The Day the IQD Shut Baghdad's Markets
Iraq's new dinar rate shut Baghdad's wholesale markets on day one and the street dollar rose. What Baghdad did, and what reopens the doors.
Thursday, October 8. Yesterday was the first trading day of the new rate. Two of Baghdad's main wholesale markets answered it by locking their doors.
Shorja and Jamila feed the capital and the provinces around it. On Wednesday their shops and warehouses stayed shut, and exchange houses shut with them. Iraqi traders said they could not put a price on anything.
The dollar on the street went up, not down. It finished the day higher than it was before Iraq's Central Bank moved.
Today the governor and the finance minister are due in front of parliament to explain themselves. Before they speak, here is what the first day looked like inside Iraq, what Baghdad did about it, and what we think it takes to get those doors open again.
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