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Al-Maliki: The devaluation of the dinar may have catastrophic effects


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Iraq faces economic shock after currency devaluation

 

As politicians debate austerity proposals, ordinary Iraqis fear for the future

 
 
 
2020-12-20T104450Z_525453708_RC2YQK962QRS_RTRMADP_3_IRAQ-CURRENCY.JPG?$p=1503cf2&w=1136&$w=ec52ab9
 
 
 
A man holds money as he poses for a picture at a foreign currency exchange market in Baghdad. Reuters
 
2020-12-20T104450Z_525453708_RC2YQK962QRS_RTRMADP_3_IRAQ-CURRENCY.JPG?f=1x1&w=128&$p$f$w=1ba134c
258986-01-05.jpg?f=1x1&w=128&$p$f$w=ce5a389
258988-01-05.jpg?f=1x1&w=128&$p$f$w=27faaed
08895903.jpg?f=1x1&w=128&$p$f$w=5b0d899
08895897.jpg?f=1x1&w=128&$p$f$w=fd66c86
2020-12-20T101337Z_1979376861_RC2YQK9ZEMMG_RTRMADP_3_IRAQ-CURRENCY.JPG?f=1x1&w=128&$p$f$w=00e76f3
08895894.jpg?f=1x1&w=128&$p$f$w=0db585f
258973-01-05.jpg?f=1x1&w=128&$p$f$w=8db58e5
 

News of Iraq’s currency devaluation spread quickly last week when a copy of next year’s draft budget was leaked to local media. The news sent the unofficial rate at exchange houses skyrocketing, disturbing local businesses and panicking Iraqis.

“We are finished,” Tayieb Sabah, 40, told The National on Sunday as he walked nervously through the aisles of his supermarket, instructing workers to take down goods from the shelves and adjust prices upwards.

“We have been accumulating losses since last week due to the fluctuation in the exchange rate after the devaluation news spread. We pay the suppliers in dollars and sell in dinars,” Mr Sabah said.

Before the news, the unofficial exchange rate ranged from 1,200 to 1,240 dinars against the dollar. That rate soon hit as much as 1,400.

“Suppliers have been calling us all day to change prices and we don’t know what to do,” he said.

 

As a salesman entered the supermarket to offer goods, Mr Sabah yelled at him.

“No, thanks. I will not order anything today.”

“Sir, we sell according to the old prices,” the salesman told the supermarket owner, who turned his face away.

“Let’s wait and see to where this chaos will take us,” Mr Sabah said. “I want to save myself and my business first.”

Iraqi Prime Minister Mustafa Al Kadhimi said he would be the “first hurt” by the devaluation, because of the inevitable public backlash.

But Iraq is also draining its currency reserves and faces a record-breaking $40 billion deficit next year, according to Finance Minister Ali Allawi. At the same time, the draft budget has reined in earlier government proposals to cut public sector salaries, which comprise nearly 80 per cent of government spending.

Those salaries are now increasingly in jeopardy as Iraq's funds diminish.

As a result, Iraq’s policymakers are grappling with what promises to be the most controversial budget since 2005, when Iraq drafted its first budget after the 2003 fall of Saddam Hussein.

Economic nosedive

Mr Sabah is now applying a 25 per cent increase on the total amount of each invoice, something grudgingly accepted by clients.

“The grave consequences of this move will not appear now. But we’ll see them two to three months from now when the market enters into recession,” he said.

On Sunday, wholesale and retail markets in Baghdad and other cities were almost deserted as sellers applied the higher exchange rate as protection, while buyers preferred to wait until things calm down.

“I will wait and see how things go. There are rumours that the government might retreat and apply the previous exchange rate,” said one currency exchanger.

Some exchange houses prefer to keep working but are playing it safe.

“Since the price is unstable, I buy the dollar at the 1,400-dinar rate and sell at 1,460,” Emad Salman, 63, said.

Demand for dollars has increased by nearly 50 per cent since last week, Mr Salman said.

Surging poverty

“All prices have increased by at least 20 per cent,” said Balkis Abbas, while shopping at one of Baghdad’s markets. Mrs Abbas is a doctor employed by the Defence Ministry and before the recent crisis, could have counted herself lucky to have a coveted government job.

Like many Iraqis, the mother of two says her family has been reduced to buying essentials, and the list of what they can afford is steadily shrinking.

