more flexible and gives an additional pad of money for stability and security. This fund will also cut down the reliance on oil revenue and help them move more quickly out of the rentier economy.WOW!
