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Iraq an economic Study
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[quote:ReVbo™:MV8xNzI0NTM4XzM4NjgyODQwXzI3NEZFMEE2] tlar on the above article re: Ch7 and greater freedom to Iraqi banks... The news on Iraq's exit from VII is great news. I never thought that the international community would release them until they RV'd the currency. Kind of a hold card on Iraq. It looks now that I was wrong and it may have just been the opposite of what I have believed for the last 5 years. The hold up on the currency, if you discount accumulations from Syria and Iran, might have been Chapter VII all along. There is too much activity and preparations that seem to be being made in the banking arena to connect Iraqi banks to the global economy. I agree with you Kap. I think the currency will move from Article XIV to an Article VIII currency in short order maybe as early as July. If Shabibi felt currency was ready to go last year at 1 to 1, then they must be more than ready this year having retired trillions more of the dinar and having almost totally dollarized Iraq. Articles stating that they might go to 1000 to 1 then drop the zeros, or free float from 1166 or more, are all an exercise in mental gymnastics because the truth is Iraq does not need to go through steps to get there. They could just remove 1165 pips and be at 1 to 1 overnight. With the amount of dollarization that we have seen since last year and the amount of Iraqi's using the dollar, this would not be to much of a leap of faith to tell the Iraqi's that the dinar and the dollar are interchangeable. The average Iraqi is conditioned to use the dollar and understands its value totally. This in fact might be the easiest thing for Iraq to do than some complicated series of calculations and steps.. July, the Finance Committee last year said that July of this year 2013 they would support the dropping of the zeros. July is a new fiscal quarter. July is the first month to follow the release from Chapter VII if Iraq is released and truly becomes sovereign. If the CBI accepts sales of the independent banks at 1183 to the US dollar as the street rate, July will show the rates back in equilibrium. July is shaping up to be a very interesting month. I said last year that we may see this in July. I stand by that. [/quote]
Original Message
Iraq is rapidly becoming a force in world economics due to its oil reserves. What do you think the effects will be on the world economic stage. sk
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