A man walks through a market in the southern Iraqi city of Nasiriyah in Dhi Qar province, on December 20, 2020. AFP Photo A man walks through a market in the southern Iraqi city of Nasiriyah in Dhi Qar province, on December 20, 2020. AFP Photo

Among things omitted from her shopping list are preparations for Christmas, cancelling perfumes and household goods she had ordered previously.

“To be honest, I will not take a risk and pay for these unessential things now because the situation is unstable,” she said, loading her car with a few bags of essential winter clothing for her daughters.

“Now, whoever has children pays only for food and drinks,” she said.

If the planned 50 per cent deduction on allowances is applied – a cut suggested by the government but not yet implemented– she will end up with about 1.5 million Iraqi dinars a month, about half of which goes to pay rent. “I will quit my job and leave to the country,” she said.

An uncertain year ahead

The devaluation has severely hit the pockets of public servants, raising fears that a burgeoning youth protest movement, until now largely confined to the unemployed, will expand to the public sector.

Such a development is becoming more likely. According to Mr Allawi, without urgent austerity measures Iraq’s foreign currency reserves could be depleted in as little as six months. In other words, currency devaluation is a necessary but bitter medicine. But it will not be enough.

A man talks to a fruit vendor at a market in the southern Iraqi city of Nasiriyah in Dhi Qar province, on December 20, 2020. AFP Photo A man talks to a fruit vendor at a market in the southern Iraqi city of Nasiriyah in Dhi Qar province, on December 20, 2020. AFP Photo

"The devaluation was done in full co-operation with all the major political parties and Ali Allawi explained the reasons behind this and they all agreed," Sarkwat Shams, a Kurdish MP for the Future Party, told The National.

"There may be some noise on the streets and some members of parliament may make some noise, but when the budget bill will come to parliament they may increase or decrease some of the cuts proposed by government. But it will pass, there is no other way to help the government to fund itself."

Other Iraqi political leaders disagree.

Ayad Allawi, former prime minister and secretary general of the Iraqi National Movement said that he warned the government five years ago about the situation.

Mr Allawi called for the formation of an international body to oversee the dollar auctions held by the Central Bank, long suspected of being a major source of corruption involving shell companies.

"The decision to lower the prices of the dinar is wrong, and shows the government's inability to deal with the economic crisis, especially because it seriously hurts Iraqi families," he said.

Security salaries on the line

Many MPs in parliament said they would oppose salary cuts, calling them a “red line”.

In addition to re-energising Iraq’s protest movement, Iraq’s sharp economic decline could give rise to the worrying spectre of security turbulence next year, if the situation is not reversed.

Iraqi authorities recently stationed anti-riot troops around the Central Bank in Baghdad after new demonstrations began on Monday afternoon.

Much worse could lie ahead. At the height of the war against ISIS, a public row erupted between members of Iraq’s Popular Mobilisation Forces, a group of militias who are mainly loyal to Iran.

At issue was the question of fighters’ salaries and whether the cash-strapped Iraqi government could raise them as oil prices tumbled below $30, or expand the number of fighters on the payroll.

Some groups, including a powerful militia controlled by the unpredictable cleric Moqtada Al Sadr, accused Iran-backed groups of stealing funds.

But now the situation is much worse, with little sign of recovering oil prices, at least not to the level the Iraqi government requires to pay salaries. The risk now is that groups in the PMF, which have clashed in the past, could again come into conflict.

According to Sajad Jiyad, an Iraqi analyst and fellow at The Century Foundation, this will not be a concern as long as funds are available.

"The devaluation will not have an impact on salaries being delayed for security forces, because the government has prioritised payment of salaries for security forces for many years, even during a crisis,” he said.

But that could change next year, especially if Finance Minister Allawi’s warning about available currency reserves rapidly diminishing holds true.

“Going forward, if there was a salary reduction and taxes, that’s when it will begin to hurt people, especially in the security sector."

Iraqi policymakers now face an impossible dilemma, risking the creation of a new, nationwide protest movement next year, whether austerity measures are implemented or not.

https://www.thenationalnews.com/world/iraq-faces-economic-shock-after-currency-devaluation-1.1132732

 

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Iraq devalues currency by 22 per cent

 
December 21, 2020 at 1:39 pm | Published in: Iraq, Middle East, News
Iraqi dinar banknotes [Ali Choukeir/AFP/Getty Images]
An Iraqi counts his dinar banknotes on 22 June 2017 [Ali Choukeir/AFP/Getty Images]
 
December 21, 2020 at 1:39 pm
 

Iraq has seen the biggest devaluation of its currency since the 2003 US led invasion with the Central Bank announcing on Saturday that it was devaluing the dinar by 22 per cent. The desperate measure, undertaken in response to a severe liquidity crisis brought on by low oil prices, has sparked public outrage.

