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Iraqi Dinar Buzz Updates

2011-06-09 12:50:30
MAY 26TH, 2011 07:04 AM  

Presumably and logically the cash-in “window” would be used to draw in all notes of 1,000 dinar or larger. My assumption is that these would eventually be destroyed and then the IQD would have notes similar to the US dollar (1, 5, 20, 50, and 100) plus coinage as we do. All of this has already been planned for and I have read that the bills have been produced.

The final key to our analysis is to attempt to put a narrower time frame on the RV. This begins with XXXXXXXXX as the farthest out possible date. The reasoning is as follows:

The IMF has announced that it is lending 7 trillion dinar to Iraq to support its budget. First payment on that loan is due on March 17. This number seems enormous on the surface and would lead us to believe that

Given the fact that the Iraqi budget, based on $60 per barrel oil, is going to be less than $100 billion, then the loan represents somewhere between 2.5% and 7% of the budget, which is reasonable. However,

It is ONLY reasonable if the IQD is revalued. And in order to pay its first payment the RV would have to occur BEFORE the first payment is due. This is all consistent with Maliki’s statement in his letter to the UN.

I have read that the IMF has rules that insist that Iraq be prepared to make its payments from 30 to 45 days PRIOR to the payment date, and that it much show proof to the IMF. This needs to be verified by our group but is reasonable. In any case, however, the IMF clearly would NOT have announced the loan unless it KNEW that Iraq would be able to pay it back. This is a secondary confirmation that an RV is close