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š„ Iraqās Monetary Revolution: Closing the Dollar Leak & Preparing for Radical Reform š„šø
Walkingstick highlightsĀ that the Central Bank of Iraqās (CBI) Remittance 338 is crucial for monetary reform. This move is set to eliminate theĀ parallel marketĀ ā the last major outlet where the US dollar is actively used inside Iraqās economy. More importantly, it willĀ put an end to the dollar auctions, which have been the final leak of USD in the countryās financial system. This is a major step in tightening currency controls and stabilizing the Iraqi dinar.
š”Ā āA 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.āKaperoni remindsĀ us that Iraq currently holds anĀ Article XIV financial position with the IMFĀ ā a more flexible status that allows for capital controls and monetary policy freedom. However, Iraqās government is pushing forĀ radical reforms to meet international financial standards. This would boostĀ global confidenceĀ in Iraqās economy and help it integrate as anĀ active player in world markets. šš¼
Nader From The Mid EastĀ offers a speculative forecast on the upcoming exchange rate for the dinar after the planned revaluation. He predicts a range betweenĀ $2.87 and $3.22Ā but personally hopes for aĀ soft start around $0.76, which could gradually increase toĀ $2-$3Ā after a few weeks. This cautious approach could prevent economic shocks and give the market time to adjust smoothly. šāļø
āIf the rate jumps too high immediately, it risks crashing the economy and losing value fast.āMarkZ, reporting via PDK, addresses a common concern: will exchange rates differ between banks?
His insight: The CBI and Iraqi authorities are likely toĀ standardize exchange rates across all banking facilitiesto prevent competition on rates and confusion.
So,Ā donāt rush to be the first to exchangeĀ your dinars ā the rate should be consistent no matter where you go. š¦š
Why does this matter?
Ending dollar auctions and parallel market leaks means Iraq can better control its monetary policy andĀ strengthen the dinarĀ before the expectedĀ 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 Iraqās financial transformation!
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