Zig’s Place Chatroom News Monday Evening 12-5-22
Zig’s Place Chatroom News Monday Evening 12-5-22
Zig Next Saturday @Kaperoni (NORV-- who posted above) will be doing a conference call with Enorrste...I copied the details at https://dinaralert.webs.com/conferencecalls.htm where his calls are archived....the call will be recorded and the recording link will be posted there and here after the call....Details below:
DinarAlert Year-End Conference Call - Saturday December 10th 2022 6pm PT, 7pm MT, 8pm CT, 9pm ET
Enorrste and Kaperoni will host a DinarAlert year-end conference call Saturday December 10th, 2022 to wrap up the latest developments. Focus of this call will discuss the new Iraqi government, economic and banking developments. Q & A included. Join us at: 971-224-6616 Access code #807157
TWW AS I posted last night, read between the lines: " central bank advisor, Ihsan al-Yasiri, said, “For the first time, the central bank’s reserves exceeded the threshold of 90 billion dollars, as this number is very large and indicates a barrier to the recovery of the economy and a great support for the value of the Iraqi currency,” noting that “the value of the Iraqi currency or the balance exceeded 160.” %, as the value of the Iraqi dinar amounted to more than one and a half dinars. https://dinarrecaps.com/our-blog/iraqi-news-saturday-evening-12-3-22
TWW Im glad I AM NOT A GURU. Thanx for reminding me KAP
NORV TWW TWW What you posted is not as important as what the prime minister told the Central Bank to do today. Yes, 90 billion dollars in reserves is good and 160% in value (if 3 zeros were removed/LOP) is important, but it does not mean there is a RV coming. In fact, I state again, with over 83 trillion dinar in circulation (with 3 zeros), there is no RV. No country could ever afford to cover such a large money supply with a exchange rate at or near 1 to $1.
That being said, this is good news and we will explain it all this Saturday night on the conference call... www.dinaralert.webs.com/conferencecalls.htm
UNEEK For all hopefuls - but still rumor until proven otherwise: MZ: From Iraq…..we have a rate. We do not have a fixed rate…we literally have a floating rate now. And based on the market at the end of each day now. This is enormous news. You should be like jumping out of your boots over this one.
MZ: This is a analysis from a number of contacts….What it looks like they are going to do is give us 1160 …this is about a 20% increase in the value of your dinar. Then at the end of each market day they will readjust according to the spread in the market…..They tell us this in articles.
MZ: “Government official: Dollar exchange rate will fall and its impact in a week” I am being told it is looking to start the float around 1160+ ….and the rate will be looked at each day. This is massive progress coming out of Iraq.
MZ: This makes sense as to whats best for the Iraqi people. This is a slow grind to the top and I am told it will not affect our contract rate as it is based on the “Oil for Dinar” contracts. So even if the rate takes awhile to get to where we want it….it has now started.
They have now announced that it has started. There is no more “Waiting for this to go” We can log in daily starting this week and see the new rates. Most likely starting sometime tomorrow. Expect the float to go fast. I am very excited about the news out of Iraq.
UNEEK And another: Holly posted this: Frank26: Frank came in late and said the 5th is the seed for the 6th. Delays don’t exist anymore….The red in his suit tonight stands for red alert!!!
Zig NORV : Now a reminder: I know you are going to rip that Guru stuff to shreds....lol....just don’t shoot the :Messenger:
UNEEK Parliamentary: Discussions And Dialogues To Reconsider The Exchange Rate Of The Dollar
Political | 02:44 - 05/12/2022 Special - Mawazine News,the representative of the Kurdistan Democratic Party, Najwa Hamid, confirmed the parliament's move towards reconsidering the exchange rate of the dollar.
Hamid told Mawazine News, "There are discussions and dialogues between members of the House of Representatives, and the Finance Committee specifically, to reconsider the exchange rate of the dollar, and we imagine that an appropriate price will be maintained."
And she continued, "The rapid rise led to a clear economic deterioration, due to the failure to study the negatives and positives about the matter, so there is a real necessity to restore the exchange rate of the dollar." https://www.mawazin.net/Details.aspx?jimare=213288
Doug_W UNEEK fingers crossed BUT not holding my breath
Sah Special - Mawazine News MP for the Kurdistan Democratic Party Najwa Hamid confirmed the House of Representatives' move to reconsider the dollar exchange rate.
Hamid told Mawazine News that "there are discussions and dialogues between members of the House of Representatives, and the Finance Committee specifically to review the exchange rate of the dollar, and we imagine that an appropriate rate will be maintained."
