STATUS OF THE RV, PART. 2
😊Then as investors we all stood by waiting and watching.
Could the CBI finally break the parallel market and bring the US dollar inline with the “official” CBI price of the dinar? Back then my CBI contact said this might take some time to do and she used the term “slowly”.
Remember I told my readers we must be patient.
Then in a couple of my recent past Newsletters they talked about this slow decline of the US dollar pricing and the dinar gaining. Then just this week yet another article with fantastic news is telling us they are winning the battle finally with breaking the parallel market and this is the article I want to concentrate on now.
The article is titled “GOVERNMENT ADVISOR: ELECTRONIC PAYMENT ENHANCES DINAR STABILITY, SHRINKS PARALLEL MARKET”.
In the article the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the public’s increasing conviction in using electronic payment cards for travel purposes or paying dues to small companies has achieved great success in reducing the size of the parallel market for the US dollar, which has contributed to its gradual decline.
It is explained that “the modern monetary policies that were recently implemented have proven their effectiveness in achieving financial and economic stability, as annual inflation rates have decreased to levels not exceeding 3%, which reflects the strength and stability of the Iraqi dinar against foreign currencies.”
The financial advisor also pointed out that “the new monetary policy tools adopted by the Iraqi government, in cooperation with the Central Bank, have directly contributed to directing cash liquidity towards official channels, which has enhanced public confidence in the dinar and led to a reduction in informal transactions in the dollar.”
Saleh stressed the importance of continuing efforts to enhance the use of electronic means in financial transactions. Is this not what we been reading in countless articles. Yes, the use of electronic means to eliminate CASH which can be sold on the black market (parallel market) at a premium and then most of it ends up in Iran anyway.
Given electronic banking and its pivotal role in supporting the national economy and combating illegal practices associated with the parallel currency market don’t you think this has been all along something we should concentrate on and follow closely.
This wis why we have been following it so closely and did not concentrate so much on a lot of the other jibber jabber nonsense of the budget and other meaningless events many of these so-called intel gurus tried to sucker you into follow for their every day/ any day RV scenarios and bank stories.