Review: This year they had to get a new Prime Minister and they got him in. His goal? Achieve stability in the government and the country of Iraq. He did that politically. Got rid of people. Got new people in. Got a new Central Bank Governor and all that. After he achieved stability, they traveled around putting international agreements in place between Europe, U.S., different countries and companies. They were also taken off the “naughty list” between the U.S, Europe and the U.N. Once they had all those cogs in place they started to position the money.
One of the steps in positioning the money is the rate change. But they needed to know the cost of the reforms first so that’s what they worked on through the Borrowing Law. The borrowing law is the last step before the rate change. So far, they’ve done all three readings of the borrowing law. The next step we need to see is the President signing off on it. He’ll most likely do so this week by Saturday the 21st. When they do that they can officially change the rate at any time.