MNT GOAT
If you remember last month, at just about this timeframe, the Iraqi economist Yasser Al-Mutawali asked the question to the Finance Ministry and to the general public – “Is It Time To Remove The Zeros” ?
So, another month has passed and we still didn’t see this project executed. But we will and soon. In conversations last week with my CBI contact I was told by the committee in charge of working on this project and executing it, that they are targeting November 2024. This period will begin the process for the swap out with the newer lower denominations. To me this also means about a 1:1 at par rate of the IQD with the US dollar. But remember this is IN-COUNTRY only. Also remember these actions ALWAYS have dependencies. So let’s talk about these dependencies and make sense of them today.
Once again, the Project to Delete the Zeros raises its head up. But also remember the past. I know from experience from many of my conversations with my CBI contact that they pivot on goals, set them and then move in that direction. Often, they underestimate the timeframes needed to meet their goals they have to do to get there first and then hope for the best.
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