"RV UPDATE" BY CLARE & SANDY INGRAM, 20 NOV

 Clare  

Article Written by: Baqir Jabr Al-Zubaidi - former Minister of Finance "The ongoing dollar crisis"  

Quote:  "The dollar crisis is a policy crisis of the continued American threat of sanctions, accompanied by the continued bleeding of the currency by private banks that are protected by some influential people, and this conflict is paid for by the citizen...Solutions exist, and during our tenure at the Ministry of Finance (2006-2010), we succeeded in increasing the value of the dinar from (1,500 dinars to the dollar to 1,170 dinars to the dollar). We were planning to reach (1,000 dinars to the dollar) and then raise the zeros so that the dinar was equal to the dollar."

Article:  "Private banks and exchange companies express their preparations to reduce the exchange rate"  

Quote:  "Private banks and exchange companies are showing great preparations, collectively and in coordination, to reduce the price of the dollar ”

Sandy Ingram  

 The reason countries have foreign reserves is to make sure that a country has backup funds if its national currency rapidly devalues or becomes entirely worthless.  It's common practice for central banks of different countries around the world to hold large amounts of reserves of foreign exchange.  Most of these reserves are held in US dollars since it is the most traded currency in the world...

The amount of monies a country holds in its reserves has a lot to do with the county's currency rate...Iraq has the largest foreign currency reserves in its' history...