Explanation of Iraq’s actions by a member:
For those of you who might be disappointed that the dinar was only revalued to 1300 per dollar, don’t be! It was a very intelligent move by the Iraqi cabinet! Many people in Iraq have a lot of US dollars, due to the fact that their currency was worth very little versus the dollar.
If you revalued directly to $3.80, you would wipe out the purchasing power of all the Iraqi people who have dollars ,and they wouldn’t have a chance to exchange them for the dinar. By setting the initial evaluation to 1300, it gives the Iraqi people a chance to get out of the dollars with some value ,and a good amount of dinar!
It also has spurred urgent selling of the dollar today by many of the people there. So ,this accomplishes two things.
One,the people salvage some of the purchasing power going forward,(and are probably increasing the purchasing power significantly!).
Two, it initiates a mass selling of the dollar, causing it to become even weaker against the Iraqi dinar. So that will cause the rate to go up naturally in our favor, and you don’t bankrupt the Iraqi people while doing it!
But as far as I’m concerned, this signals that the Revaluation has begun!
Source: Dinar Recaps
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