The CBI does not tell you everything. What they do is take measures and countermeasures to ensure the overall plan of the project to delete the zeros can be carried out. The CBI and GOI had to work together to find a way to get these notes off the streets. By the devaluation of the dinar, it is causing the citizens to exchange their long, sought after dinars into dollars. Why not if the dollar can buy more? Also, some banks in Iraq are offering up to 5-7% annual interest on a two-year locked-in saving account. WOW! Now tell me why they would do this if the currency was going to crash?
We hear today in news from Iraq this strategy is working and the daily currency auctions are way down…This new strategy of devaluation of the dinar is working and taking root. This is the time to do this since price of oil being low and less oil revenues are generated it would not take long to drain the CBI reserves if action was not taken. It has forced them to take action. …they fully intend to one day soon end the auctions and use the dinar to buy imports. They can not do this unless they also reinstate the dinar on the global currency exchanges and get out of OFAC sanctions.