It appears the Iraqi Dinar has been maintained the IMF 2% rule for the Baghdad Market rate vs Official rate for 1 year. (The CBI has reported compliance in the full Iraqi Market for 5 months). This is a very long period of stability for the dinar! You can always see the Market and Official rates on the left of this page.
[your opinion on dela rue machine, or let them send it away, to be verified.] After talking to a treasury contact …and a number of banking contacts…they told me to NOT LET OUR CURRENCY OUT OF OUR SIGHT…so that’s what I am going to do.
Article: “COOPERATION OF AMERICAN COMPANIES TO ENTER IRAQ, ESPECIALLY IN FOUR PROVINCES” Quote: “This year will see a great opening and a clear renaissance in the country.” This is all fine but how will the companies transfer funds in and out of Iraq? Will they want to convert dinars to US dollars in the currency auctions? I don’t think so…They will want to do through the banking process and they use FOREX. Oh – but the rate is not yet on FOREX.
Historically RVs have happened on a Tuesday or a Thursday… We were told …way back when that we would go to bed on a sat. night and rates would change and we wake up Monday to all new rates.
The pressure on the CBI is a good thing…they talk about opening the ATM machines to pay salaries and such. If we look at the destruction that happen over there I believe they need more banks with ATM so the customers can get to their money, this will take time and this might be the reason they are taking their time. but then again the seating of the rest of the cabinet might be part of that too. I’m just not sure that is a requirement for Iraq to move forward. We will see, soon. I hear parliament will meet again on the 23rd, we can only hope they can get them seated.
Folks need to understand, Iraq is not going to raise the value of their currency arbitrarily. If it goes up in value it will be because the world helped Iraq rebuild and prosper. New central bank article today calling on the politicians to stimulate the real sectors of the country putting pressure on the CBI. This is what I have been saying all along!