Mnt Goat
I believe there is nothing more for the CBI to do but to issue the lower denominations and them to watch for inflation over a period, as their plan states they will do, and if all goes well, they liberate their currency to the global markets as in FOREX. I thought we needed the Oil and Gas Law passed first? Yes, I still believe they do and we might have to wait for it.
But there is a chance that based on how fast the economy is growing they may just put that on the back burner and rethink it (remember that Dr Shababi in 2012-2013 did not have this law passed, yet he was moving forward). We must remember the past.
Iraq records the highest oil revenues since the start of 2023 which is also 2/3 more oil pumped than in 1991. The dinar rate in 1991 was over USD $3. So why is the currency still being under valued? Yes, it is important to get out of a “rentier economy” based solely on oil and this will also create yet more wealth. But what about right now...I am talking about today!
Doesn’t the oil wealth mean anything? Doesn’t the 113 billion in reserves and 132 tons of gold mean anything? Not to mention all the minerals and agricultural products being exported. So why still at 1/6 of a penny?
Some intel gurus want you to believe the “official” dinar rate is now set at 1130 and the CBI has not yet changed their site. This is not true, however I believe this is their next target rate and maybe the last rate change prior to moving ahead once again aggressively with the plan for the reinstatement. Seems this dollar issue has stalled their plan for now but they will overcome it as they always do but it takes time.
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