Iraq ordered 7.5 billion new banknotes in August. Nobody in Iraq has been told the day they will be released. What you are witnessing is deliberate. Old notes will have to be swapped at a bank, and a bank asks where the money came from. And Baghdad wants stolen cash to reach that counter before the news does. So, they are pulling money off the street and into the banks: Cutting the IQD to 1,500 to close the gap with the street. Moving trade inside Iraq onto the dinar. Sending small merchants to the banks to convert their IQD to dollars. The step after the banknotes is the value…
