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Official Central Bank of Iraq (CBI) Dinar Rate:
1184 IQD to 1 USD
Dinar Market Rate:(CBI last reported May 23, 2018)
1200 IQD to 1 USD
- Rates Are Within IMF 2% Rule: YES
- Are Rates IMF 2% Rule Compliant for 90 Days: NO
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5-23-2018 Guest Guru BobTheTaxMan Question: Are you sure about capital gains verses ordinary income? Somewhere out in the dinar world there is a guy saying, “Look guys it’s going to be attributed to 988,” and it’s not ok. I keep telling everybody that 988 was created as a of handling incidental stuff. It does not apply to those of us who have bought dinar as an investment. It’s still not going to apply. If it was under 988 it would be considered capital gains but it is not. The other thing too that you have to realize…your loss that you may incur if you were to sell your dinar at a loss is not tax deductible. Something else you need to be aware of.
[NOTE: This is not to be considered tax advice in anyway…at the appropriate time you should speak to your own tax and financial professional.]
5-23-2018 Newshound Guru MilitiaMan Article: "Abadi: We call for a transitional government without preconditions" I sense urgency in the air. We recently heard the call for an acceleration in getting a government settled accordingly. Now the symbionic relationship between Abadi and Sadr, obviously isn't anything at all new...imo...They are way to aligned in just about everything and I posted photos of the two back in 2015, hand in hand smiling...Now with that said the two are clearly in alignment with wanting all Iraqis to be equal with no sectarianism period Amen! They want technocrats in position as a key point. Well, another nothing new, as Abadi has been doing exactly over the last couple years, therefore the above suggesting getting the government settled in record time is probably effectively been done for some time now.. imo. Let's not forget Frank / WS [Gurus Frank26 & Walkingstick] reminded us that Abadi did his Gov in thirty days beating Maliki"s 209. It has been 10 days since election... hmmm.
5-23-2018 Newshound Guru chattels 165 seats are necessary. Sadr’s Sairoon (54 seats), PM Abadi’s Nasr (42 seats), Hakim’s Hikma (19 seats), VP Allawi’s Wataniya (21 seats) and the KDP (25 seats) and Qarar (13 seats) makes a total of 173 if my math is correct. Can I get a "Bingo!"? With the Kurds as part of the government we have the best chance to avoid quotas and establish an efficient majority government for legislation without consensus, IMO. Godspeed the completion of the Iraqi Banking Sector Reform Project!
5-23-2018 Newshound/Intel Guru Mnt Goat Article: "MOQTADA AL-SADR, AGREED TO GIVE PRIME MINISTER HAIDER ABADI A SECOND TERM, DURING THE MEETING THEY HAD JUST GATHERED IN BAGHDAD" Okay so now we know Al-Abadi is going to be the next prime minister. We also gain some more insight at to the two conditions that al-Sadr is requiring of him. 1) fight corruption all the way to the top levels of govt 2) publish the list of names of those corrupt political officials.You can bet that on his mind is going after this Nori al-Maliki.
5-23-2018 Intel Guru Bruce What we are hearing from there is yes the ATMs are on. Yes, the lower denominations are out. Yes, they have an in-country rate which is a good rate...What we are looking for is for Iraq to put out this international rate. We know it has an in-country rate and we know what it is and it should be on CBI and the same as the international rate. Probably be the same rate as the front screen rate on our bank screen. The question is when it is going to be revealed...Our understanding was today we are looking now and still looking for this and maybe it is happening in a little while, but as of 2:30 pm this afternoon [Tuesday] our Treasury had not released Iraq to put out their rate. ...one of our contacts with HSBC London was...talking about the fact we are in a very good 24 hour window. I hope that is exactly where we are and we are right there. That was as of 1:00 pm this afternoon [Tuesday].
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5-22-2018 Intel Guru Frank26 ...Iraq will soon form a basket in the Middle East of currencies to include the Iranian Rial, USD, Saudi Arabia, Kuwait with IQD... ...SADR WANTS REINSTATEMENT DONE IMMEDIATELY.
5-22-2018 Newshound Guru Kaperoni I stated last week that current PM al-Abadi does not want to be PM again. Today, some news surfaced that seems to support that. There may very well be a new PM chosen.