According to the AP, 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 2021 caused furore on the Iraqi street last week as it confirmed plans to devalue the dinar.

The new rates represent a dramatic reduction from the previous official rate of 1,182 IQD (Iraqi dinar). 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 US dollar, at 1,450 IQD when selling to the Iraqi Finance Ministry. The dinar will be sold to the public at 1,470 IQD and to other banks at 1,460 IQD.

Since an oil price crash earlier this year, Iraq has been grappling with an unprecedented liquidity crisis. The crude-exporting country has had to borrow from the bank's dollar reserves to pay the nearly $5 billion in monthly fees for public salaries and pensions. Oil revenues, which account for 90 per cent of the budget, have brought in an average of $3.5 billion.

 

Iraq's public sector has trebled in size since the 2003 invasion, and the government is easily the country's biggest employer.

The World Bank is expecting poverty to rise sharply as its oil-dependent economy shrinks, said a report in the Financial Times. War-fatigued Iraq's financial situation is said to be so grave that Baghdad is in talks with the IMF for support.

Devaluation "sends a signal to the IMF and others about how desperate the situation has become and Iraq is ready to take some of these painful steps" towards more fiscal austerity, Sajad Jiyad, a Baghdad-based fellow with the Century Foundation, is reported saying in the FT. 

With Iraq relying on imports, Jiyad warned of the pain the potential inflation would cause. "For the general population there's a worry that food prices will increase, we still import most of our foodstuff," said Jiyad.

Iraq's Finance Minister Ali Allawi has warned of the wider corruption fuelling the financial crises saying that Iraq must take serious measures to reform its spending, which has ballooned as politicians used public hiring to buy votes and loyalty.

 

https://www.middleeastmonitor.com/20201221-iraq-devalues-currency-by-22-per-cent/

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9 hours ago, SocalDinar said:

Iraq faces economic shock after currency devaluation

 

As politicians debate austerity proposals, ordinary Iraqis fear for the future

 
 
 
2020-12-20T104450Z_525453708_RC2YQK962QRS_RTRMADP_3_IRAQ-CURRENCY.JPG?$p=1503cf2&w=1136&$w=ec52ab9
 
 
 
A man holds money as he poses for a picture at a foreign currency exchange market in Baghdad. Reuters
 
2020-12-20T104450Z_525453708_RC2YQK962QRS_RTRMADP_3_IRAQ-CURRENCY.JPG?f=1x1&w=128&$p$f$w=1ba134c
258986-01-05.jpg?f=1x1&w=128&$p$f$w=ce5a389
258988-01-05.jpg?f=1x1&w=128&$p$f$w=27faaed
08895903.jpg?f=1x1&w=128&$p$f$w=5b0d899
08895897.jpg?f=1x1&w=128&$p$f$w=fd66c86
2020-12-20T101337Z_1979376861_RC2YQK9ZEMMG_RTRMADP_3_IRAQ-CURRENCY.JPG?f=1x1&w=128&$p$f$w=00e76f3
08895894.jpg?f=1x1&w=128&$p$f$w=0db585f
258973-01-05.jpg?f=1x1&w=128&$p$f$w=8db58e5
 
 
 

News of Iraq’s currency devaluation spread quickly last week when a copy of next year’s draft budget was leaked to local media. The news sent the unofficial rate at exchange houses skyrocketing, disturbing local businesses and panicking Iraqis.

“We are finished,” Tayieb Sabah, 40, told The National on Sunday as he walked nervously through the aisles of his supermarket, instructing workers to take down goods from the shelves and adjust prices upwards.

“We have been accumulating losses since last week due to the fluctuation in the exchange rate after the devaluation news spread. We pay the suppliers in dollars and sell in dinars,” Mr Sabah said.

Before the news, the unofficial exchange rate ranged from 1,200 to 1,240 dinars against the dollar. That rate soon hit as much as 1,400.

“Suppliers have been calling us all day to change prices and we don’t know what to do,” he said.

