TD says budget has passed but that doesn't mean a change in monetary reform

by **Ponee** Sat Jan 31, 2015 12:40 pm

TD Comments from my Kurdish friend (as always treat as rumor and due your own sound diligence). ...yes the budget has passed and NO it doesn't spell out any imminent change in iraq's immediate plans of major monetary reform. As also expected by everyone in Iraq the budget will be running at about a 25 trillion dinar deficit and that seems to be a conservative estimates. So why would anyone think it's time to implement currency rate hikes? Where's the money to pay for that? I'm told that Abadi is s meticulous (engineering background) type of manager. There are plans and steps in place for agenda items. They already announced months ago their goals of executing economic and monetary reforms drafted for the next 4 years. Part of that includes RD of their notes (dropping the 3 zeros, yes, LOP to start either end of 2015 or sometime in 2016. Then to conclude exchanging and retiring the old 3 zero notes within 2 years after that. All this is to resemble the Turkish model of monetary reform which the Turks successfully executed back in 2004-2005. This is their plan and they are hopeful to stick to it.