Saturday, January 9, 2016


A little food for thought and this late Friday night:
The CBI is trying to suck in dinars for gold coins and offering high interest earning for Iraqi's cash deposits, all in an attempt to draw in the 77% of the money supply that is being hoarded away in the homes of the citizens.  At the same time saying that they are going to introduce large category banknotes to bring pthe banknote count down from 4 billion to 1.18 billion.

    Then the CBI announces that the banks and insurance companies are adopting international accounting practices for 2016 (this IMO is the reason they haven't launched the budget yet) and adopting a single window (one stop shop) all at the same time. These, by the way, would do away with the daily auctions because you can't have multiple exchange rates with International Financial Reporting Standards working thru a Single Window System.  Oh, and the collection of fees from importers and exporters thru smart cards and electronic transaction system thru that same Single Window System too! 

    All these according to the Director of The General Company of Iraqi Fairs, an affiliate of the Minister of Trade and PM Abadi himself stating that the starting date, I may add, is on the 10th of this month, unbelievable!  I'm not sure how much can be done by then or how long it will take them to complete these aggressive task if they do start this on the 10th, but you have to give them credit for trying such an aggressive plan!
    The IMF has confirmed and thru their personal giddiness of a signed agreement, mandated that this could all be done by mid 2016 by their monitoring of Iraq's 2016 Budget.
I myself think by the looks of things they are ahead of schedule but we will see!  

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