Mnt Goat
I want to quote from the financial advisor to the Prime Minister, Mazhar Muhammad Saleh from one of the articles – “The fixed exchange rate system in Iraq is based on the highest international reserves in the history of Iraq and its monetary policy, as foreign currency covers more than 100% of the total currency currently issued.” So, this is telling us that the foreign reserves can back the dinar now in circulation by 100%... This is amazing. What wealth. But the dinar is still at 1/6 of a penny?
The news is still concentrating mostly on bringing in foreign investors and they told us today that there was a two part plan, and this plan is now completed...
The other part of the ongoing news from Iraq is still about the Parallel Market rate vs the Official CBI rate of the dollar...Saleh works with this issue daily and he is executing a plan. The plan takes time but Saleh says it is working and again tells us “soon” the parallel will equal the official rate...
So the rate is slowly stabilizing as has now reached 1,220 from 1,320. The goal is 1,121. Folks this is not too far off...This is all good news...Am I telling you they will RV when it reaches their goal. Of course not but these rates adjustments tell us they can not hold this back much longer and even with their own criteria something must be done and done soon to bring the dinar to the international investment world and free it up...
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