On Wednesday I called my source in the CBI and had a chat. I am not hearing of any target date for this week or over the weekend to reinstate the dinar on FOREX…Again, I am telling everyone we are just now waiting for the last 4 ministers to be seated (especially the interior minister) as the Iraqis have been told many times they need a “fully” formed and functional government or they will not be allowed to reinstate the currency…Meanwhile I am told the CBI is ready and has been ready. They have had a lot of cleanup on the banking and currency fraud with the currency auctions. But at the point it will NOT stop the reinstatement once approved. They need desperately to move forward.
The CBI…must wait for the GOI and IMF to give the green light. I was told that no smaller category notes have yet been launched only more of the existing 250, 500 and 1000 notes in the ATMS…but what about the much lower 100, 50, 5, 10 and fils? Yes, this is an important question to ask for as far as Iraqis are concerned the lower denominations are out already but not the ones we are looking for.