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STATUS OF THE RV . PART . 4
😊Didn’t all the past and present directors of the CBI tell us so many times they needed STABILITY and SECURITY to conduct the switch out of the currency to the newer lower denominations?
In an article today titled “IRAQ TO BECOME “A MASSIVE SUCCESS STORY” they told us that “Iraq is experiencing unprecedented stability and security, creating significant opportunities for international businesses, according to Abir Burhan, Company Director of Al-Burhan Group (ABG), speaking at the Iraq Britain Business Council (IBBC) Spring Conference in London.
Burhan outlined. “We’ve been through the worst of it, and we finally see that Iraq is becoming really stable and secure,” he told delegates.
Okay so now I would consider statement like this would more this currency reform ahead. So where is it? Remember that for the last six months all we have heard Iraq bragging about how rich they are. Of course this is all to attract more investors. It is exponential. They want to grow their economy.
So, then with my CBI contact, I wanted to move on to our dinars outside Iraq.
I asked how are they going to retrieve our dinars?
She replied let’s not get the horse before the cart. First things first. She said the CBI needs to get through this first initiative and this is why the CBI is moving ahead now with the mandatory all-electronic payment deposits ONLY.
She said there is almost no way this new initiative can’t work and be successful.
The CBI controls the salaries payments .
But we all know Iraq and they always find ways around it. I asked how long would this take? She told me it begins early July.
To gauge success, they must get through multiple months of payroll, then see remains in the banks and what new currency is deposited. Oh… that makes sense to me.
This may force many to even take their stashes of cash and use the cash in the marketplace, if they neglected to get a card. Either way the banks are going to get the cash, she said.
Many of the 25% of the citizens still didn’t trust the cards or they forgot to get their cards. They will remember when they have no money….lol..lol.. she laughed. They are going to force the citizens to depend upon the banks, like it or not.
Remember that they will also still have ATMs, which we were told were pivotal for the Project to Delete the Zeros and now I also can see why this is the case.
I hope all my readers also see it now too. It is all coming together and making total sense. The CBI said cash will still exist, but very limited.
Another point to make is the CBI is being VERY CLEAR on their stance that the Iraqi dinar (IQD) is not going to be a crypto currency. You can read the article for yourselves titled “CRYPTOCURRENCY ECONOMICS FOR IRAQ”. In the article it talks about cryptocurrency as a modern economic phenomenon. Cryptocurrency is unique in that it is outside the control of central banks, as it is not included in the “currency issued” by those banks, nor is it even outside the control of governments, consequently, monetary policy will face challenges in its ability to control inflation rates.
The statement by Counselor Prof. Dr. Mazhar Mohammed Saleh regarding the Central Bank of Iraq’s intention to issue a digital currency has sparked considerable public confusion. The concept has been interpreted as referring to the currency as being similar to the aforementioned cryptocurrencies. This is incorrect and not intended. Rather, it is an alternative to the established paper currency, and as such, it will be subject to the same controls as paper currency.
English (US) ·