Sandy Ingram  [Post 2 of 3……]

The third factor…there are two exchange rates in Iraq…The official rate is round 1310 to $1.00.  The market rate…fluctuates higher around, 1450 to $1.00 and cause issues, even protests.  The market rate is the rate at which people live day-to-day… Because Iran and Syria need and want US dollars the US Federal Reserve has encouraged Iraq to rely more on the Iraqi dinar than the US dollar.  This effort keeps Iraq out of trouble with the US Federal Reserve and the Department of Treasury…The issue of the two exchange rates is expected to be resolved over time.  As of January 1, 2024 all transactions are mandated to be conducted in Iraqi dinars and the gap between the official exchange rate and the market value is anticipated to decrease, offering a sense of stability.