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( Updated: )
Official Central Bank of Iraq (CBI) Dinar Rate:
1190 IQD to 1 USD
Dinar Market Rate:
(CBI last reported 5-23-2019)
1192.603 IQD to 1 USD
- Rates Are Within IMF 2% Rule: YES
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5-25-2019 Newshound Guru future for anyone wondering why i was excited to see the FML passed AKA law of financial administration here is a tidbit on why its important Article quote: "...the Committee is keen to enact the law of financial administration as it gives a complete road map of the financial policy in the country in terms of management of money and cash in the state," pointing out that "the change will raise the exchange rate of the Iraqi dinar against foreign currencies while maintaining the stability of inflation In the country". "The Commission is determined to make these changes during the next phase and not to follow the traditional methods are not appropriate at the moment." question is when is the next phase?
5-25-2019 Newshound Guru larrykn I find it funny people look at one thing to make this happen. I still don't see the cabinet seated, which would be security. I still don't see banking laws getting passed. ...here the thing, there is more then one thing, its a process, but I don't think anyone knows what the final thing is to make them move forward...so I just wait and see...but I do like what we are seeing, they are trying anyway.
5-25-2019 Intel Guru RayRen98 I talked with a banking source this morning, they said:
1. "Treasury did NOT instruct them (the banking staff) to report to work today."
2. "Private invitations to exchange should start on Monday and move rapidly." [Yes, I know it's a holiday]
3. "General exchanges should start this week, maybe as early as Tuesday?"
4. "Retail bank locations (the basic branches) would not be utilized for exchange activity."
5-25-2019 Newshound/Intel Guru Mnt Goat However, this time the CBI has gone farther and re-issued the 50 dinar notes too along with the 250, 500 and 1000. This has not been done before. If you can remember way back to 2015 timeframe these 50 dinar notes were discontinued because they were not used and so now they have brought them back. But remember under the 1190 rate they are only worth a nickel (five cents USD) USD. So why bring them back now? Why load the banks with them now...? [post 2 of 2]
5-25-2019 Newshound/Intel Guru Mnt Goat ...we hear new news from the CBI that they are distributing yet more of the 250, 500 and 1000 category notes. WOW! I am excited! ...seems maybe they are moving now slowly and cautiously into the next phase. This move tells us that what they are doing with the electronic banking and elimination of hard currency in circulation of the very large three zero notes is working and emphasis is now all being placed on using the lowest of the already issued lower categories 250, 500 and 1000. [post 1 of 2....stay tuned]
5-25-2019 Intel Guru MarkZ [...are there deadlines we need to pay attention to?] I am being told there are deadlines... When the 800 numbers come out make your apt. ASAP. I am told they want about 10 days after the 800 release for exchanging...
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5-24-2019 Guest Guru future Financial management law is part of the government preparation towards monetary reform...it is indeed a huge part of what we seek.
5-24-2019 Newshound Guru G-Lin Article: "The House of Representatives votes on the Financial Management Law and ends reading the amendment of the provincial and district elections law" ...This FML is a really big deal. It took them a very long time to accomplish it. Apparently over 23 meetings and hundreds of experts including international organizations...I likey.
5-24-2019 Intel Guru Eagleone2025 I HEARD EVERYTHING IS STILL ON TRACK. DAY -BY -DAY. IT IS A PROCESS...MY ASIA CONTACTS ARE HOPEFUL AS THEY ARE WAITING AS WELL. PLEASE UNDERSTAND WE ARE SO VERY CLOSE THIS SHOULD BE DONE VERY SOON. MY HSBC CONTACT IN NY ARE PREPARING FOR A VERY BUSY WEEK. HE TOLD MY THAT EVERYTHING THAT IS BEING SAID WILL COME TOGETHER, HE TOLD ME THIS WILL BE A SIMPLE PROCESS EVERYONE IS WORKING VERY HARD. IT IS VERY CLOSE. THEY ARE HAVE SPECIAL MEETINGS TODAY. HIGH LEVEL
5-24-2019 Intel Guru MarkZ I am feeling awesome today...about how it all should roll out... I had lots of conversations with people in Reno, one in Chicago...people involved with the rollout...I am feeling confident today... I am not under an NDA yet but am hopeful that some of us will be by early evening. That is a big possibility ...Yesterday was a very busy day and everything is positioned and ready. Also was told to expect 800 numbers any time after noon today on the east coast. Many laws in Iraq have been passed this week specifically for the RV...Iraq is not keeping it a secret. [Do you think we will start today or be pushed to after the holiday? Like Tuesday?] I think we are starting this weekend...my connections at redemption centers have been told they are working this weekend.
5-24-2019 Newshound/Intel Guru Mnt Goat ...they are telling us the auctions (the traditional methods) are no longer appropriate for managing their currency. ...it is in the NEXT Phase in which they intend to implement the changes that effect the currency. I assure you it is coming and it may even come even before the end of the year 2020. I surely hope so. All we can is track the progress now of this effort. [post 2 of 2]
5-24-2019 Newshound/Intel Guru Mnt Goat Article quotes: “TO DEVELOP MECHANISMS TO CHANGE THE MONETARY AND MONETARY POLICIES IN THE COUNTRY, in coordination with the Central Bank of Iraq, AIMED AT RAISING THE DINAR EXCHANGE RATE”; “THE CHANGE WILL RAISE THE EXCHANGE RATE OF THE IRAQI DINAR AGAINST FOREIGN CURRENCIES”. How will they do this change in the dinar? Quote: “the Committee is keen to enact the LAW OF FINANCIAL ADMINISTRATION as it gives a complete road map of the financial policy in the country in terms of management of money and cash in the state." So we know that the Law of Financial Administration is now key and it does include this monetary change. [post 1 of 2....stay tuned]
5-24-2019 Intel Guru MarkZ [via PDK] [...DO YOU KNOW WHAT BANK TO REDEEM IN CANADA?] Royal Bank of Canada is your clearing house is what I am being told.
5-24-2019 Newshound Guru MilitiaMan Article: "The House of Representatives votes on the Federal Financial Management Act" With the CBI talking about issuing small again from account balances, reeks of the Banks know the rate, as they would need to adjust for equivalency would they not? Imo, they would now know since it passed and what it means. I could imagine the people will now start talking about it and even leaking it out to family, friends, neighbors, roof tops, etc...lol.
5-24-2019 Intel Guru Bruce [via PinkRoses] I am excited because I was given some times today to expect to receive the toll-free numbers...we do have two points of views from major banks that are talking about approximate times for release. One is tonight [Thursday]...and the other...was tomorrow morning [Friday]... we know the Redemption Centers are well prepared. ...staff are prepared to go in for long days for exchanges starting tomorrow. We are very excited about the timing we are in. I do believe that we are looking very strong. ...I do not know if the rates are still pending per se, but I believe they are live. That happened today. I just think we are ready for everything to finish up...
5-24-2019 Newshound Guru Adam Montana [I understand oil is over $60 and Iraq has a lot of oil, but oil is only one of the variables...What about; - a fully seated government - HCL, Art 140, FML - IMF Art 8 - administrative and financial corruption - Iran interventionist - development of private sector - diversification of economy..] OIL is indeed only one of the variables. We don't need everything in the list to be perfectly checked off. [It is quite Impressive the shear volume of good news coming out of Iraq lately.] It IS impressive, and keeps getting better!