[SWFloridaGuru] Investors are pouring into Iraq. Negotiations are underway with Kuwaiti businessmen to establish a new bank in Iraq. Parliament is proposing to increase the value of the dinar in part by doing international currency deals through the sale of oil in dinars rather than USD.
They are moving to force the world to deal in the dinar and making these moves in conjunction with other steps to reform their currency including raising their exchange rate. This morning I received some reports from some high level international banking contacts who have explained to me some of what Iraq is doing right now to become competitive in the world markets.
The CBI has undergone a strategic and operational restructuring that is satisfactory to the IMF and will preserve the financial interests of the Iraq. Iraq's banking sector has been built from the ground up after decades of war and although there is still work to be done it is now modern and sound enough to handle phase 2 and will lead to the success of the project.
[SWFloridaGuru] We are in the final stage of the Iraqi Dinar's restoration and if everything we have heard from contacts and news agencies is true, not only will Iraq be released from Chapter 7 soon, they will have a stable and competitive market-based financial system and a new exchange rate that represents the country's true wealth.
At this stage we are looking for reports of an adjusted rate or basket of rates has reached the BIS, because that is the last step of this process. We're almost there.