(Thank you George for emailing this to Dinar Recaps.)
UU6848 – “Quick Update – What are we waiting for?” by Mnt Goat
This period there is not much news from Iraq. But I firmly believe we are about to get a flood of information very soon. In today’s news letter I review with you what are still looking for in order to see the RV.
I also will address many questions I recently received from investors and want to tell you now I am not an attorney, a certified financial advisors or any professional advisor of any kind. I am simply giving you my opinion in all my news letters and stating to you what Iraq themselves have told us in their news articles and private conversations.
We know the lower denominations have NOT “officially” been allowed to be put in circulation as the CBI has not yet released them. How could they since they have no value and would be more a hindrance to the economy than a benefit at this point in time.
Would you like to take a dollar out of your wallet to buy a dozen eggs or bring a basket full of the new lower denoms to the market to buy the same dozen eggs? And this is only a dozen eggs worth about a dollar. How would they handle buying a house? Would they have to rent a UHaul truck? …lol…lol…I rest my case…lol…lol… So can you see how allegations of the lower denominations being already allowed in circulation (without a significant increase in value) is just so ridiculous?
Iraq is meeting their commitments to pass needed legislature and the beginning of the new year seems to be creeping upon us.
We have great expectations for the first part of the first quarter of 2016 as our next new RV window and it is just around the corner. Hang in just a little longer all you dinar investors. This IQD currency reform is about to come to a conclusion, at least the part that we want….lol….
But let us not take any thread of information and turn it into any hype and lie to anyone about the timing of this RV.
Some of these conference calls keep telling me the RV is done already, is this true?
NO! – The RV did not happen and we are NOT now “just waiting our turn” to exchange. This is all just misinformation to justify these early, illegal exchanges being allowed by the UST at the banks. Everyone involved in this CORRUPTION will be dealt with I can assure you of this.
How simply foolish and ignorant of a statement like this anyone can make to say we “are just waiting our turn to exchange” ! Seems they have been sipping on that cool-aid again….lol…lol…They have been saying this now for more than a month already on their next info calls. They also keep telling you their next call is going to be their “celebration” call. Really! I thought their last 20 calls were going to be their celebration call and it goes on and on….Will they ever learn? How foolish !
I might also add that I am once again seeing you so called intel “gurus” putting words in my mouth. You can read can’t you?
Then go back and re-read my news letters since June 2015 (LINK). Not once have I said there was going to be an RV and I am insulted and disgusted with the falsifying of my information thus self-serving my information for your own benefit at the expense of others feelings and expectations. If anyone wants to hear what I have to say concerning the RV, please go read (or re-read) my news letters for yourself. This is the only true source of my information. I might add you have to read the ENTIRE document and not just braise over it, then take snippets out of it, draw your own conclusions and then remark on them to everyone. You conclusions are not necessarily my conclusions.
Bank screens, memos to banks, speeches in the mosques, tickers across the bottom of Iraq TV screens tell us very little and is NOT confirmation of anything nor can be used as verification of anything. These events have never, ever proved reliable in the past and are just rumors. I have been told to watch carefully now what the CBI says and does. This is where our attention should not focus. This is being told to me now by the CBI themselves.
So where do you think we should be focusing now?
So to all you so called intel “gurus” and fine dinarions out there - I wish you all a Merry Christmas and Happy New Year!
I might add to you so called intel “gurus” out there - good luck with all your lame predictions and non-factual evidence for you RV windows. But for me I chose to go on FACTS, that’s NO Hype, NO Rumors, only FACTS.
Today is Monday December 21st and yes we are fully now entering the fourth week of December already and still no RV. Oh I thought every “guru”’ was saying the RV was done? Really? They said this years ago and now they say it again. How many RVs did we have already…lol…lol…So why can’t we go the banks?
But they justify their latest lame information and tell us we are now “just have to wait our turn to exchange”. What? What does this mean?
Seems they don’t even know that, if this was true, the IMF would never allow this kind of practice for rollout. NEVER, NEVER HAPPEN ! This would be totally illegal, bogus, ridiculous and improper and it makes your head spin that anyone could even BEGIN TO THINK or believe never mind about pumping this kind of information out to you fine dinarians. How irresponsible can they be?
