Happy Monday Dinarians,
Well there seems to be a lot of mixed-feelings flying around in our Dinarian community and there is just as much “mixed news” out there also!!!
Today we noticed two exciting things on the Central Bank of Iraq’s ( www.CBI.iq ) website that gives us two really GREAT things to be optimistic and positive about – we hope you agree and find peace and confidence also with these!
FIRST: The CBI had a Currency Auction today (October 15, 2012 | Live | Screen-Shot) which sold over $294 Million in US Currency in Auction# 2235! This is another huge sale of USD. We are excited about this because we believe the CBI is intentionally making the IQD “scarce” and flooding the streets with USD which they will use as the “small currency” at the time of “RV”.
NEXT: The IMF released a document which was linked on October 5, 2012 which is extremely positive on the future outlook for Iraq. This is a short document and worth taking five minutes to read! It will cheer you up about Iraq and hopefully help you better understand how the International Community looks at Iraq.
HERE ARE SOME OF THE FIRST EXCERPTS FROM PAGE 1 OF THIS DOCUMENT:
In July 2012, the IMF’s Executive Board extended the SBA until February 2013 to allow more time for the authorities to implement structural measures envisaged in the program and address distortions in the foreign exchange market that have led to the widening of the spread between the official and market exchange rates.
Iraq is estimated to have the world’s second-largest oil reserves, with reserves of 143 billion barrels. By the 1970s, Iraq’s oil resources had enabled the country to reach middle-income status, with a modern infrastructure, and good education and healthcare systems. Since then, however, the country has suffered through three devastating wars, a long period of economic and financial mismanagement, and international sanctions imposed during the 1990s. These events severely damaged political and economic institutions and undid earlier economic and social gains. By 2004, per capita GDP had fallen to less than US$800 from US$3400 in 1980, and the country suffered from a crippling debt burden.
The task of rebuilding the country after 2003 remains immense and is made harder by sectarian politics and prolonged violence. Iraq’s reconstruction requires not only the rebuilding of its infrastructure, but also of its economic and social institutions and the creation of a business environment that attracts capital and brings with it new technology and skills to modernize the economy. Iraq’s huge oil reserves could, in principle, provide the revenues needed to finance the reconstruction, but strong institutions and favorable business environment are needed to use these resources effectively.
NOW… Ask yourself…. Do you really think after reading this IMF document that the World Community will let a punk like Maliki screw it up for Iraq and also the entire free World Community? Our opinion is, not likely!
Have a GREAT Day
~ Mr. IQD