The U.S. dollar registered a rise against the Iraqi dinar. Parliament calls for reforms
This is continued discussion - Previous comments and article can be found LINK
Punisher: Correct me if I am wrong but Parliament does have to approve currecny reform in the country right?
Juliebug: I think that while Parliament is enjoying their month long vacation, the CBI should just go ahead and raise the value. Let's see how they like that! LOL
Kaperoni: Punisher correct. But, it is clear that Maliki wants these laws and policies in place before he is willing to let the currency raise in value. As well, they need the law that adjusts accounting records and contractual obligations passed before the zeros can officially come off. Can the CBI begin a float? Sure they can. Will they RV to 1 to $1 overnight, not without the law in place.
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Punisher: Kap/Julie, if the C.B.I. today decided to raise the value/float with Parliament gone and no laws in place, would there not be a negative effect? And that would then put Parliament in a place where they would have to move at warp speed to get things done???
Tlar: Parliament already is behind the removal of the zeros and as they themselves have said in the past, it will require no special legislation to do this.
The COM is on record as agreeing when last year the said yes to the project but hold until July 1, 2013.
I think the ball is in the CBI's court. By now everyone knows Maliki will still continue to try to be an obstacle but personally I don't think he is going to be able to stop this as some in his own party recently have decided the country needs this. I also think that the rates will be back together before July 1st.
I agree with Kap, the international community will not allow the Iraqi monetary system to fall apart. For all we know this month, with 50% of the salaries paid in USD could be the last big push to remove dinar before they do something with the currency.
Not saying it is but the bank appears pretty tight with the dinars and if they had their way 100%, they would pay all salaries with USD as they wanted to do. They apparently would love to flood the country with USD and remove all dinar.
Framer: These laws might be passed already. Nujafi said that they would not go on break until laws where passed. Their break was to start on the 15th all of a sudden they went on break early. With all the articles coming out that they want the cbi to start reform sounds like they might have passed the laws jmo
Punisher: Farmer and Tlar, you guys paint a pretty picture :D I like.