"RV UPDATE" BY PIMPY, 28 DEC

  Pimpy 

   We know they are going to do away with using the US dollar the beginning for 2024.  Let's see how this effects the Iraqi exchange rate. Like I anticipated this should strengthen the Iraqi dinar in a major way and hopefully soon after that it affect the exchange rate...

Article: "Advisor to the Sudanese:  We aspire to end of the parallel market for the dollar in the coming days"  We know they've been talking about that now for quite some time.  Supposedly the beginning of this next year they're going to do away using the US dollar and just start using Iraqi dinar for their transactions.  Their goal is to get rid of the parallel market all together...

Iraq has experienced multiple devaluations and revaluations of the currency...From 1988 to currently where we are these are the major events that affected currency.  1988 the IQD as introduced.  This was replacing the IQP (Iraqi pound).  This was done at a fixed rate of 1 to 1.  

You could exchange your IQP straight across 1 for 1 for the Iraqi dinar (IQD).  1990 when Bush went to war with Iraq of course the gulf war caused significant devaluation of the IQD.  The currency lost about 80% of its value against the US dollar.  You could exchange 1 Iraqi dinar for $0.31 cents US.

  The funny thing is I would take that right about now because I have about four or five million Iraqi dinars. If it jumped up to $0.31, woo, I'd be happy with that because I'd get over a million dollars back.  1995 the IQD was officially pegged to the US dollar at a fixed rate of 1 IQD for $2.85 USD.  2003 we know the US led an invasion of Iraq...

This led to economic instability and currency fluctuations.  The Iraqi dinar was devalued to around 1 IQD for $1.30 USD...Got rid of the ones with the faces of Saddam Hussein... 1 new IQD was equivalent to 1,000 old IQDs.  In 2012 the central bank...allowed the IQD to float freely.  This led to a significant devaluation of the currency with the IQD losing 20% of its value...

2014 IQD experienced another devaluation.  This time it was due to the decline in oil prices and conflict with ISIS.  The currency lost about 15% of its value against the USD.  [Later] the CBI implemented a new exchange regime allowing the IQD to float freely against the basket of currencies.  This led to further devaluation of the currency with the IQD losing another 10% of its value against the US dollar and then not even a year later to turn around and...increase the value of the Iraqi dinar exchange rate...So yeah at one time the Iraqi dinar was more valuable than the US dollar.  Do I think it can get there again?  Of course  I believe that absolutely but there are hurdles that Iraq has to get over.

https://dinarevaluation.blogspot.com/2023/12/rv-update-by-pimpy-27-dec.html