 

As a salesman entered the supermarket to offer goods, Mr Sabah yelled at him.

“No, thanks. I will not order anything today.”

“Sir, we sell according to the old prices,” the salesman told the supermarket owner, who turned his face away.

“Let’s wait and see to where this chaos will take us,” Mr Sabah said. “I want to save myself and my business first.”

Iraqi Prime Minister Mustafa Al Kadhimi said he would be the “first hurt” by the devaluation, because of the inevitable public backlash.

But Iraq is also draining its currency reserves and faces a record-breaking $40 billion deficit next year, according to Finance Minister Ali Allawi. At the same time, the draft budget has reined in earlier government proposals to cut public sector salaries, which comprise nearly 80 per cent of government spending.

Those salaries are now increasingly in jeopardy as Iraq's funds diminish.

As a result, Iraq’s policymakers are grappling with what promises to be the most controversial budget since 2005, when Iraq drafted its first budget after the 2003 fall of Saddam Hussein.

Economic nosedive

Mr Sabah is now applying a 25 per cent increase on the total amount of each invoice, something grudgingly accepted by clients.

“The grave consequences of this move will not appear now. But we’ll see them two to three months from now when the market enters into recession,” he said.

On Sunday, wholesale and retail markets in Baghdad and other cities were almost deserted as sellers applied the higher exchange rate as protection, while buyers preferred to wait until things calm down.

“I will wait and see how things go. There are rumours that the government might retreat and apply the previous exchange rate,” said one currency exchanger.

Some exchange houses prefer to keep working but are playing it safe.

“Since the price is unstable, I buy the dollar at the 1,400-dinar rate and sell at 1,460,” Emad Salman, 63, said.

Demand for dollars has increased by nearly 50 per cent since last week, Mr Salman said.

Surging poverty

“All prices have increased by at least 20 per cent,” said Balkis Abbas, while shopping at one of Baghdad’s markets. Mrs Abbas is a doctor employed by the Defence Ministry and before the recent crisis, could have counted herself lucky to have a coveted government job.

Like many Iraqis, the mother of two says her family has been reduced to buying essentials, and the list of what they can afford is steadily shrinking.

A man walks through a market in the southern Iraqi city of Nasiriyah in Dhi Qar province, on December 20, 2020. AFP Photo A man walks through a market in the southern Iraqi city of Nasiriyah in Dhi Qar province, on December 20, 2020. AFP Photo

Among things omitted from her shopping list are preparations for Christmas, cancelling perfumes and household goods she had ordered previously.

“To be honest, I will not take a risk and pay for these unessential things now because the situation is unstable,” she said, loading her car with a few bags of essential winter clothing for her daughters.

“Now, whoever has children pays only for food and drinks,” she said.

If the planned 50 per cent deduction on allowances is applied – a cut suggested by the government but not yet implemented– she will end up with about 1.5 million Iraqi dinars a month, about half of which goes to pay rent. “I will quit my job and leave to the country,” she said.

An uncertain year ahead

The devaluation has severely hit the pockets of public servants, raising fears that a burgeoning youth protest movement, until now largely confined to the unemployed, will expand to the public sector.

Such a development is becoming more likely. According to Mr Allawi, without urgent austerity measures Iraq’s foreign currency reserves could be depleted in as little as six months. In other words, currency devaluation is a necessary but bitter medicine. But it will not be enough.

A man talks to a fruit vendor at a market in the southern Iraqi city of Nasiriyah in Dhi Qar province, on December 20, 2020. AFP Photo A man talks to a fruit vendor at a market in the southern Iraqi city of Nasiriyah in Dhi Qar province, on December 20, 2020. AFP Photo

"The devaluation was done in full co-operation with all the major political parties and Ali Allawi explained the reasons behind this and they all agreed," Sarkwat Shams, a Kurdish MP for the Future Party, told The National.

"There may be some noise on the streets and some members of parliament may make some noise, but when the budget bill will come to parliament they may increase or decrease some of the cuts proposed by government. But it will pass, there is no other way to help the government to fund itself."

Other Iraqi political leaders disagree.

Ayad Allawi, former prime minister and secretary general of the Iraqi National Movement said that he warned the government five years ago about the situation.

Mr Allawi called for the formation of an international body to oversee the dollar auctions held by the Central Bank, long suspected of being a major source of corruption involving shell companies.

