Frank26 Sudani made it very clear to the Iraqi citizens he was going to add value to their currency this year. We’re talking about the year 2024…They go by a fiscal calendar…Iraq goes from January 1st to December 31st.
Militia Man Probably shortly you’ll find that Iraq is going to do something with their exchange rate to be IMO an IMF Article VIII complaint exchange rate that will be openly traded on Forex...
Sandy Ingram The IQD Wait: What’s Taking So Long? The 2003 Invasion, ISIS, and the Pandemic have all contributed to the delay in the Iraqi Dinar’s increasing value. Iraq’s economy got into trouble during the Iran-Iraq eight-year war and has been struggling ever since.
Nader Lots of things happening…I see good news coming up this week so stay tuned...What’s happening now it’s good. I can say we are very close.
Pimpy The IMF can’t force countries to do a specific exchange rate. They can have input. They can talk to a county about their exchange rate but each country is sovereign. They’re independent. No organization, whether it’s IMF, World Bank, WTO, can force a country to use a certain exchange rate…
Frank26 I think Sudani is in control of the monetary reform. I think he has security and stability and I think the international world knows it. I think all the three letter agencies are in cahoots…with the CBI…GOI to go ahead and launch the new exchange rate...I think the exchange rate is either going to float at a fixed rate or it’s going to float at a low rate then take some time to grow and be capped. If it’s fixed at an RI rate then you know it’s not going to float very much because the distance between $3.22 to…where they want to cap it it’s not that far and the demand will allow the gap to be reached very quickly. If it comes out at $3.22 you think I’m gonna wait around for a float? No.
MarkZ [via PDK] Iraq has…paid off many of their loans. And Iraq has been very upfront (from finance contacts there) that they had planned to release the new rate in June…. Now they plan on releasing it in the month of July. Also I have a government contact in Iraq who said “We have a new rate and will activate it soon”
Clare Article: “Airlines set date to resume flights between Baghdad and Moscow”
Samson Article: ”91% of the Iraqi currency is outside the banking system” Quote: “Economist Munar Al-Obaidi announced that the money supply rose to more than 102 trillion dinars until last June.”
Militia Man I think when they say, “Whose operations are constantly expanding in favor of dealing at the fixed official exchange rate“, is an argument suggesting that instead of being a floating currency…they’re leaning towards a fixed official exchange rate for some time...
Frank26 The float will bring the IQD to the real effective exchange rate and then it will be capped. IMO 1.32 is still not enough. Why? Because the parallel market is extinct IMO. $0.76 does not suffice.
Sandy Ingram The dollar has gained over the dong 4.31% since the beginning of 2024.
MarkZ [via PDK] “Vietnam targeting Q3 GDP growth of 6.5%-7%, inflation below 4.5% PM says” And this is just the third quarter. They are obliterating the US…this is big…and they are under pressure to raise their exchange rate.
