Pimpy
I missed this one when it first came out. Reuters Article: "Exclusive: Iraq to end all dollar cash withdrawals by Jan 1, 2024, central-bank official says"
We should see how this affects the value of the Iraqi dinar. I have a feeling come 2024 we're going to start seeing those increments happen. They're' not going to be large but at least they're going to be heading in the right direction.
Stopping the use of the US dollar is a major step towards strengthening the Iraqi dinar.
My concern at the moment is whether or not Al-Sudani is going to be able to keep Iraq out of the middle of the crap that's going on over there..
.95% of the people around the world just want peace and to live and do their own thing...As far as Iraq and dinar is concerned, as long as they stay out of trouble and don't get involved then they should be just fine.
Article: "Iraq to charge Customs Duties/Taxes "Exclusively in Iraqi Dinars" This is awesome. There we go - De-dollarizing, heading in the right direction.
In Iraq they have the ability IMO to do a controlled free float...People ask me , 'Why doesn't Iraqi dinar free float?' Because it could be very very risky. They could benefit from it. They might go in the right direction. People might think they have something to offer...worth investing into, that they have a bright strong future...which I think Iraq does and I think they could benefit from being on the Forex but they have to have the restrictions removed off their currency...Iraqi dinar is on the local one [Forex]. They're not on the big Forex.
There's still problems with the exchange rate...Right now the solution they've come up with is increasing the interest rates for customers if they deposit their money and leave it there [In a bank].
7.5% is a pretty good size interest rate if you're going to leave your money in a deposit at your bank. In the past we used to have stuff like that but we don't anymore unfortunately.
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