"The decision to lower the prices of the dinar is wrong, and shows the government's inability to deal with the economic crisis, especially because it seriously hurts Iraqi families," he said.

Security salaries on the line

Many MPs in parliament said they would oppose salary cuts, calling them a “red line”.

In addition to re-energising Iraq’s protest movement, Iraq’s sharp economic decline could give rise to the worrying spectre of security turbulence next year, if the situation is not reversed.

Iraqi authorities recently stationed anti-riot troops around the Central Bank in Baghdad after new demonstrations began on Monday afternoon.

Much worse could lie ahead. At the height of the war against ISIS, a public row erupted between members of Iraq’s Popular Mobilisation Forces, a group of militias who are mainly loyal to Iran.

At issue was the question of fighters’ salaries and whether the cash-strapped Iraqi government could raise them as oil prices tumbled below $30, or expand the number of fighters on the payroll.

Some groups, including a powerful militia controlled by the unpredictable cleric Moqtada Al Sadr, accused Iran-backed groups of stealing funds.

But now the situation is much worse, with little sign of recovering oil prices, at least not to the level the Iraqi government requires to pay salaries. The risk now is that groups in the PMF, which have clashed in the past, could again come into conflict.

According to Sajad Jiyad, an Iraqi analyst and fellow at The Century Foundation, this will not be a concern as long as funds are available.

"The devaluation will not have an impact on salaries being delayed for security forces, because the government has prioritised payment of salaries for security forces for many years, even during a crisis,” he said.

But that could change next year, especially if Finance Minister Allawi’s warning about available currency reserves rapidly diminishing holds true.

“Going forward, if there was a salary reduction and taxes, that’s when it will begin to hurt people, especially in the security sector."

Iraqi policymakers now face an impossible dilemma, risking the creation of a new, nationwide protest movement next year, whether austerity measures are implemented or not.

https://www.thenationalnews.com/world/iraq-faces-economic-shock-after-currency-devaluation-1.1132732

 

This devaluation hit very badly. All goods cost more expensive and cut the salaries almost 80%. This is very bad condition. But of course when there is a problem,  there is a solution, too and the solution is to rise the iraq dinar to at least previous rate 1190 or rise 1/2 more, let's say around 500 ( this isn't real rate, just assumption ) is much better and everything will be back to normal condition. If let's say 500 , 1/500=0.002, delete 3 zeros=$2. Therefore 1 iqd=$2. Iraq will be very happy because condition will be  back to normal and dinar investors are also very happy. It is a win-win solution. I know most people will disagree with me. 

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The head of the State of Law coalition, Nuri al-Maliki, confirmed today, Tuesday, that the economic situation does not bode well, while noting that the stability of Iraq and the stability of the economic process and the stability of the security situation can only be achieved through political reconciliation.

Al-Maliki said in a speech during a tributary ceremony to one of the sheikhs of the Karbala tribes, that "the situation is difficult due to the reflection of what the region or the world is going through in general from the security, political, economic and health aspects." He protects Iraq, its unity and sovereignty.

Al-Maliki added, "The economic situation does not bode well, and the citizen needs the state to be present in providing fine living for a country in which good things are enough for the citizen to live in well." The effects that may result from addressing the negatives will be paid by the citizen.

 He stressed that "the stability of Iraq, the stability of the economic process and the stability of the security situation can only be achieved by achieving political harmony and political loyalty," stressing "respect for the state, respect for its system, respect for its constitution and interaction with issues on legal and constitutional grounds."

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https://www.nationalreview.com/corner/another-junk-currency-the-iraqi-dinar-bites-the-dust/

 

 

Just ran across this. Really disappointing if this is the case. Guess it was a gamble and gambling usually ends with empty pockets. Was worth a try though. Just wish it hadn't taken so long no matter the outcome.

