If I had a dollar for every article that talked about monetary and economic reform that was “just around the corner”, I wouldn’t need the dinar to increase in value, I’d be rich already.
I can remember all the way back to 2012, when Shabibi attended the conference in London, that the articles and others thought Iraq was ready to initiate a change in the rate, why else would Shabibi go to London?
Well, here we are, three years later and all Iraq’s done is back up, there’s been very little forward movement. What Iraq is lacking, in my opinion, is the political will to enact the great ideas that the world and many noted economists have suggested.
I’m not down on the dinar, nor am I negative, I’m pragmatic about the progress of Iraq.
I’m going to watch and see what the Investment Law really has in it. One of the sticking points so far is about land ownership, many don’t want investors to actually own the land where they build their businesses…If Iraq actually crafts a law that protects and encourages outside investment, we’ll know they’re serious about attracting foreign capital, If not, I don’t think much will happen on this front.
I know there are many who believe major investors are chomping at the bit to get into Iraq, but I just don’t buy it. I’m looking forward to the day when Iraq unites and does what’s best for themselves and their people, once I see that, progress should be just around the corner.