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Monday, November 9, 2015

ENORRSTE UPDATE, 9 NOV

Article quote: “The Council of Ministers may ask the Central Bank “soon” to leave the currency auction and resorting to “float the dollar
So now we have the finance committee in Parliament (at least Jabouri), the Council of Ministers, the IMF, and the CBI all on the same page.  There is no more serious talk of not moving to the float.
Instead, the talk is essentially one over timing.  Saleh is insistent, and correct, that the final decision with regard to timing is in the hands of the CBI.  They are on records with several recent articles now stating that they wish to reduce the money supply in Iraq.  This can only be done with the raise in the value of the dinar.
Those few who are pushing for the float so that the value of the dinar will go down are, to put it nicely, ignorant as to how the process works.  As long as the CBI is in charge the value will not be allowed to fall, period.
Therefore, I am still cautiously optimistic that the float will commence before the end of the year or early in 2016.

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