5-22-2018 Newshound/Intel Guru Mnt Goat
4. Why wait? The CBI must give the economy time to adjust. They will also need to slowly roll out the lower category notes as the rate rises from the initial anchor rate.
5. I am hearing now that the target for forming the new govt is early to mid- June which also coincides with the mid-June ending of the MCP. It also is in-line with the June 1st date for the session of the new parliament.
6. So do you want a new window of opportunity? I only bring you one today based on what I just talked about. ...I am not going to give you any “opinion”. The timeframe that I can see developing is somewhere around the last two weeks of June 2018. [post 3 of 3]
5-22-2018 Newshound/Intel Guru Mnt Goat ...In pegging it to the SDR basket they must come up with an initial “anchor rate” equivalent and in-line with the basket of 5 currencies in it. This anchor rate in not technically an RV or RI but for our purposes it surely could be a substantial increase in value we all want. I do not believe, as [Guru] Kaperoni has stated ...that the “anchor rate” will be the 1184 program rate and they will let it float from that rate. Instead I believe this “anchor rate” could be equivalent to somewhere around a 1:1, 1 dinar : 1 US dollar. By the time we see it on FOREX it may already be well up to the $3.00 - $4.00 range we all want. Like I said in prior news, that this measure will be a counter inflationary measure holding if off FOREX for a few days to maybe a few weeks. [post 2 of 3....stay tuned]
5-22-2018 Newshound/Intel Guru Mnt Goat So what next: Iraq is:
1. Much more STABLE politically just having the announcement on Sunday that Al-Abadi will continue on with a second term;
2. That the new government about to be formed will have the full support of the anti-corruption “Sadr Movement” behind it to support what Abadi knows he must do – expose these 1,000 political figures involved in this corruption (or as the CBI has told us they are involved in the FRAUD and MANIPULATION of the currency.
3. Once the MCP monitoring is completed (in the absence of no more violations) this could happen on approx June 15th as Kap [Guru Kaperoni] noted. The CBI is expected to get permission to move ahead with the currency, put it on a float off the fixed rate de facto peg to the US Dollar. They will then re-peg it to the SDR basket of currencies. Here is the juicy part... [post 1 of 3....stay tuned]
5-22-2018 Newshound Guru chattels Maliki individually received the highest number of votes in the election. [what does that mean for the elections though, will he have any power/say in anything?] Power follows the political bloc and not the individual. No need to be worried. Negotiations continue between the blocs. We are still awaiting a final certification of the election results. The final results must be ratified by the court.
5-22-2018 Intel Guru Frank26 The National Bank of Iraq was told while the elections were going on, that they need to update their software on their ATM machines. Then told them we are going to give you 24 hour notice when to activate the ATM machines. CBI has given every bank notification to have ATM's ready. The 24 hour period will include: billboards lit up; Presentation boards inside financial institutions...and both in Article form for citizens read.
5-22-2018 Newshound Guru MilitiaMan Article: "POSSIBILITY OF SPREADING BANKING CULTER" So the ability to show the citizens that the banking system has a new face on it has been in the forefront of objectives for the monetary policy to be absorbed into the culture in regards to trust, as it has not been about that for the past 30 years. They now have made progress in public awareness to instill in them that the Banking system, is not your enemy if you will. They go so far as to suggest they are creating an environment in which the customer is now right, whereas, in the past, it was not that way, thus, savings was not with the banks. This is a call for to tell citizens that the electronic system is in place, activation of payment tools are available and for exchanging there "NEW" currency through them, imo. That is a final step in the MR based off the Turkmenistan Model... They have overcome the illegal behaviors of the past. A secure environment is now... imo.
5-22-2018 Newshound Guru chattels Article quote: "The final results of the legislative elections announced by the Electoral Commission for elections showed the victory of 84 candidates for membership of the new House of Representatives." I read the foregoing to mean that there are 84 " new faces " in the Parliament. More than 1/3 of the total 329. 54 of which must be "Sadrist" since he insisted that all candidates be newcomers and his bloc won 54 seats. Parliamentary attendance should improve I expect.