Iraqi dinar future prediction 2023

Disclaimer: This is not investment advice.

As with buying stocks, bonds, or other currency, when investing, you purchase dinar at a given price and then expect the price to rise. The real question, though, is not just can you invest in this particular currency, but should you? While Iraqi dinars could be useful to those living in or near Iraq, there are many reasons not to invest in this currency. Following the Persian Gulf War, the economy of Iraq languished due to United Nations sanctions and official corruption. When the U.

Iraqi dinar future prediction 2023

On January 1, , Iraq will ban all transactions involving the US dollar. The primary objective behind this decision is to wrest control over a fluctuating black market exchange rate and bolster the utilisation of the Iraqi dinar. The catalyst for this transformation has been an extended bout of currency instability, culminating in escalating prices and waves of civil unrest over the past half-year. This strategic transition raises pertinent questions about the future standing of the US dollar as the predominant global reserve currency, hinting at the dawn of a more multipolar world order. Furthermore, the capricious nature of the US dollar, combined with shifts in US fiscal policies and economic sanctions, has rendered Iraq susceptible to considerable financial vulnerabilities, eroding its monetary sovereignty and obstructing the pursuit of economic diversification. Firstly, diversifying currency reserves helps mitigate the risks associated with the oscillating value of the US dollar, bolstering economic stability. Additionally, the adoption of alternative currencies can pave the way for expanded trade prospects and draw investments from non-US quarters, fostering economic expansion and reducing susceptibility to geopolitical influences. As it stands, the local currency, the Iraqi dinar, maintains an exchange rate of approximately 1, dinars per US dollar. China and Russia spearhead this effort, advocating for the use of their currencies, the yuan and ruble, in global transactions. Furthermore, the Brics New Development Bank is advancing de-dollarisation by welcoming new members such as the UAE, Saudi Arabia, Egypt, Argentina, Iran and Ethiopia and initiating a 3-year de-dollarisation plan, with a focus on fostering local currency lending, diminishing dependence on the dollar and further challenging its global reserve currency status. The BRI presents opportunities for trade, infrastructure growth and investments in Iraq. Published in The Express Tribune, November 14 th ,

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The Iraqi government approved a currency revaluation on Tuesday to strengthen the dinar against the dollar. During its weekly meeting, the Cabinet set the official exchange rate at 1, Iraqi dinar per US dollar. The previous rate was at 1, Iraqi dinar to the dollar. The revaluation plan was submitted by the Central Bank of Iraq on Monday as the Iraqi dinar has lost more than 10 per cent of its value in recent months amid pressure from the US to stop the flow of dollars to countries under US sanctions, mainly Iran. For years, the official rate for banks and exchange companies was 1, dinars, while the rate on the street was around 1, dinars.

Iraqi dinar future prediction 2023

The and budgets will be the same unless the cabinet requests any changes and Parliament approves them. Iraq has not only been slow at passing budgets, but three out of the past nine years also saw no budget passed at all — in , , Although there is only half a year left to spend the budget, there is the reassurance that the next two years will be covered, guaranteeing the government a budget until the next federal elections in late and for provincial council elections scheduled for this year. The federal budget also allows the government to fund local investment projects and hire hundreds of thousands of public sector employees, which reflects positively on the prime minister and his governing coalition and increases their electability in both upcoming elections. Nearly all state revenue is from oil sales. Iraq is not in control of the global oil market, and it is not a relevant decision-maker in OPEC despite being the second-largest member in terms of production.

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Iraq Core Inflation Rate at 4. As the Iraqi economy began to recover, many speculators began to buy large amounts of Iraqi dinars, expecting the currency to continue to rise. This would be a Subscription Plans Features. Inter-Shi ite Tension: Provincial elections on 18 December could spark greater domestic political tensions between the Popular Mobilization Forces, which is linked to the governing Coordination Framework, and the Sadrist movement. Visit our Privacy Policy to learn more or manage your personal preferences in our Tool. Investopedia requires writers to use primary sources to support their work. Create profiles for personalised advertising. Edit Sports Blog Videos. Your capital is at risk. Summary Forecast Alerts. If you have to buy Iraqi dinars, you can buy them only at select money exchangers, who may or may not be legally registered. He added: "As long as all transparent and legal financing operations happen via us at the official rate , the rest does not matter.

Disclaimer: This is not investment advice.

Developer Docs Features. For those living or working in Iraq, buying dinars could be a suitable investment. How to read stock charts and forecast price movements? This reflects no material constraints and incentives, relative to the IDR, against capital or exchange controls being imposed that would prevent or significantly impede the private sector from converting local currency into foreign currency and transferring the proceeds to non-resident creditors to service debt payments. International Monetary Fund. The act resulted in public protests in a country that was already struggling due to the worldwide coronavirus pandemic. Treasury Vault. At the same time, several U. Traders also like to use the RSI and Fibonacci retracement level indicators to try and ascertain the future direction of the exchange rate. This would be a Updated a few seconds ago. People who deposit dollars into banks before the end of will continue to be able to withdraw funds in dollars in , Ahmed said. Customers Investors Careers About us Contact.