[SWFloridaGuy] 7-11-2012 SWFloridaGuy: We see many processes working independently of each other, while still interrelated. The GOI continues to make progress toward Erbil implementation, permanent Ministers and the announcement of the Strategic Council, while the CBI and Finance Committee continue their studies and take preparatory steps that will ensure the success of the project.
This really is the home stretch. They are attempting the most ambitious financial project in history and they are receiving a lot of help to accomplish this. The CBI is working in tandem with the Finance Committee and Council of Ministers, although under Law 56 of COA the CBI has the power to replace the currency without reference to the government.
The Finance Committee released a statement saying that, "The central bank has the powers to replace a single currency without reference to the Council of Ministers."
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[SWFloridaGuy] Jubouri also said that the central bank has the powers of the currency exchange alone, without reference to the cabinet which has the support of the Finance Committee under Law 56 for the Coalition Provisional Authority. Under the supervision of the Finance Commission, this authorizes the CBI on the management of the monetary policy.
Right now they are investigating the economic impact this currency reform project will have inside of Iraq. The feasibility of the project is being addressed by the Council of Ministers and the CBI. They are working toward removing all remaining obstacles. Preferably, the CBI will receive the approbative nod from the Council of Ministers. This coordination would promote a smooth transition and the success of the national project.
Everything points to their plan (of which we are forced to speculate on and have no infallible confirmation), being accomplished in 2012. At that point, we can all celebrate being able to move on with our lives.