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"STATUS OF RV" BY DINAR IRAQ AND DONG VIETNAM UPDATE 3/10/23

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Post by Ssmith Fri Mar 10, 2023 2:50 pm

STATUS OF THE RV


Folks we are soooooo close to the RV I can hardly maintain myself and stay calm.



When the CBI comes out and tell us they are adopting the dinar as the “national currency” and thus ditching the dollar we can’t help but to celebrate. 
We have waited so long for this news.



Over the weekend I talked to my CBI contact and I was told to expect the second of the two rate changes “within 7 to 14 days”. 
Then I was also told they needed to begin the education process of the newer lower denominations and we could expect this effort only when we get really close. 
They are holding back any pictures of these new notes due to the counterfeiting. 
They do not want to have them get a peek at them.



It is my guess that these newer notes should come out sometime in March or early April. 
But when they do come out we are on the edge.


Remember that when they do this second rate change, they still have to monitor for inflation for a time and then to see what other reforms they can implement to stabilize the rate of the dinar yet even more to the new rate that just came out, if they need to.



So, it’s the RV is not automatic and it could be days, weeks or even months to wait for the 1:1 rate in Iraq to pop out. 
When they do this move then the newer lower denominations will appear, mostly in the ATMs. 
Remember the Iraq also calls the 250, 500 and 1000 dinar notes lower denominations and these are already in circulation and will remain in circulation.
However, I hardly believe it will be months before we see the 1:1 since they are already 1 month in to the 90 day window of currency and banking reform implementation they told us about.



The news today from the CBI is flat out telling us about the dinar and I quote – “ADOPTION OF THE NATIONAL CURRENCY” in Iraq. 
Like I said weeks ago that they already de-pegged from the dollar and we are now just waiting for the second new rate adjustment and then the new basket of currencies that they will re-peg to once they move to FOREX.



So here is what they are now telling the citizens in Iraq and I quote-


Obligating all centers, shops of all kinds, restaurants, pharmacies and medical clinics, Private stores, wholesale and retail marketing outlets, all licensed services that:



Payment for its interest within the boundaries of the Municipality of Baghdad and the centers of the provinces and districts throughout Iraq;
Opening bank accounts and configuring point-of-sale devices for electronic payment (POS);
Payment by bank cards to collect money and to enable those who wish to pay with cards, while keeping the cash receipt along with, linking the renewal of work permits and grants;
Licenses to practice the profession by preparing these devices.


Preparing government and private banks for all electronic payment point-of-sale (POS) devices;
Payment by bank cards to the aforementioned entities and other customers for collection funds electronically and in all parts of Iraq.
Exemption for electronic payment and collection devices (POS devices) and automatic teller machines (ATMs).
(ATM) for payment and collection systems with bank cards imported from banks;
Customs fees and taxes in all their forms.


Exempting all electronic payment transactions (POS) from taxes
This decision should be fully implemented as of 1/6/2023
The timing is freaky too with just within a few days.
Ssmith
Ssmith
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