Walkingstick
The monetary reform is secured by the reserves. The reserves that back up the currency is the control that the CBI and Saleh is talking about when he says we have a strong exchange rate at 1320 because he can control it and he can change it at any time he wants. He's not just talking about what they know they have...the billions and billions of dinar that were brought back but it also includes all the tapped sources and untapped sources, gold, phosphate, oil, diamonds, etc etc, each one of these categories alone can support the monetary reform.
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If they float the dinar it will be in a very tight band. If it's a low rate, if it's a dollar then they'll float and it'll drive the rate up. But if they come out at an RI, reinstatement of $3.22 and then the float, then they're going to have some serious very tight banks on the float. It will be monitored very closely. It will only allow it to be a plus or minus of 5%. It cannot go any further than that in the float.
For example, don't let it get past maybe $3.50...They will cap it quickly...
[Iraqi bank friend Aki update]
The CBI board of directors decided...to hold meeting with only all of their executives of all their banks...These two or three meeting are going on...
This is on the subject of the monetary reform, lower notes, exchange rate, budget ... These next few days are going to be very silent. The press will not cover it. No one will know anything about it. They will suppress this information...This silence is normal and to be expected right now. [Aki] has seen this quietness before when the CBI was getting ready to make a major move.
https://dinarevaluation.blogspot.com/2024/07/latest-from-walkingstick.html
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