IQD: The Currency of the New Babylon
Abu Dhabi plugged Iraq's stock market into a $1 trillion network, settling in IQD. Baghdad admits trade has slowed. Kataib Hezbollah asks to start over.
Thursday, October 1. Iraq marks Sovereignty Day this morning with the coalition gone and the world's press still filming the soldiers. This channel covered the soldiers on Monday. The news that matters to you as an IQD holder came out of Abu Dhabi on Tuesday.
The Abu Dhabi Securities Exchange rang a bell that day and switched Iraq's stock market into its cross-border trading network. 103 Iraqi companies, valued at $21.7 billion, now sit inside a network holding over $1 trillion in listed value and 11 million registered investors. One short phrase in the announcement matters more than the rest of it: settlement in local currencies.
One of the Gulf's biggest markets has agreed that Iraqi shares bought through its platform settle in Iraq's own money, and it did so in the week the coalition left. So today we ask the question that follows, and we will tell you simply where the facts stop and our opinion starts. Is the IQD being built to become the money the Middle East trades in?
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