STATUS OF THE RV
Before I forget to tell my followers, I want to say now that there will not be a Newsletter for Thursday Dec 5th. There is other important very urgent work that must be completed during that timeframe.
I hope everyone in the USA had a nice Thanksgiving. Our family’s visit to the Weihnachtsmarkt (outdoor Christmas Market) this year was very enjoyable and much needed for everyone. Now all refreshed, its time to get back to work.
I had an interesting conversation with my CBI contact concerning what is now happening in Iraq concerning the financial reforms. She wanted to emphasis that these are financial reforms and not “social” reforms as she is reading in many of the forums from the USA. The Project to Delete the Zeros she said is a financial reform and she wanted this to be very clear.
😊 Next, we talked about what would happen in December. In order to relay our conversation to you I am going to use the following article titled “AL-ALAQ: OUR CRITICAL POSITION IS VERY EXCELLENT”. I was told that thanks to the well-studied and wise financial policies of Prime Minister Mohammed Shia al-Sudani’s government, the country’s monetary position has become very excellent, as described by the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, in a special interview with “Al-Sabah”. Al-Alaq made this announcement “to reassure citizens and confirm that there are no real fears of any economic crises occurring here or there.”
Al-Alaq also said in a special interview with “Al-Sabah”: “The monetary position in Iraq is (very excellent) at the present time in terms of controlling inflation and the high adequacy of foreign reserves, which enables the Central Bank to remain stable, defend the exchange rate, and achieve monetary stability. I was also told Al-Alaq announced the Central Bank’s success in implementing the transition plan for “foreign transfers, in line with international practices and standards, and that it is currently taking place smoothly and transparently – especially covering imports at the official exchange rate – which leads to general stability in prices.”That the CBI is not working in a vacuum but rather with the support of specialized international organizations.” She confirmed the target for the Project to Delete the Zeros is still set for late December / early 2025, but the CBI had to monitor the situation from the switch over from the currency auctions to the (Fitr) platform of correspondent banks.
😊 I want to review yet another recent article close to this period of news titled “AL-ALAQ: WE ARE CONSTANTLY REVIEWING THE DELETION OF ZEROS FROM THE DINAR, AND THERE ARE NO RESTRICTIONS ON OUR BALANCES IN AMERICA”. This article is from Economics News on 09/21/2024. I believe this article has a direct relationship with the first article I talked about and my conversation with my CBI contact. The CBI director through this dialogue with the new media is answering a series of questions from the news media. It this actually an educational session to the citizens once again?
How many times must the CBI tells us this same news? Again, in this dialogue Al-Alaq says that countries remove zeros from their currency to revalue their national currency and simplify financial transactions. This is done by removing a specific number of zeros from the nominal value of the currency, making it appear less inflationary and more stable. Why are the telling the citizens this same news again? Didn’t we also hear this news from many of the economic experts in the recent past. So here it is again. Why does Al-Alaq and other economists, want to keep reminding us this is coming to the Iraqi dinar currency too?
In the article Al-Alaq confirmed, in his extensive interview with Al Jazeera Net, which was reviewed by “Al-Eqtisad News”, I quote from the article “that the Central Bank responded to global economic challenges, such as rising energy and raw material prices, by amending some monetary policies in line with the international situation and to enhance confidence in the Iraqi dinar and prevent a sharp decline in its value.” Oh… is he talking about Stability? Isn’t this exactly what we’ve been waiting for? Remember there must be a Stable and Secure Iraq in order to conduct this process of deleting the zeros. How many times have they told us this? Do they have it now? Oh… and we know what the final outcome of this project is and it will lead to the reinstatement. We all need to keep the hope alive even if for some reason this effort is delayed again, which it could, as I want to be fair and honest with my readers that anything is possible. No, I am not conceding and telling it is delayed, at least not at this time. It is early December and my CBI contact told me the committee in charge of this rollout of the newer lower denominations is still planned for soon.
