Article: “Central Iraq” supports the currency delete the “zeros” dinar”
If the process “starts” today, how long before one dinar is worth a dime?
In order for the dinar to rise in value they need to be in Article VIII, that’s getting rid of the MCP and exchange restrictions.
After that, Iraq’s economy has to shift to an open market so that exports other than oil are created so that there is demand for the dinar.
By now we all know this isn’t a switch that the CBI Governor throws and all of a sudden the dinar has more value, we need Parliament’s involvement to create the atmosphere for the dinar to rise in value, not the other way around.
If the CBI unpegged today without the legislative foundation, the dinar will crater and the only reason I know that is because the street rate is 10% less than face value of the currency as it exists today.
Can you imagine what it will do if they unpeg from the stability of the dollar and the auction process?
Unfortunately, after closely following these guys for five years or so, it’s just more of the same that we’ve seen in the past. Empty statements without a process to fulfill them.
My guess, if they could get the legislation and IMF stuff done in the first quarter of 2017, we might see a dime before the new year.
