Article: “Central bank: Stamping contracted 10 000 specie to diversify their savings and get a 24 carat gold”
I suspect that the Iraqi economy is skewed so that the vast majority of the money is held by a small percentage of the population.
Therefore, while this won’t mean anything to the vast majority of the people in Iraq because they cannot afford to purchase the coin, those who can, will.
This small percentage of the people probably hold over 80% of the dinars anyway.
Therefore, this “adjustment” of the rate to a lower rate is almost certainly being done to scare the big fish into purchasing the gold coins, thereby turning in their paper money.
All in all this seems like a well thought out plan on the part of the CBI to reduce the paper money in Iraq quickly.
