They told us they are now entering the 3rd phase of the plan. Here is their words once again and I posted the article again in the articles section in case you missed it. I quote from the article titled “ ADVISOR TO THE ASSOCIATION OF BANKS: THE CENTRAL BANK’S THIRD STRATEGY IS A NEW METHODOLOGY FOR FINANCIAL AND BANKING REFORM”.
“Certainly, these priorities were diagnosed in light of the challenges facing the monetary policy and the banking sector, the implementation steps, and the results achieved by the strategy.”
The first is for the years 2016-2020 and the second strategy is for the years 2021-2023 and the stifling economic and financial challenges that Iraq has suffered over the past years.
Work through this strategy is to clearly identify opportunities to overcome the challenges for this and for the purpose of implementing the banking reform methodology according to what was stated in the strategy and according to an insight into the priorities and challenges that The Iraqi banking sector is suffering from it.
The Central Bank made exceptional efforts during this year and last year, completing the first phase of it and began implementing the second phase.
Many of the primary and secondary objectives were achieved, and it is trying to complete the achievement of all the objectives in the second half of 2024 and the years 2025 and 2026 of the plan that has been proven to have been prepared and planned. It has identified advanced steps on the path to systematic implementation of the desired financial and banking reform in Iraq.”
My contact told me that the Project to Delete the Zeros is planned for the beginning of the 3rd stage of the economic plan.
We learned that 3rd stage begins mid-year 2024. Is Iraq ever completely on time? We must give them a break since they are working against all odds in getting these reforms done. As we can also read in the news there is pressure against the economic reforms from Iranian politicians and seeded officials within the parties. It is an uphill battle for Iraq to achieve progress. So, the CBI may not meet their target for being right on time in June but even this summer sometime would certainly be considered “at the beginning of the 3rd phase since the phase extends out to 2026. Do you understand? Everything is not exact. They target and then they make the best of it. But they will do it.
Even though it is close to the end of June I would certainly not despair about the high possibility of still seeing the project to delete the zeros and then we know the reinstatement will follow. So far there is no news out to the public about the swap out of the currencies. I would think we would have seen these types of articles already if June was going to happen. The good news is we can see the huge efforts to get the ATMs installed. My contact even told us again as well as a past article by the CBI that the ATMs are an integral part of the swap out process of the currencies.
Okay, so we might or might not get the RV in June.
One other point I want to say is we all should be just relaxing and watching the show in Iraq as they progress out of the war years. If you have been in this investment and actually following the news diligently, you would have noticed the first phase of the strategic plan 2016-2020 is the period of the president Trump administration. Although we all can say bad things in the Trump didn’t get the RV either, we can see that during his time it was not even possible if we look in retrospect. Now we witnessed the second phase of the strategic plan they told us was 2021–2023 and the first half of 2024. Did you see the momentum of the strategic plan pick up pace in this second phase?