"The rapid rise has led to a clear economic deterioration, due to the lack of study of the negatives and positives about the matter, so there is a real need to restore the exchange rate of the dollar," she said. Finished 29/N33 www.mawazin.net/Details.aspx?jimare=213288
Sah I think that the Dinar devalued the other day to 1495 and people complained that they are not doing a good job at maintaining it. I think now that they have to manage it and get it back to the rate it was from the other day. They need to learn to maintain their rate and hold it. They may be trying to bring it back, maybe they do a managed float to the rate from the other day or keep it going till 1160
NORV Sah it was clear in the last Article IV Consultation with Iraq that they are pegged to the dollar. Until Iraq creates the conditions, passes laws, encourages investment for a diverse economy they will not float. No country that's totally dependent on oil exports alone could survive a float. The dinar will remain weak until that happens.
NORV Zig not really Zig it's just gurus and misconceiving what they mean. First of all you need to understand how the daily auctions work not only are they a source of dollars to pay for imports but the auction serve a very important purpose to maintain stability of the exchange rate in the country it's a balance between dollar and dinar.
So in recent days the new prime minister has asked the central bank to increase the liquidity of dollars. Otherwise to liberalize the foreign exchange. This will weaken the dollar but will strengthen the dinar. They will do this to stabilize the exchange rate within 2% for IMF guidelines and improve its value slightly for citizens. There will be no significant RV.
Even though the gurus tell you otherwise. More than likely I expected to go back down to about 1170 to$1. Also remember if Iraq ever wants to accept IMF article 8 and open their banking system for more International transition and transactions they have to maintain that stability at 2% for at least 90 days.
Shabibi had it stable for a year before he was ready to transition but Maliki ran them out of the country. There was also a few other occurrences over the years with other governors where there was stability.
NORV UNEEK and this article is true that dinar street value now is a little over 1490 which is just outside the compliance of 2% required by the IMF based on a 1460 exchange rate. So they're going to liberalize the dollars in the marketplace making them readily available for citizens and as a result the dinar will strengthen slightly. They won't go too far with it my guess is it'll be right around 1170 again.
The conditions in Iraq just aren't appropriate yet for them to open up and Float the dinar and allow it to rise any further they need a lot of economic changes yet and development. Not to mention over 100 stalled laws to encourage investors. This is a good step though because it'll appease the citizens and it should also encourage additional banking activity.
NORV A lot of gurus like to make up stories about them reducing the dinar. But they are not significantly doing so in fact it's well over 83 trillion dinar still in circulation. And for a fact they cannot significantly reduce it because as I stated the exchange rate is a balance between dinar and dollar through the daily auctions.
So as long as they maintain the daily auctions there will be very little change in the exchange rate. Iraq needs to develop their banking system to a point where they can abandon the daily currency auctions before any significant change will happen.
Zig NORV : :Thankyou: ....The Gurus will see it increasing in value and jump on that saying it is going to take off now....As Frankie said "Red Alert" time.....lol
Dave NORV How about a nickle?
Zig Dave : How about a pickle? :Laughing:
Zig Sah : I think Kaperoni knows what he is talking about....too bad....LOL
Dave BIG words cause confusinn?
Dave 00067 to 1 dollar....delete 3 zeros....new notes cost a dime each to mint....Lil less fer them fils.....
Dave Coke gonna drop their price point?
Sah Zig He is correct about the within two percent for at least 90 days before they can except article 8. I think it will go down to 1160 and stabilize there. CBI will be flooding the market with USD to bring it down. Vietnam has done a managed float before, but they are already international.
Sah Dave Just more value for their Dinar against the dollar. The Dinar will stretch a little to buy more.
Dave Sah BINGO that!
NORV Dave Unlikely until the create the conditions to diversify their economy. Lots of work still to do Dave.
NORV Dave If they execute the option to delete zeros, you won't like the outcome. MY bet is they will gradually raise it over time based on economic success, otherwise no need for 20,000 dinar note.
Zig Next Saturday @Kaperoni (NORV-- who posted above) will be doing a conference call with Enorrste...I copied the details at https://dinaralert.webs.com/conferencecalls.htm where his calls are archived....the call will be recorded and the recording link will be posted there and here after the call....Details below:
DinarAlert Year-End Conference Call - Saturday December 10th 2022 6pm PT, 7pm MT, 8pm CT, 9pm ET
Enorrste and Kaperoni will host a DinarAlert year-end conference call Saturday December 10th, 2022 to wrap up the latest developments.
Focus of this call will discuss the new Iraqi government, economic and banking developments. Q & A included. Join us at: 971-224-6616 Access code #807157
Zig: If you access this chat via https://my.cbox.ws/ZIGPLACE
Zig: You can make the box much bigger by clicking this link ZIGPLACE - Cbox