Iraq Goes First
Iraq's cut to 1,500 is step one of three. The new notes, small notes, coins, gold and oil Iraq has lined up, and why the wait looks short.
Friday, October 9. On Wednesday Iraq's Central Bank moved the IQD to 1,500. On Thursday night Prime Minister Ali al-Zaidi sat down with the leaders of parliament in Baghdad and told them why: the oil could not get out, and the state has to find 10 trillion IQD every month.
Read that cut as the end of the story and you miss what Iraq is doing. It is the first move in a sequence. Lower the rate. Replace the currency. Raise the rate. We set that out in Devalue, Delete, Revalue, and step one is now done.
Most people have forgotten how much of the rest Iraq has already put in place. Today we put it back on one page: the new notes, the smaller notes, the coins, the gold, the banks, the pipelines, and the oil that has to flow before the last step can happen. That oil is moving again.
And Baghdad is not alone. Washington and Paris reached the same debt wall this month. Iraq is the first to act, and it holds something they do not: the fourth-largest oil reserve on earth.
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