The news from Iraq is all about two things: 1) News from the CBI telling its member banks to stop all financing and loan contracts from Dec 1, 2019 to Jan 1, 2020…this is part of the revenue stream for banks so this is not an easy task to ask them to do for a month, unless it was important. So what does this mean? The CBI has wanted to complete the “project to delete the zeros” and then reinstate the Iraqi dinar and that the best timeframe is do this at the beginning of each fiscal accounting year. JANUARY is the beginning of their fiscal year. All attempts so far have been made during this period. So…once again we have a target of now up to early January 2020 to expect this project to delete the zeros to move ahead again and get a rate change in Iraq.
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