Dinar Chronicles is a weekly Iraq currency update to help you stay up to date with market turmoil, the latest changes in rates and the important news that affects your returns. Our team of currency analysts will be releasing daily articles on the greenbacks for both Iraqi dinar and US dollar exchanges that are updated every time official exchange rates are published by the Central Bank of Iraq.
Introducing Dinar Chronicles, the weekly Iraq currency update! Our team of reporters brings you the latest news and information surrounding the Iraqi dinar. Whether it’s price updates, analysis on treasury yields, or breaking news from Baghdad, you can rely on Dinar Chronicles to keep you informed.
Since 2003, the Iraqi dinar has been struggling to find its footing in a volatile global economy. In recent years, the dinar has taken a hard hit as oil prices plummeted and speculation on the commodity market took hold. But despite these challenges, there are still some interesting things happening in Iraq’s economy each week! In this edition of Dinar Chronicles, we take a look at the leading economic indicators for Baghdad and surrounding provinces. We also provide an update on Iraq’s foreign reserves and discuss what could happen next with the Iraqi dinar.
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News Reports by Dinar Chronicles About Iraq
Dinar Chronicles is pleased to present the Iraq currency update. Since the start of the month, there has been a lot of volatility in the Iraqi Dinar and throughout this news update, we will be providing you with different perspectives on the Iraqi currency situation.
The recent events in Kurdistan are definitely weighing on the treasury and considering the ongoing conflict, it could be speculated that Baghdad has printed more money to prop up its weakening currency. Nevertheless, things could change in an instant and so it’s hard to say for certain what’s causing all the changes. One thing is for sure though, with Mosul and Kirkuk now back under Baghdad’s control, things are looking better for the Iraqi government economically speaking.
There are reports circulating that Iranian nationals are being evacuated from Iraq as sanctions take hold. This news comes as a surprise as many were attributing recent weakness in the Iraqi Dinar to an exodus of people who wanted to escape Baghdad’s ongoing clampdown. With ISIL losing ground in Iraq, it’s possible that more Iraqis will want to return home which would then lead to increased demand for goods and services – giving Iraqi merchants a much-needed lift.
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Whatever the reason, it’s clear that there is still a lot of uncertainty surrounding the Iraqi currency but there are signs of improvement. If a contingent of Iranian nationals is escorted out of Iraq, that would be a positive sign. At the same time, the longer prices stay high, the better every public’s health will become and we’re interested in learning about how other vendors are faring as well.
Weekly Iraq Currency Update
Hello readers! It’s time for another edition of Dinar Chronicles – the weekly Iraq currency update. This week, the Iraqi dinar continued to weaken against both the U.S. dollar and the Russian ruble. Most analysts believe that the Iraqi dinar will soon fall below 10,000 U.S. cents, a trend that could potentially continue until civil unrest in Iraq subsides. Meanwhile, oil prices remain relatively stable (the reasoning behind this stability is still unknown), which is good news for the Iraqi economy but bad news for those living on a budget who rely on imported goods. Let’s take a look at how this week’s events are shaping up:
On Tuesday, Iraq’s Central Bank announced that it was increasing the minimum wage from 50,000 to 60,000 Iraqi dinars ($75 to $95). However, most economists believe that this increase will have no real impact on Iraqi consumers as prices are already high by local standards.
On Wednesday, Russia’s central bank cut its key interest rate by 0.5 percentage points to 7 per cent in an effort to stimulate economic growth and counterbalance reduced demand from Ukraine and the global crisis in Europe. Many Iraqis are reportedly considering buying Russian currency as a way out of their rapidly deteriorating financial situation.
The entire region is threatened by the global economic crisis, which will undermine already fragile market conditions, discourage investment and make it much more difficult to achieve political and social stability. Persisting regional conflict carries a large probability of spinning out of control following a breakdown in security along religious, ethnic, or sectarian lines.
Major Economic News from Around the World
The Iraqi Central Bank (‘ICB’) has announced the end of the exchange rate band for the Iraqi Dinar. The replacement mechanism is the ‘triple A’ exchange rate, which stands at 3,000 Iraqi Dinar to the US Dollar.
According to the IMF, global growth is expected to slow down this year and in 2019. A report issued earlier this month said that investment and trade growth are anticipated to converge in 2018 but there could be a further divergence from 2020 onwards as trade policy uncertainties persist in some major economies.