Mnt Goat
Article: “CENTRAL BANK GOVERNOR: OPENING EXTERNAL CHANNELS WITH FOREIGN CURRENCIES ELIMINATES THE BLACK MARKET”
Central Bank Governor Ali Al-Alaq confirmed on Thursday that opening channels in foreign and Arab currencies achieves stability in the exchange rate and gradually eliminates the black market.
We were told of the issue of the parallel market and my CBI contact told me that this had to come in par with the “official” CBI rate in order to make the in-country revaluation of the dinar possible, before the project to delete the zeros could occur.
They said that the new correspondent bank procedure should eliminate the parallel market...The RV is going to happen, but first things first.
This recent move with the correspondent banks should knock out the parallel market altogether first and put the dollar in line with the CBI “official” rate. This was needed first.
Then the CBI plans to push out the new in-country CBI official rate we have been waiting for along with the project to delete the zeros.
I just talked to my CBI contact...Wednesday and this is what I am told. We just have to sit tight and see what happens next. I wish I could tell you more positive news. Right now, this is a very sensitive time, things will be moving fast soon. I can’t think of better news at this time.
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