It has been a very productive week for the Central Bank of Iraq
(CBI). The information from my close sources is that the
Re-denomination Revaluation Report has been completed by the
committee set up by the CBI. According to my sources it is
finalized, after taking 4 years. The report is ready and the CBI
committee is just waiting for Prime Minister Maliki to give the
green light for the CBI to deliver the report directly to him. The
Iraqi government has stated that they have some concerns upon
release of the report and does not want the public to start to
panic, manipulate prices or do anything with their current Iraqi
dinar. The decision has been made to not have an education
campaign with the public about the new currency as recently stated.
When the Iraqi government gives the CBI the authorization to place
the order to print the new currency it will take some time to ship
the dinar currency to Iraq and deliver it to the CBI. I would like
to make everyone aware that in absolutely no terms has Dr. Shabibi
been on any Baghdad news channel speaking about an RV or carelessly
given any rate in regards to anything. If he had, I would know and
be the first to be honest and upfront about it.
In reference to al-Warka Bank, the only update I have in regards to
them is that the bank is telling depositors that they (al-Warka)
are still waiting on a loan from the State Bank Rafidain for the
huge influx of cash to assist the bank with liquidity. As it
stands right now, they have no cash and have been suspended from
any trading on the ISX. They have shut down operations and bank
employees have told me that they have not been paid in over two
months.
There has been mention that there will be an upcoming merger with a
British bank. Word of advice, don’t place a lot of faith in the
merger. Dr. Shabibi is unwilling to sign off on any new bank
licenses at this time.
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