2-28-13 SWFloridaGuy: There was a very encouraging statement from the Finance Committee calling on the GOI to promote the IQD in investment company dealings to support dedollarization and promote the strengthening of the national currency and economy.
They also said "increase its value and enhance confidence." I don't think it's a coincidence that this coincides with senior Iraqi officials receiving intensive training on the multilateral trading system necessary for WTO accession and being instructed on the necessary additional steps to take.
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Along with the training, submitting a memorandum and additional negotiations they need to also have a convertible currency. The CBI's goal is for the IQD to go international. To do that they need to raise the value.
The next step is to pass the budget and the HCL. As usual the timing/mechanism will always be an unknown factor but I do think it's in Iraq's best interest to move ahead with the economic reforms upon completion of those events.
I'm optimistic that this coming period will bring us some much needed political/economic stability and reform.
Article - "The Parliamentary Finance Committee called on the government to impose the Iraqi dinar in the dealings of investment companies operating in the country with a view to supporting and strengthening of the local currency abroad."
"Directed the Central Bank to support investment in dinars will support the national currency and the Iraqi economy, and this prompts us to call to rely on the dinar all insider and external to increase its value and enhance confidence of the world and be a competitor of international currencies."
"Most countries in the world depend commercial and investment operations on its national currency, while Iraq still depends on the dollar, mark the value of the Iraqi dinar parked on the price of the U.S. dollar."