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Delta thinks going to lift the restrictions from the exchange rate...free float is not really in their plans.
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Delta thinks going to lift the restrictions from the exchange rate...free float is not really in their plans.
Delta
the Iraqi constitution does NOT allow Parliament to add any kind of articles to the budget – they can either refuse it, or sent it back to modify things they don’t like – they CANNOT ADD to it! ...there was a lot of discussions, arguments and basically every group in parliament wanted to add something...so they added 10-15 new articles. They approved the budget and they basically sent it to the President...he is supposed to sign it...and then it goes into the Gazette. But a lot in the government and the Kurds didn’t like it...but Abadi did something very smart.
The government is not going to refuse it. They are going to wait until the budget is published in the Gazette...the added articles shouldn’t interfere with the budget...and the things they don’t like...they are going to the supreme court to fight ONLY THOSE ARTICLES. But if those articles are ok...and they won’t cost them more money...they’ll let it go and pass it. For Abadi...it’s a WIN-WIN situation.
As soon as it’s in the Gazette...it’s basically law ...taking effect in January.
Next...the IMF...Looks like good news...they lifted the restrictions from the exchange rate. ...because they are not Article 8...they can’t go with a program rate. They need currency reform. They have no choice. Currency reform must take place in order for them to go international. Investors must be able to move money into dinars...and now by lifting the IMF restrictions, they will be able too.
...Alak says they are not going to float the currency.
He is stating he is going to lift the restrictions from the exchange rate...free float is not really in their plans.
Finally ...the ATM’s...unlike the old ATM’s ...the new ones will take the LD’s. If they don’t increase the value...give an incentive to the citizens...they won’t get the currency off of the street. The CBI will increase the value BEFORE they introduce the LD’s. We are really close.
My humble opinion...we should see the rate moving BEFORE the end of the year because the CBI told us so. This plan was set a long time ago...before Shabibi...all part of the plan.
The CBI’s intention...is to raise the IQD to its former glory ...they are talking about over $3...but they said that will take a little time... This is their goal, but they have to start somewhere.
The rate has to move...sometime this year...based on what the CBI told us. All good news...all positive news!
The CBI is really very quiet right now...and that is a good indication that they will do something. Watch for the next 24-48 hours...something is up...
We are waiting to see something official.
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