In a candid and thought-provoking commentary, Sandy Ingram addresses one of the most overlooked realities surrounding the Iraqi dinar: Western IQD investors remain a significant challenge for Iraq and the Central Bank of Iraq (CBI).
At the same time, Sandy highlights a geopolitical truth that many investors have never fully understood—Syria plays a more critical role in Iraq’s economic stability and future than Iran does.
Together, these insights help explain why Iraq’s currency reform is complex, cautious, and deeply connected to regional dynamics.
Western IQD Investors: An Ongoing Challenge
Sandy Ingram begins with a direct acknowledgment:
“We, us, IQD investors in the west are still a problem [for Iraq and the CBI].”
Her concern centers on how Iraq will ultimately manage one of its largest currency challenges—foreign-held dinar outside the country.
Key points include:
Massive offshore IQD holdings
Limited transparency on how redemptions will be handled
The need for controlled, responsible currency appreciation
Despite these challenges, Sandy emphasizes one crucial certainty:
“All we know for sure is Iraq is on the path, the track, in which currency values increase.”
Iraq’s Currency Path: Gradual, Not Instant
Sandy does not suggest sudden or dramatic changes. Instead, she reinforces:
A measured approach by the CBI
Incremental strengthening of the dinar
Alignment with economic and regional stability
This approach reduces risk while protecting Iraq’s long-term financial interests.
The Missing Piece for Many Investors: Syria
Sandy then reveals a realization that reshaped her understanding:
“What most IQD investors have never been told is Syria is more important to Iraq’s economy and well-being than Iran.”
For years, Middle East reporting has often paired Iraq and Iran. However, Sandy explains that Iraq and Syria are more tightly linked in practical, day-to-day realities.
Why Syria and Iraq Are Deeply Connected
Sandy outlines several critical factors:
1. A Long, Porous Border
Iraq and Syria share an extensive, lightly controlled border
Economic, security, and humanitarian issues cross easily
2. Immediate Spillover Effects
“When Syria becomes unstable… Iraq feels the pressure almost immediately.”
Instability in Syria directly impacts:
Border security
Trade routes
Refugee movement
Internal Iraqi stability
Iran vs. Syria: A Crucial Distinction
Sandy contrasts the two neighbors clearly.
Iran
Aggressive regional posture
Under heavy international sanctions
Economically strained
Seeks to lean on Iraq for support
Syria
Directly intertwined with Iraq’s internal stability
Shares security, economic, and humanitarian risks
Shapes Iraq’s future through proximity, not influence
“Syria and Iraq hold hands much more tighter than Iraq and Iran.”
Why Syria Shapes Iraq’s Economic Future
Sandy’s conclusion is straightforward:
“What happens in Syria shapes Iraq’s future.”
This reality affects:
Investor confidence
Banking reform timelines
Currency valuation strategy
Regional economic planning
Ignoring Syria’s role leads to misreading Iraq’s pace and priorities.
Featured Snippet: Key Insight
Sandy Ingram explains that Syria has a greater impact on Iraq’s economic stability than Iran, and despite challenges from Western IQD investors, Iraq’s currency trajectory continues to point upward.
Q&A: Key Takeaways from Sandy Ingram
Q: Why are Western IQD investors a concern for Iraq?
A: Large offshore holdings complicate currency management and reform execution.
Q: Is Iraq’s currency expected to rise?
A: Yes, Sandy confirms Iraq is on a clear path toward increasing currency value.
Q: Why is Syria more important to Iraq than Iran?
A: Due to shared borders, immediate spillover effects, and direct impact on stability.
Q: How does Syrian instability affect Iraq?
A: Security, trade, and economic pressure transfer quickly across the border.
Final Thoughts: Understanding the Bigger Picture
Sandy Ingram’s analysis reminds investors that currency reform does not happen in isolation.
It is shaped by:
Regional stability
Neighboring conflicts
Foreign-held currency exposure
Strategic patience by central banks
For those watching Iraq’s dinar, understanding Syria’s role is no longer optional—it is essential.
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Sandy Ingram
We, us, IQD investors in the west are still a problem [for Iraq and the CBI]. My biggest concern is how Iraq is going to handle one of their biggest currency problems...All we know for sure is Iraq is on the path, the track, in which currency values increase
I could look on the map and see Syria and Iraq are neighbors. But what I wasn't seeing and what I didn't understand was what most IQD investors have never been told is Syria is more important to Iraq's economy and well-being than Iran...In the Middle East news I have always seen Iraq and Syria paired up in reports.
Silly me, I didn't understand Syria and Iraq hold hands much more tighter than Iraq and Iran...Iran is aggressive. Iran is under sanctions. Iran is hungry. They need food...shelter ...money...They want to lean on Iraq...Syria and Iraq share a long porous border...anything that happens in Syria can quickly spill over into Iraq. When Syria becomes unstable...Iraq feels the pressure almost immediately... What happens in Syria shapes Iraq's future...