Iraq, in a rare move that surprised many…, appointed a President (Barham Salih) and the newly anointed one promptly gave us a new Prime Minister, Adil Abdul Mahdi…TWO accomplishments in one swift move? In the same week!? …Believe it or not, it happened, and we’re off to the races. …let’s remember what this really comes down to… OIL. For us to profit off of a rise in value on the currency of Iraq, they must raise the exchange rate. …A revaluation of their currency was a long shot in 2008, but it was certainly possible. Now, in 2018, it’s much less of a long shot. In fact, with the complete passage of the HCL, it’s almost a certainty.
According to the Iraqi Constitution, the new PM has exactly 30 days from taking the role to seat/appoint/select the new GOI. For those of you new to the discussion, that means nothing… if it takes longer than 30 days, nobody is getting hanged, tarred and feathered, or anything else. I expect to see the job 80% done inside the “mandatory” 30 days… but that 80% is probably enough for the job we need done…Follow recent history over the last couple years, glance at the recent elections, then compare them to the elections that were held over 10 years ago when many Iraqi Dinar holders first heard that there was an opportunity for the Dinar to regain it’s former value… OH. WHAT. A. DIFFERENCE! …they have control of their systems. They didn’t have to call for help on anything. And that is EXACTLY what we want to see, what the world wants to see, in order to support a revaluation on their currency.
PM Mahdi is tasked with the job of forming the government. A strong key to the future value of Iraqi Dinar is, as I mentioned earlier, OIL. Oh, did I mention that incoming Prime Minister Abdul Mahdi served as OIL MINISTER between 2014 and 2016? …and he was placed there under Abadi, back when it was Abadi’s job to form the GOI. Even before that, Mahdi was Finance Minister under Allawi back in 2004. This new Prime Minister may not be everyone’s favorite… but he has some very serious credentials, and I think he’s going to play very nice with all of the important people in this process. New President, New PM, solid progress already happening. This recent election is a ROARING success for Iraq. If this keeps up, we’re looking at progress like we’ve never seen before – the HCL is going to be upon us before we even realize it, and if you aren’t watching for that RV text…you might miss it! I’m ready at a moment’s notice…are you?