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Ariel
@Prolotario1
Iraqi Dinar Update
I can understand why this would be the case for the Central Bank of Iraq and determine a cohesive strategy for their new exchange rate. As we know speculation can run wild once they reinstate their currency. Releasing a new exchange rate during a period when markets are closed or less active, such as during Christmas, could indeed provide a strategic window.
This timing allows for adjustments in the currency valuation without the immediate pressure or volatility that might come from active trading. This could minimize the risk of speculative attacks or undue market reactions. Introducing the new rate just before the weekend gives the Forex markets time to adjust over a couple of days before the new week starts.
This buffer can be useful for banks, traders, and the financial systems to recalibrate without the intensity of a full trading week’s pressure right away. Will everything go according to this plan? Not sure but it does make perfect sense. As we know others are saying they could delay it to July 2025 because of the digital transformation. Which I highly disagree with.
Because for one Starting a new fiscal year with an adjusted rate would simplify financial reporting and economic planning for businesses and government entities. It allows for a clean slate where all financial transactions from January 1, 2025, would be based on the new rate, reducing confusion and making economic analysis more straightforward.
While full digitalization by July 2025 might be an ambitious goal, Iraq has already taken significant steps towards digital banking. The introduction of digital payment methods, mobile banking apps, and efforts to reduce cash reliance indicate a progressive move towards digital finance. This groundwork suggests that even if full digitalization isn’t complete, substantial progress has been made, potentially sufficient to handle a currency revaluation without needing to wait until July 2025.
#IQD
— crypto trader (@bnftrade) December 23, 2024
Last year they revalued dinar to 1310 on February 7th,Which was a tuesday.
Here is the theory.
Tomorrow being Tuesday and Christmas eve they can revalue after the US markets close as all forex closes till 5 pm Christmas day. They have ample time just like Sunday and it's a…
Source(s):
https://x.com/Prolotario1/status/1871315653178638394
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