BGG: Article quote: “The Central Bank of Iraq, on Monday, reduced the value of the dinar against the US dollar. According to a statement of the bank, that “lifting of US dollar selling to banks and exchange companies rate by 16 dinars any by 1.37 percent to 1182 dinars.”
Q: [I am trying to understand how devaluing is a good thing? 1182 is going the wrong way?]
BGG: It gets them closer (or within) the required 2% IMF regulations… no one saw this coming – the way for them to comply was “give away” a few dinars per transaction… HUGE NEWS…
That is Market rate / CBI rate spread… no one had any idea how they would ever be able to get this valuation to work right – turns out – EASY.
Give away 16 dinars per transaction. AND – stop and think… they HATE their exchange rate going the wrong direction.
There has got to be a MASSIVE pot of gold at the end of the rainbow…
Millionday: THE WORLD BANK HAS AGREED THEY WILL GET THE FUNDS BY THE END OF THIS YEAR AND IRAQ HAS AGREED TO ACTIVATE THE REFORMS –
THEY ARE REPORTEDLY IN THE MIDDLE OF ALL REFORMS BEING COMPLETE.