The IQD is a PEGGED CURRENCY

[rockfl9]

That means that there MUST be an amount of HARD CURRENCY to support the amount of IQD in circulation AT the PEG RATIO (the exchange rate). 

NOW let us look at where Iraq is !

As of 1/31/2022 according to the CBI website there were 120 Trillion IQD in M1 .  That included 91.5 in printed dinar, and 28,5 IQD in checking , savings ,debit card accounts and bank reserves. You have to dig through the CBI spread sheet to get that data but it is there .

The CBI also reports the equivalent of approximately $74B USD in gold , US Treasury notes and about $2 B  in cash at various banks around the world as the hard currency reserves,

BUT taking the current exchange rate of  .00068  times the 120T IQD we get the value of $ 81.6B USD.  They are $7.6 B USD short in the reserves reserves.  If they can't make up that deficit they may have to devalue again. 

My point is that going back to the 1190 rate is IMPOSSIBLE. 

 

[rockfl9]

I should point out that the CBI has not made public an annual report since 2015. Now I am sure the IMF had been given reports for those years but they may not been fully audited and published.

So the IMF has the numbers , but they probably are confidential so they cannot include them in their published reports.

Also the January 2022 report is the last one on the website. 

[rockfl9]

Yes it is pegged to the USD.

To justify a  ONE CENT RV, the reserves would need to be $1T !!!!

It would take at least 20 years to reach that amount even if oil got to $200/bbl.!!!

Now some gurus say they could just get off of the peg.

That is unlikely. Without the peg , even if only kept loosely,   Iraq could not have a working budget.

 

[chess]

 

 

YOU MEAN:  FOR 11 YEARS, I'VE BEEN LED DOWN THE PRIMROSE PATH TO HADES??

[rockfl9]

Yes Chess, you have been lied to for 10 years.

The 1:1 rate NEVER WAS POSSIBLE.