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Iraq Goes First
By Reset Intelligence | @EXIT_FIAT
Iraq’s Central Bank moved the IQD to 1,500 on Wednesday. Read that cut as the end of the story and you miss what Iraq is doing.
It is the first move in a sequence. Lower the rate. Replace the currency. Raise the rate.
Step one
On Thursday night Prime Minister Ali al-Zaidi sat down with the leaders of parliament in Baghdad and told them why. The oil could not get out, and the state has to find 10 trillion IQD every month. “We had three options,” he said: mandatory savings, salaries every 45 days, or more borrowing. His government took none of them and backed the new rate instead. He called the closed strait “an undeclared siege.”
What Iraq has already built
Most people have forgotten how much of the rest is already in place.
• New notes – lawmakers disclosed in August that the Central Bank had finalized designs for a new series: 7.5 billion notes, with printers in France, Germany, Britain and Australia.
• Smaller notes – a finance committee member said the bank intends to issue a note below 250 dinars.
• Coins – the Prime Minister’s financial adviser raised them himself on television in July.
• Gold – the Central Bank holds 175.6 tonnes, third among Arab states.
• The border – electronic customs is live at all 22 federal crossings.
• Oil – the Oil Ministry puts October exports at 2.7 million barrels a day, against nearly 3.4 million before the war.
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• The street – Thursday closed at 165,700 IQD for $100 in Baghdad, the first lower close since the cut.
• Washington – the yield on 10-year US government debt reached 5.34% on October 1, its highest since 2002. Washington’s debt has passed $40 trillion.
The question
None of that is preparation for a dinar that stays at 1,500. So what is left, and how long is the wait?
That is the short version. Why Iraq is the linchpin, what is still on Baghdad’s list, and why we would not expect a long wait – that is the daily read.
Read the full daily briefing free for 5 days. Sign up here: the daily Iraqi dinar briefing
Want it straight from the horse’s mouth? The CBI Rate Alert pings you the moment the Central Bank of Iraq moves the official rate. The number itself, not a rumour about it. It comes with our free resource library and the daily breakdown of what is actually moving in Iraq. Sign up free: The CBI Rate Alert
Got a dinar question? Reset Intelligence runs an on-call research assistant: ask it anything they have published. It answers in seconds and will conduct deep research to find you the answer. Try it: the Iraqi dinar research assistant
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Common questions, answered straight: When will the Iraqi dinar revalue? and Is the Iraqi dinar revaluation real?
The design behind all of it is mapped in Head of the Snake, and the free guides live in the Iraqi dinar resource library.
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