Guru Pimpy 2/22/23
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Guru Pimpy 2/22/23
by Ssmith Wed Feb 22, 2023 2:15 pm
We know the budget has been put forward and they’re supposed to be voting on it. I made a suggestion that it appeared they might make another exchange rate change before the budget is released 100%. I said once the budget has been voted on then we’re stuck with the exchange rate at least for a year unless they want to amend the budget which is a pain in the butt to do. Until that budget law has been passed keep your fingers crossed.
I can tell when I’m speaking to people that they’re confusing what the exchange rates are. There are different types of exchange rates…One is the official rate, which is 1300 dinars for every dollar. The other one is the market rate, which is 1460 dinars for every dollar...the market rate, which is like the black market rate, is what people are willing to pay for the US dollar. They’re willing to exchange 1460 dinars for every dollar. In other words they will pay you more to get their hands on the US dollar…this is causing a problem.
You’re looking at a 160 dinar difference between the two rates which is equivalent to 11 cents. That doesn’t sound like much but it does add up quickly. If you had $1 million dollars and you want to go buy the Iraqi dinar on the black market at 1460 dinars…you would get 1 billion 460 million dinars…You would take it into the bank and sell it to them for 1300 dinars for every $1 and you would make a profit of 160 million dinars…$109,594…of course it’s illegal to do that but there are people out there who do it for you.
I can tell when I’m speaking to people that they’re confusing what the exchange rates are. There are different types of exchange rates…One is the official rate, which is 1300 dinars for every dollar. The other one is the market rate, which is 1460 dinars for every dollar...the market rate, which is like the black market rate, is what people are willing to pay for the US dollar. They’re willing to exchange 1460 dinars for every dollar. In other words they will pay you more to get their hands on the US dollar…this is causing a problem.
You’re looking at a 160 dinar difference between the two rates which is equivalent to 11 cents. That doesn’t sound like much but it does add up quickly. If you had $1 million dollars and you want to go buy the Iraqi dinar on the black market at 1460 dinars…you would get 1 billion 460 million dinars…You would take it into the bank and sell it to them for 1300 dinars for every $1 and you would make a profit of 160 million dinars…$109,594…of course it’s illegal to do that but there are people out there who do it for you.
Ssmith- GURU HUNTER
- Posts : 20440
Join date : 2012-04-10
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