This time of year has historically been big for Iraq. Monumental items like Chapter 7 unfolded in late June, and there’s another important event right around the corner: The G20 Summit. Quote: “The Group of Twenty (G20) is a global forum comprised of twenty of the world’s largest economies, focused on addressing global economic challenges. Its membership includes nineteen countries—Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the United States—and the European Union.” You probably noticed that Iraq is not on the list. In that case, it might not be immediately obvious why this even matters to us, so I’ll explain a small part of it. Even though Iraq isn’t technically “present”, it’s not difficult to understand that anytime oil, money, gold or gifts leave Iraq – they are touched by one or more of those major players listed above.
For Iraq to be successful in raising the value of their currency, they need to be able to operate their business, and the G20 Summit will have an effect on how the global money game is played for the next year. Once the Summit has concluded, Iraq may change their tactics slightly, but most importantly they will be free to make a decision and act accordingly. It’s a big deal, and it’s good. So although I don’t expect an RV announcement to be made at the Summit, or directly because of the Summit, I do think it’s reasonable to expect some actions after the summit.
Source: Dinar Iraq IQD & Dong Vietnam VND