You're going to issue small category notes to the citizens of Iraq worth a negative number? Who would believe that? Iraq is going digital with their monetary reforms. Investors are coming into Iraq to do business. No investor would go there to do business with a program rate of to 1 USD. That's just crazy and extremely stupid. Don't listen to these people who are negative, it'll never happen etc.
It is happening. Pay attention what's going on over in Iraq and make up your own mind. Iraq has reportedly devalued its currency by about 20 percent against the dollar.
The previous official rate was 1, dinar to the dollar. Reuters adds that the decision […]. A leaked draft of Iraq s state budget sent Iraqis into a panic on Thursday as it confirmed the government's intentions to devalue the national currency the Iraqi dinar [IQD], and cut salaries to cope with the impacts of a severe economic crisis. Click here to read the full story from The Independent.
Riot police were dispatched outside the central bank headquarters in central Baghdad prior to the announcement in the event news of the devaluation sparked protests.
A leaked draft of the state budget law for caused furore on the Iraq i street last week as it confirmed plans to devalue the dinar. The new rates represent a dramatic reduction from the previous official rate of 1, IQD. It is the first reduction in exchange rates that the Iraqi government has made in decades. In a statement, the Central Bank set the new rate for the dinar, which is pegged to the U. The devaluation raised the prospects of the dinar weakening further on the street.
The rate has already risen to 1, IQD per U. We Are Hiring. Trading Economics welcomes candidates from around the world. Current job openings:. JPMorgan Chase. Exxon Mobil. Goldman Sachs. Crude Oil. Natural gas. Heating Oil.
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