As we watch events unfold the past week in Iraq, it appears that Iraq has decided to finally float the dinar. Today’s initial devaluation appears to be the first step in this process. Many asked me if they floated what would the rate be? I said…right where it is right now! This devaluation hopefully will be the beginning of good things to come. With the initial devaluation to 1460, it should clear the way for Iraq to launch the private sector. And in doing so, begin to create a market economy. The result hopefully will raise the value. Only time will tell. The next several months should tell a story as to whether or not Iraq’s economy is going to rebound and take off. Today was the first step.
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