Iraqi Dinar Guru Update (09-18-2023)

Intel Guru Bruce

According to WiserNow, we hope to receive notifications about our appointments and start on Thursday. We have been in similar situations before, where we thought we were close, but now we are asking ourselves if it can happen. We are hoping that this time it is it.

Intel Guru Frank26

According to reports, Iraq has recently raised its interest rate from an undisclosed percentage to 7.5%. Additionally, the Economic Council is considering further increasing the rate. It is believed that the reason behind this move is to raise the value of the Iraqi Dinar.

Newshound Guru Sandy Ingram

The IMF has forecasted negative economic growth for Iraq in 2024, while the Iraqi Minister of Planning claims otherwise. The reason for the IMF’s forecast is due to countries that have currencies pegged to the US dollar following the Federal Reserve’s lead and adjusting interest rates accordingly. However, Iraq’s central bank did not follow this trend, resulting in the IMF projecting an inflation rate of around 9% in 2024, compared to the Iraqi Minister of Planning’s projection of 3.5%. This 5.5% difference is a cause for concern.

Intel Guru MarkZ

According to a source via PDK, the Iraqi government has mandated the use of dinar for all government functions, and no other currencies are allowed. When asked if a new speaker of the house is needed for Iraq to move forward, the answer was no, as the ball is in Iraq’s court now. MarkZ, when asked if we are close to a positive outcome, replied that he thinks we are close and that it certainly feels that way.

Newshound Guru Pimpy

The article titled “Al-Kadhimi: The decision to increase the interest rate will activate the banking system inside Iraq” discusses the recent decision by the Central Bank of Iraq to increase interest rates to 7.5%. This move is expected to attract more people to deposit their money in banks and encourage financial activity within the country. The decision is also part of the banking reform measures initiated by Prime Minister Al-Sudani’s directives. If successful, this move will help reduce the exchange rate of the dollar against the Iraqi dinar. The ultimate goal is to bridge the gap between the parallel market and the set rate of 1320 dinar. If this strategy doesn’t work, the government may need to consider other measures to address the issue. Overall, the decision to increase the interest rate is a step in the right direction towards a more stable and reliable banking system in Iraq.

Newshound Guru Samson

The Kurdistan Regional Government has announced that it will accept the Iraqi dinar as payment for customs duties, replacing the US dollar.

Intel Guru Frank26

The delay in the release of new small category notes and a new exchange rate can be attributed to Parliament’s demands. It’s quite ironic that they claim to be concerned with the American dollar when they are the ones causing the delay. Their actions are hypocritical and it’s sickening that they are unable to see that they are the root of the problem.

Intel Guru MarkZ

[via PDK] I believe that this is an essential piece of information: “Iraq has raised their interest rates to 7.5%, and the economic council is considering increasing that rate.” It’s important to note that this is not the borrowing rate, but the savings rate. Iraq is offering a 7.5% interest rate to incentivize citizens to deposit their money in the bank. This serves a few purposes; it strengthens their economy, stabilizes the consumer, and puts the people ahead of the government. Additionally, it streamlines any future rate changes, as the money deposited in banks reduces the need for street money changers. This makes it easier to do a re-valuation.