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Mr. Ammar Al-Hakim calls for controlling prices, monitoring the rise, and preventing exploitation
 

We were hosted by the Zawalim clans in the Muthanna governorate from the host of the courage and generosity and the twentieth revolution represented by Sheikh Pfat Fiyad al-Shaalan Abu al-Joun.
He reminded us of the initiative of Rehab Al-Muthanna, which represented a vision to advance the reality of the governorate and turn it into a food basket for Iraq and the region, so we can verify what has been achieved, but the suffering of Muthanna remains, but it is one of the most deprived areas.
- We called on the government to relieve pressure on the poor and deprived segment after the devaluation of the Iraqi currency against the dollar, and we set five points for that:
1- Supporting the destitute segments of the low-income and the unemployed and allocating a percentage of the price difference to support them.
2- Controlling prices, monitoring the rise, preventing exploitation, and pursuing the subsistence for the needs of the people.
3- The government’s adoption of a maximum austerity policy in the operational field, because the budget presented in it has capacity in non-investment projects.
4- Activating the private sector and taking advantage of the potential of the local product to compete, investing in the depreciation of the dinar against the dollar.
5- Combating corruption and following up on files, as they are not subject to statute of limitations and support the institutions concerned with this.
We appreciated the position of the Supreme Judiciary to direct judges to limit price manipulation and to confront any attempt that burdens the citizen.
We call on the Iraqi tribes to preserve customs and traditions that are consistent with the legal scales, because customs represent a vaccine for society from the waves that strike it and enable it to move in the right direction.
We want an Iraqi state that moves from the Iraqi interest in its dealings, friendships and rivalries, a strong state with a strong society and cohesive tribes.
We called on the Iraqi tribes to support the campaign of state behavior and innocence from any party that seeks to weaken the state and adopts the approach of the state.
- We stressed on restoring balance to the country by adopting peaceful means through:
1- Nominating informed, competent and honest personalities
2- Supporting conscious projects that are capable of extricating Iraq from its current crises.
3- Sorting curricula and determining the capacity of each party to implement the programs 
4- Active, wide and informed participation in the elections, the harm of non-participation on the citizens and the political system is much more than the harm on the political forces.
5- Electoral security and the freedom of the voter and candidate to choose whomever he deems appropriate, without betrayal or bullying.
We renewed our vision for the cross-component alliance and said that it represents the formula for success in extricating Iraq from its crises

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1 hour ago, Djorgie said:

https://www.nationalreview.com/corner/another-junk-currency-the-iraqi-dinar-bites-the-dust/

 

 

Just ran across this. Really disappointing if this is the case. Guess it was a gamble and gambling usually ends with empty pockets. Was worth a try though. Just wish it hadn't taken so long no matter the outcome.

 

Mainstream media commentary on the dinar has always been irrelevant. Jim Cramer was the one exception.

 

National Review has become a mainstream media Never Trumper rag.

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1 hour ago, Djorgie said:

https://www.nationalreview.com/corner/another-junk-currency-the-iraqi-dinar-bites-the-dust/

 

 

Just ran across this. Really disappointing if this is the case. Guess it was a gamble and gambling usually ends with empty pockets. Was worth a try though. Just wish it hadn't taken so long no matter the outcome.

Exactly what they want you to feel

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2 hours ago, Djorgie said:

https://www.nationalreview.com/corner/another-junk-currency-the-iraqi-dinar-bites-the-dust/

 

 

Just ran across this. Really disappointing if this is the case. Guess it was a gamble and gambling usually ends with empty pockets. Was worth a try though. Just wish it hadn't taken so long no matter the outcome.

🤦🏻

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3 hours ago, Djorgie said:

https://www.nationalreview.com/corner/another-junk-currency-the-iraqi-dinar-bites-the-dust/

 

 

Just ran across this. Really disappointing if this is the case. Guess it was a gamble and gambling usually ends with empty pockets. Was worth a try though. Just wish it hadn't taken so long no matter the outcome.

 

i wouldn't worry bout it , i read this the other day its just the way iraq goes the entire time i've held iqd there has been just as many articles that are negative as there are ones with hope ,, something is very different about iraq imo compared to what the article calls junk currencies it seems a large portion of the world has helped iraq in comparison to other countries that were just as deserving from collapse but did not receive the help as iraq has , go figure , u are correct it has never been some sure fire grand slam guarantee speculating in iqd thats just guru jibber jabber ... were not done yet .. cheers 

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4 hours ago, Djorgie said:

https://www.nationalreview.com/corner/another-junk-currency-the-iraqi-dinar-bites-the-dust/

 

 

Just ran across this. Really disappointing if this is the case. Guess it was a gamble and gambling usually ends with empty pockets. Was worth a try though. Just wish it hadn't taken so long no matter the outcome.

 

I suggest you should have spent more time on research and reading the news regarding your "investment" and you would have a better understanding as to what is taking place in the IQD revaluation process. But better late than never. Merry Christmas!

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