HappyGuy: Sounds like the dinar might start out at 1 USD = 1.20 IQD. Puts the value of one dinar at around 80 cents US?
Hammy14: Happy_Guy, I don’t agree with the 80 cents value. The IQD was tested at 1:1 seven years ago, and then retested again, and then retested again after that. Their reserves and resource amounts have almost doubled in the last seven years, so the true value of the IQD is well above one dollar.
Also, the last known value before sanctions was about $3.20, so in my opinion, the starting rate will be in that ballpark when they finally announce the rate.
But whatever the starting number is, I fully expect the currency traders to put the hammer down and drive it up to $4 plus before they cap it. I really believe the “true value” of the IQD is well above $4, but as Walkingstick has taught us, they will not allow the value to go higher than the Arab Accounting Dinar, which is around $4.17, or thereabout.
Anyway, the point is, if it doesn’t start out that high, it will eventually get there, IMO.
Coco: From the following site: https://www.exchangerates247.com/currency-converter/?from=USD&to=IQD
United States Currency: U.S. Dollar
U.S. Dollar (USD) is the currency used in United States, East Timor, Puerto Rico, Equador.
U.S. Dollar currency symbol: $
U.S. Dollar coins available: 1¢, 5¢, 10¢, 25¢, 50¢, $1
U.S. Dollar banknotes available: $1, $2, $5, $10, $20, $50, $100
Central Bank: Federal Reserve Bank
Iraq Currency: Iraqi Dinar
Iraqi Dinar (IQD) is the currency used in Iraq.
Iraqi Dinar currency symbol:
Iraqi Dinar coins available: 25, 50, 100 dinar
Iraqi Dinar banknotes available: 50, 100, 250, 500, 1,000, 5,000, 10,000, 25,000 dinar
Central Bank: Central Bank of Iraq
Putin says ‘role of dollar’ should be revisited in global trade
Fri, Jun 07, 2019 – 9:58 PM
[ST PETERSBURG] Russian leader Vladimir Putin on Friday renewed calls to revisit the role of the US dollar in global trade and accused Washington of seeking to dominate the world.
Speaking at an economic forum alongside Chinese President Xi Jinping, the Russian president called for deep reform, claiming that trust in the dollar had been on the decline.
Changes in the global economy “call for the adaptation of international financial organisations (and) rethinking the role of the dollar which… has turned into an instrument of pressure by the country of issue on the rest of the world,” Mr Putin said.
The Kremlin chief – whose country has chafed under numerous rounds of US sanctions – has repeatedly slammed the global financial system established by Washington in the aftermath of World War II.
In a speech at a plenary session, Mr Putin accused Washington of seeking to “extend its jurisdiction to the whole world.”
“But this model not only contradicts the logic of normal international communication. The main thing is, it does not serve the interests of the future.”
Putin Sets The Table To Leave The Dollar Behind
by Tyler Durden
Thu, 06/13/2019 – 02:00
This is twice that Russian President Putin has said on the global stage the Federal Reserve Note no longer deserves the status and privilege of “world reserve currency” that allows unlimited printing of the currency.
The first time he made mention he said that it was a threat to Russia’s national security.
In a speech at the International Economic Forum, in St. Petersburg, Russia, “Russian Davos”, President Putin reaffirmed his position regarding the Federal Reserve Note and it’s international role. For the record, we see the abuse of the Federal Reserve and the Federal Reserve Note, U.S. dollar, in similar light as President Putin.
The current status of “world reserve currency” should not be allowed in this day and time. The absolute abuse of power, excessive power granted and the ability to shackle entire nations through the use of a currency that is not even their own should have never been allowed but it is way past time for this system to be dissolved.
As recently we pointed out Russia has been and is, apparently readying, a gold backed cryptocurrency to use as global trade settlement. When a man steps up to the microphone and says to the world – “The main thing is, it (U.S. dollar) does not serve the interests of the future.” while at the same time announcing that Russia, along with China, are working on a global trade settlement mechanism outside the dollar, well, you would have to be some kind serious stupid to ignore those words.