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Entry Submitted by David Harkness at 1:39 AM ET on January 13, 2023
There seems to be no reason to re instate value of Iraq Dinar there is now no time to do so but go straight to RV.
The current fixed rate to public view is 1457.63 as at 12 January 2023 5.55am GMT, and frozen to the extent it’s being supported.
Internal market prices are higher so the CBI have closed down in country FX dealers who now must transact via CBI.
What appears to be happening is that 1460 will become 4.60 dinar to I USD or 0.217c USD this accords with Fed Treasury last Friday in the back office rate for accounting terms under EME (emerging market economies) and not available to the Public view.
CBI needs to act when 2023 budget signed of which is expected at latest Sunday Iraq time.
Vietnam Dong and Indonesian Rupiah also being held at current levels waiting for Iraq unfortunately.
The RV rates look like the following for Vietnamese Dong at 0.43c USD and Indonesia Rupiah 0.66c USD at 12 January 2023 5.55am GMT (not yet available for public viewing until RV is acted upon)
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The Iraq Government received the 2023 budget for consideration and approval 8 December 2022 and have 30 days to approve.
They are past this date and UN and IMF have given them until 15 January 2023 Iraq time to perform or be left out of the RV.
So we wait in patience for the Iraq Government and CBI to perform or see their economy move into civil unrest once more.
David Harkness
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