Jeff says that the devaluing of the Iraqi dinar is just a band-aid...this is not a "rate change"..
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Jeff says that the devaluing of the Iraqi dinar is just a band-aid...this is not a "rate change"..
by Ponee Sun Dec 20, 2020 11:16 pm
Jeff
Iraq did indeed changed their exchange rate today [Devalued to 1460]...it's really not a big deal...Why did Iraq do this? Iraq's inflation was sliding a little bit. It was rising...up to about .8%. That's the reason they devalued it. They still have very low inflation. They're still below 1%. So they just had to devalue the currency a little bit...this is nothing major...this move has nothing to do with economic reforms. This is just a band-aid...this is not a "rate change"...this is nothing more than a hiccup...
Iraq did indeed changed their exchange rate today [Devalued to 1460]...it's really not a big deal...Why did Iraq do this? Iraq's inflation was sliding a little bit. It was rising...up to about .8%. That's the reason they devalued it. They still have very low inflation. They're still below 1%. So they just had to devalue the currency a little bit...this is nothing major...this move has nothing to do with economic reforms. This is just a band-aid...this is not a "rate change"...this is nothing more than a hiccup...
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Re: Jeff says that the devaluing of the Iraqi dinar is just a band-aid...this is not a "rate change"..
by Sam I Am Mon Dec 21, 2020 2:44 am
"A little bit"??? This is the biggest devaluation in the history of the dinar! And you don't devalue to combat inflation. You RAISE the value, like they did in January of 2012 when inflation was spiking. They raised it 1/3 of 1% from 1166:1 to 1170:1. Prior to that they raised the value 26% over a 26 month period (11/1/06 to 01/1/09) to bring inflation down from over 50% to under 10%. Jeff is just as big an idiot as the rest of them.
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