[Community comment to Clare 1-22-2024 Auction Article below] “IMO the math used here isn’t what we can be excited about. 1250 Dinar is definitely better than the official rate of 1310 Dinar to the $ But if you take the old Dinar 1250 of them and trade them in for 1 new Dinar…1 million Dinar is equal to $800…” YOU ARE NOT IN IRAQ EXCHANGING! HOW DID YOU MISS THIS PART? Making the value of one dinar equal to one dollar… FOLLOW UP QUESTION “now I’m more confused, so if I’m an Iraqi citizen…I have to accept it at 1250 old dinar for 1 new dinar. But if I’m not in Iraq I can trade it 1 for 1…?” ON FOREX SUPPLY AND DEMAND WILL INCREASE VALUE EXTERNALLY…IN IRAQ THEY WILL ONLY USE DINARS. WHY DON’T YOU UNDERSTAND “A DINAR IS EQUAL TO 1 DOLLAR” (IF IT STARTS OUT THAT WAY) AND THEN IT STARTS TRADING ON FOREX? THE VALUE WILL GO UP FROM THERE. IF THEY DO IT THIS WAY…
Above mentioned Post is below
Clare Article: “AUCTION DOES NOT BUILD THE ECONOMY” Quote: “The Central Bank did well recently and left the auction platform, and returned to respect its currency, which is the dinar…the most important step is to zero out the dinar, and buy the 1,250 old dinars for one dinar of the new currency during the exchange after printing the one dinar denomination, and the value of one dinar will be one dollar…Making the value of one dinar equal to one dollar will keep the citizen, merchant, traveler, doctor, etc. away from running after the dollar“