So let’s get on to some real news and forget about all this garbage intel we are being told.
Update: Currency Reform
We still await for the “official” word from the CBI to allow the distribution of the new lower denominations. We know this must first be accompanied with a significant increase in value and we are told it will be a 1:1 par value with the US dollar.
This is NOT the RV but an inflation adjustment and only an incentive to “dedollarize” the economy and reverse the trend in demand from the US dollar to the Iraqi dinar thus increase the demand for the new lower denominations. This would thus allow Iraq to withdraw or “de-dollarize” their economy as they would suck up US dollars are replace them with the lower denominations. This would happen because the citizens would migrate towards the new dinar since it would be worth more than the dollar.
Do they need a very significant increase in order to do this?
NO! All they need in-country is a value to the new dinar to be just over a dollar to create this incentive.
Is this the RV we have been waiting for?
NO! – this move to a 1:1 par with the US dollar is just an inflationary measure they will undertake. The full RV ($4.00+) we are waiting for will come later in about 7-14 days and will depend on how stable the economy is and how this whole process works out. It may take longer or it may be shorter.
Is this 1:1 a float and we must wait for the value to rise from $1.00+ to the $4.00+ before we see the RV?
NO! This initial process will NOT be put on an “official” float as many so called intel “gurus” will try to convince you that it is. The time to the full RV has no significance to any float. How can it since the currency still not even be on the exchanges at this time.
So when can we go to the bank and exchange our 3 zero notes?
First let me say it again - We may never realize this $1.00+ rate at the banks since the new rate will not yet even be on the global exchanges (thus be able to go to the banks and exchange). The IQD will not be reintroduced to the global exchanges until after the full blown RV $4.00+ occurs which will come later.
Will we see the RV before Xmas?
I personally believe we may see the 1:1 value pop out as the lower denominations are circulated sometime before now and the end of the year. But I do not expect to be at the bank before sometime until mid to late January 2016. I have already told you why this is the timing.
Will us so called “internet” conference call investors be privileged to exchange prior to the final RV?
NO BSOLUTELY NOT!. Everyone holding these 3 zero notes outside of Iraq will exchange at the same time as the rates show up in the global currency exchanges. This has nothing to do with bank screens or any other secret bank currency books at the banks. It must be legal and on the global exchanges prior to the banks allowing the general public to exchange this currency.
I am telling you nothing new here. I have explained out answers to all these questions over and over again to you in my previous news letters. This is the state we are in and we just have to wait.
The fact that the budget is moving along now is great news. Now we need the National Guard and Amnesty laws and I do not believe we will see any next move in the currency reform until we get these laws – at least I would be very surprised if we did….lol…lol…
So what pops out in the news today. Low and behold the CBI is now starting the process to lessen the demand for the dollar by charging more for them. They are also preparing for the final wind-down of the money auctions.
The article below is telling us the CBI is making it more expensive for the banks to purchase the dollars. On the surface it may seem like they are devaluing the dinar but in the long term it is telling us they are about to allow the lower denoms to be released in circulation and gives us a new rate. Remember I told you this is an inflation adjustment rate since they must raise the rate of the dinar when they pop out these new lower denominations. But this new rate of 1: 1 will NOT be gradual, NOT be on a float and is NOT the ultimate RV we are looking for or can go to the bank over. Can you remember this?
IRAQ CENTRAL BANK DEVALUES DINAR BY 1.37 PERCENT VERSUS DOLLAR
December 21, 2015
BAGHDAD (Reuters) – Iraq’s central bank has increased the sale price of U.S. dollars to banks and currency exchange companies by 16 dinars, or 1.37 percent, as the government seeks to compensate a decline in oil revenue, a government official and the central bank said.
The sale price of the dollar “has been adjusted to 1,182 dinars,” the central bank said in a statement on Monday.
The previous price was 1,166 dinars for a dollar, Mudher Saleh, a top economic adviser to Prime Minister Haider al-Abadi and former deputy central bank governor, told Reuters.
“This is a small adjustment, it’s not a devaluation. It will increase government revenue to meet local needs,” said Saleh.
A global oversupply of crude oil has pushed prices to below $40 a barrel from more than $100 a barrel in June 2014. The government depends on oil sales for 95 percent of its revenue.
Link to PART 2