The M0 is not the value of their currency alone. An M0 INCLUDES the country’s money in it. If you had $10,000 in the bank your personal M0 would not be $10,000. It would be whatever your car, house, plane cash, portfolio etc is COMBINED. The M0 is the value of their assets. They’re [Iraq] freaking rich. It’s even more significant that they went from 50 trillion in total to 5 trillion in total. 5.1 trillion Currency issued by CBI is lower than Jan 2004, which was 6.1 trillion. The value of the currency is factored greatly by the amount of notes. The CBI stated they need to REDUCE the note count to 3 billion notes to get to their $1.17, per their foreign policy. They were at 22 billion at one point and then they were down to 9 billion 5 years ago.
Reducing the amount issued to 5 tril limits the amount of notes that it can be. If you take the time they stated they had 9 billion notes out there, their ‘Currency Issued by CBI ” was approx 40 trillion. So divide the 40 trillion by 9 billion notes and you get the average note value. Take that same note value, as a closest guess based on historical data, and divide it by the current 5.1 trillion ‘Currency Issued by the CBI’ – so 5.1 tril divided by 4,444 is 1,147,614,761 notes. A SWAG, if you will. But eh SWAG is below the 3 billion notes required to reach $1.17 and close to the 1 billion notes required to reach the CBI’s desired $3.25.