_2-22-2012 SWFloridaGuru: We have a contact who has a business relationship with a CBI official. The last word received from him was the is a process underway to reform their currency. He wouldn't give any other details.
Also, we heard from someone connected to the Fed who witnessed a major transfer of IQD to China. According to him China owns 1/8 of the worlds IQD. They are also monitoring what the UN is up to and report they are helping move this process along.
We've been watching closely the steady push for the Chapter 7 removal and how this ties into the raising of Iraq's exchange rate. Kuwait has finally been cooperative along with support from the Arab League.
Today the UN announced they are ready to work for the promotion of democracy in Iraq and the Iraqi Council of Representatives will play an important role in this transition. The UN went on to say they are promoting the democracy in Iraq and helping develop the work of Parliament. With a joint effort to strengthen the administrative purposes in the House of Representatives as well, in conjunction with the parliamentary committees working together on the Memorandum of Cooperation between the UN and the Iraqi parliament. They say this is "undergoing the final touches, to develop a framework for joint action and to prepare comprehensive strategy for cooperation."
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_Under Chapter 7 the security council can and has enforced certain measures that apply pressure on Iraq to comply with their objectives. These sanctions have yet to be lifted because they are an important tool when diplomatic efforts fail.
According to our sources the RI/RV of the IQD is part of larger plan of currency reform and the process is currently underway to enter phase 2, where we will finally see the exchange rate of the Dinar raised to reflect the countries actual wealth. How long this process will take is unknown.
When Iraq follows through with this implementation we believe they will finally be released from the Chapter 7 sanctions and enter the world stage as an economic power
So, as you know this is a very involved process and although we will never get a solid time-frame, confirming that the process in underway is very encouraging.