Many of these intel gurus are telling you that the CBI and GOI want to reinstate the currency by the end of March. I am hearing the same and we know that the govt has not yet opened its 2019 budget…We have been told that the GOI waits to open the budget because once they do, if the reinstatement (which will include significant rate increase for the dinar) did not yet happen they may have to wait until January 2020 window again. They do not want to do this.
But the reinstatement is not just changing the CBI rate. It is a reinstatement process with many more technical issues that arise if you go from a CBI rate to a Market rate and do it in the middle of a fiscal accounting period for the year. I can not go into all the details and many of you would not understand the adjustments to the ledgers that would have to be made from moving from a 1180 rate to a $4.40 rate, as it is a very substantial change in values. How do you adjust and reconcile a ledger with a mix of program rate and true market rate of the dinar? So we can see the dilemma that the GOI is in when they did not make their target for a January 2019 reinstatement. The effects ripple enormously once they open the budget and then try to reinstate later in the middle of a fiscal year.