Today I can see the first signs of Spring in the mountains. This instills hope in me each year with certainty that better days are coming soon. The heavy snows of winter are now melting and filling the deep creeks beds with plenty of clean, clear, cold water.
Yes, the creeks are once again flowing and that sound of rushing water fills my heart with hope of warmer days to come. I like this time of the year since it seems so alive and mother earth is slowly awakening from the slumber of the long winter rest.
I come to you today to bring my weekly news letter. It is a long news letter today again as recent letters have been. Sorry I hope I do not bore you too much. :( ….lol…
The news is just so very good and encouraging this week. It is filled with hope that we will all be exchanging our currencies very soon. This has been a long journey for many but I assure you now it will soon be over.
There is so much news pouring out of all channels it is hard to gather it all and study it. My contacts from Iraq, the IMF and the US government are all excited about what is about to happen. I have learned from the past not to get too excited until I see some movement in the direction the intel is pointing. Last week and now during this weekend and I have seen this movement as confirmation.
I have been told the US government has finally made a decision to release the global currency reset (GCR) pending certain conditions were met. All these conditions have been satisfied. More excellent information was forwarded to me about the Iraq Bond situation.
Clearing houses have completed all underwriting for these instruments. We also now know that, by these bonds, a minimum rate is established that any revaluation of the IQD must meet in order for these Bonds to be successful in funding their intended programs. Thus the purpose of the bonds.
These bonds are expected to be released to the international financial sectors tomorrow, Thursday 03/13/14. What does this mean? Well if all goes well there would have to be an international announcement of some kind to satisfy investors that the IQD is now internationally recognized.
To do this a revaluation from the provisional post-war currency to the permanent dinar at the non-inflated rate would be necessary.
The key here is for them to allow the announcement to the rest of the world (the international investment community) that they are back and now the doors are officially open for business with Iraq. This will be yet another level of investors flocking into Iraq once this occurs. This could be a very exciting week.
Banks in Iraq have had the lower denomination bills stock piled in their faults for well over 6 months now in anticipation of this event. Companies willing to expand operations in Iraq will now be able to do business once an international currency in recognized.
The complete changeover is about to happen. In fact the truth is they did actually begin distribution of the bills at one point months ago but were told to halt this action since the revaluation process was once again slowed for political reasons.
As we have learned in the past most citizens now use the Smart Card (debit card) for daily expenses. If needed there is limited paper currency available depending on which providence you are in. Prices in the shops have all been revised months ago.
From everything I am hearing the Iraq budget is completed and signed off by all parties. It is waiting in the wings for publication in the gazette, which should take place this week.
Once published it will become official and fully implemented. You have to bear in mind that the government of Iraq (GOI) does not have any money in which to operate. As of last week ending (end of February) they are entirely without funding unless the budget is opened.
They can not operate as in the past years using the old, inflated rate of currency since they already had an in country like revaluation to $3.41 months ago. Also government programs such as payments for food, pensions and salaries will be due for distribution this week (mid month).
There are also a number of contracts to service based on a revalued rate. Penalties have been paid in the past for non-performance by the government on payments to these contractors.
This can not continue and the GOI is standing firm now this will not continue any longer. Delegations have come the USA recently from Iraq stating that this political situation in holding up their economy must end.
So we can all see the pressure. How much longer could they hide this RV before we reach the breaking point? I believe from everything I am now hearing this week that we have reached that point.