Iraq Update: Iraq announced officially that they will end the dollar crisis before the end of 2023. What does this mean?
1. Raising the official exchange rate of the Dinar to the US Dollar to reduce pressure on foreign reserves?
2. Policy shifts to encourage use of Dinar over USD for domestic transactions and trade to take pressure off demand for dollars?
3. Removal of currency exchange restrictions and caps that have created imbalances and a black market?
4. Re-opening currency auctions that provide access to USD reserves to stabilize exchanges?
5. New measures to control inflation and currency speculation amid economic uncertainty?
6. Efforts to back more domestic bank balances and liabilities with reserves as reassurance?
ANSWER: Could be all of the above. Why? Because they also announced that they will settle the HCL next week. Which implies they have a new exchange rate ready for the international markets. Can we see a reinstated prior to or on January 1st?
Of course, given that implementing the HCL requires them to equally disburse settlements among the regions and they must know what the new value is as stipulated by constitutional law for the citizens in general. Which is also a part of the US/Iraq deal that America must pull all their troops out prior. Which is probably why Iraq announced the closing of US Embassies.
We are on the verge on a once in a lifetime opportunity that will never happen again. So if you hold IQD consider yourself lucky.
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