Iraqi dinar future prediction 2023

On January 1,Iraq will ban all transactions involving the US dollar.

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

Credit Fundamentals: Iraq's 'B-' rating reflects its high commodity dependence, weak governance, political risk and undeveloped banking sector, which are balanced by high FX reserves and a favourable debt profile. High oil prices have improved many of Iraq's credit metrics over , but the absence of structural, economic or fiscal reforms and persistent political risk weigh strongly on the rating. Heightened Political Risks: Domestic and regional political risks and weak governance will continue to constrain the rating. Iraq is likely to face increasing domestic tensions ahead of the parliamentary elections, in Fitch's view, and there is also the risk of escalation between Iran-backed Shia militias in Iraq and the US military, against the backdrop of war in Gaza. Since the beginning of the conflict, the Shia militias have targeted US military bases in Iraq and Syria using rockets and drones. The US response has been contained mainly to the militia positions in Syria, with only one attack on Iraqi soil. While not our baseline scenario, there is a risk that attacks by Iraqi Shia militias escalate, prompting a stronger US response in Iraq. 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. Moqtada al-Sadr, the leader of the Sadrist movement, called upon his supporters to boycott the electoral process and avoid associating with "corrupt" rivals. The intra-Shiite conflict, which caused violent clashes in after the previous parliamentary election, could intensify in the run up to parliamentary elections in We forecast the budget will move into deficits averaging around 4. Iraq's fiscal break-even oil price is subject to volatility, reflecting a procyclical response of budget spending to oil revenue. The budget risks increasing fiscal rigidities given higher allocations for wages. Debt to Increase: After decreasing to Our total debt numbers include an estimated USD40 billion of legacy debt from the s, which Iraq faces no pressure to service following its Paris Club agreement of

Meanwhile, fundamental analysis involves analyzing macroeconomic and political events that have an influence on forex markets.

Disclaimer: This is not investment advice. The information provided is for general information purposes only. No information, materials, services and other content provided on this page constitute a solicitation, recommendation, endorsement, or any financial, investment, or other advice. Seek independent professional consultation in the form of legal, financial, and fiscal advice before making any investment decision. Here are the current predictions for the Iraqi Dinar to US Dollar exchange rate for longer time frames. This would be a The day RSI reading is

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.

Iraqi dinar future prediction 2023

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. But since December, the Iraqi dinar has wavered against the dollar as the Federal Reserve Bank of New York introduced measures to stop the flow of dollars to sanctioned countries through a state-run currency auction. Iran and Syria are under US sanctions. The US has blacklisted several Iraqi banks for their suspicious foreign transactions, while the new scrutiny measures have been brought in to scrutinise the process of releasing money from the US to cover the imports and other needs. That has pushed the dinar exchange rate in the black market to more than 1, to the dollar, fuelling public anger over soaring goods prices.

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Exclusive news, data and analytics for financial market professionals Learn more about Refinitiv. The Bottom Line. Iraq Core Consumer Prices at Siemens Energy carried out far-reaching due diligence measures prior to its full takeover of wind turbine unit Siemens Gamesa, its CEO said, adding major quality issues at the business could not have been anticipated. Distractions and destination. The Daily Beast. Disclaimer: This is not investment advice. On Thursday, video circulated on social media showing a depositor at a Baghdad bank threatening to burn it down if he did not receive his deposit in cash dollars, a scene reminiscent of steps depositors have taken amid Lebanon's banking crisis. Related Terms. Iraq Interest Rate. The act resulted in public protests in a country that was already struggling due to the worldwide coronavirus pandemic. 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. One U. S dollars as of Jan.

Disclaimer: This is not investment advice. The information provided is for general information purposes only. No information, materials, services and other content provided on this page constitute a solicitation, recommendation, endorsement, or any financial, investment, or other advice.

There are some reasons to be optimistic about the future of the Iraqi economy. Missing persons — the reality. Macroeconomical and political events play an important role in the forex markets, as they can have a significant influence on exchange rates. Updated a few seconds ago. As the Iraqi economy began to recover, many speculators began to buy large amounts of Iraqi dinars, expecting the currency to continue to rise. For one thing, the Iraqi dinar does not float freely: The exchange rate is fixed by the central bank, meaning that the currency is unlikely to experience any rapid changes in value. Forex traders use a variety of tools to make predictions on which way the market is likely to head next. The EMA gives more weight to more recent prices, and therefore reacts more quickly to recent price action. The intra-Shiite conflict, which caused violent clashes in after the previous parliamentary election, could intensify in the run up to parliamentary elections in Replying to X. Heating Oil. A full list of rating actions is at the end of this rating action commentary. Siemens Energy carried out far-reaching due diligence measures prior to its full takeover of wind turbine unit Siemens Gamesa, its CEO said, adding major quality issues at the business could not have been anticipated. All Coins Portfolio News Hotspot. The Iraqi Dinar is expected to trade at