WOTS MON JUL 12 21 Confidence in the Iraqi dinar is eroding… and the prospect of removing zeros

My FX Buddies · Jul 13, 2021 · 30m

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Iraq is witnessing a severe financial crisis that began with the outbreak of the Corona virus last year and the decline in global demand for oil, which represents nearly 91% of Iraq’s financial imports.

With the continuation of the financial crisis and the failure to pay the salaries of employees last year, the government resorted to what was called the Iraqi government reform paper (the white paper), which included the devaluation of the Iraqi dinar against the US dollar, and the decision entered into force at the beginning…