🔥 Iraq’s Monetary Revolution: Closing the Dollar Leak & Preparing for Radical Reform 💥💸
Walkingstick highlights that the Central Bank of Iraq’s (CBI) Remittance 338 is crucial for monetary reform. This move is set to eliminate the parallel market — the last major outlet where the US dollar is actively used inside Iraq’s economy. More importantly, it will put an end to the dollar auctions, which have been the final leak of USD in the country’s financial system. This is a major step in tightening currency controls and stabilizing the Iraqi dinar.
💡 “A trading superpower does not operate at the old rate of 1310 IQD to USD... Iraq is on the path to becoming a superpower trading hub.”Kaperoni reminds us that Iraq currently holds an Article XIV financial position with the IMF — a more flexible status that allows for capital controls and monetary policy freedom. However, Iraq’s government is pushing for radical reforms to meet international financial standards. This would boost global confidence in Iraq’s economy and help it integrate as an active player in world markets. 🌍💼
Nader From The Mid East offers a speculative forecast on the upcoming exchange rate for the dinar after the planned revaluation. He predicts a range between $2.87 and $3.22 but personally hopes for a soft start around $0.76, which could gradually increase to $2-$3 after a few weeks. This cautious approach could prevent economic shocks and give the market time to adjust smoothly. 📈⚖️
“If the rate jumps too high immediately, it risks crashing the economy and losing value fast.”MarkZ, reporting via PDK, addresses a common concern: will exchange rates differ between banks?
His insight: The CBI and Iraqi authorities are likely to standardize exchange rates across all banking facilitiesto prevent competition on rates and confusion.
So, don’t rush to be the first to exchange your dinars — the rate should be consistent no matter where you go. 🏦🔒
Why does this matter?
Ending dollar auctions and parallel market leaks means Iraq can better control its monetary policy and strengthen the dinar before the expected revaluation (RV). These reforms will also build confidence among international investors and trading partners. But timing and execution are crucial to avoid disruptions.
Stay updated on Iraq’s financial transformation!
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