Today is Tuesday and we will quickly move through July. There will be no revaluation or reinstatement, this I can say with certainty…I have checked with my CBI contact and they do want to execute the last phase of the project to delete the zeros, however they must have the political incentive to do it too and this they do not currently have. Yes, the currency auctions do still continue but under the supervision of the finance committee. Yes, the CBI did stop the currency auctions but all they did was turn them over to the finance committee for supervision. Get it? Folks, there is no other way they can import goods and services without these auctions.
But the good news, if there is any, is that discussion with the stakeholders from the private sector, suggesting Iraq must stop the currency auctions now, which they say is the hard currency bleeding on money out of Iraq. In light of the suffocating financial crisis that the country is going through, by stopping the work of the window of currency sale it will help immediately in helping the crisis. Remember these auctions were never meant to continue and they are way overdue to end. But corruption keeps them going as billions are illegally funneled out of Iraq to Iran.