5-23-2012 SWFloridaGuy: The urgency we are now seeing to get this resolved is a great sign. For far too long we've only seen spinning wheels with no forward progress. We expect to see an outcome shortly, followed by some sort of public announcement.
Right now especially, we have to carefully consider the source behind what we read. I think we have to wait and see what events transpire and actions are taken, rather than just trust what is said in a press release. Each side is puffing up their chest and declaring victory, so right now we don't know what the truth is.
On the economic front, the IMF and World Bank have both instructed the CBI on how to correct abuses, implement policies, improve economic efficiency, and enter the next phase of their currency reform project. Shabibi made the statement today that Iraq needs to reform their economy and boasted of high oil production.
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Saleh also had a great press release today. Saleh said that raising the exchange rate and dropping the zeros from the currency would represent progress, freedom, and prosperity. He said "the exchange rate will be in direct proportion to its strength." Having a strong currency entails more than just having a high exchange rate, but the goal for the IQD has always been for it to represent the country's true wealth.
Saleh also said for this project to succeed it must be a concerted effort between the CBI, Parliament and the GOI. He said this is very important. So, for all the gurus who say the RV has nothing to do with Iraq, the CBI, GOI or the political unrest, HERE'S YOUR SIGN.
We need Erbil implementation, a seated government and the announcement of the strategic council. When we reach that stage, the CBI will remove the zeros and raise the exhange rate. This new adjusted rate will be sent to the BIS, from where it will finally be released back to all the central banks and appear live simultaneously around the world.