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Post by Ssmith Wed Mar 08, 2023 1:33 pm

How Iraq caused the currency crisis – Here’s what happened.  Iraq spends around $900 million a month on Iranian goods.  $50…is for electricity and gas…Now the mistake – The U.S. and Iraq decided to pay Iran in Iraqi dinars.  Surprisingly Iran said okay.  Iran then proceeded to the Iraqi daily exchange auctions to trade the dinars for U.S dollars.

The Federal Reserve Bank in New York City had a fit and began implementing restrictions… You see, the U.S. holds the money Iraq makes from oil sales…Iraq is caught between the U.S. massive amounts of oil revenue and OPEC controlling Iraq’s oil exports and Iran controlling Iraq’s electricity…the bottom line – Iran obtained large large amounts of the Iraqi currency that Iraq needs to pay government salaries and run the government…this is a global issue.
Ssmith
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