Originally Posted by
wellwishes
I can really appreciate this comment Archangel. If, for whatever reason, this rumor falls thru, it doesn't mean it was not credible or factually based. I truly believe a reval was planned, at least once, in the past, and was postponed for their own reasons. There is no way, they meant to keep this currency at this rate, for such a long period of time. One thing that took MUCH longer than anticipated was the debt forgiveness, which certainly affects a reval and all other economic decisions.
Some feel that there is no way, news of an impending reval would be leaked to the public. (The news over the last 30 days has clearly stated a reval....just not how much). In Iraq's case, I can see two MAJOR reasons why a leak of a reval would be approved:
1) The extremely high exchange rate, grossly affects the abilities of the local businesses. Iraq is a net importer, to an extreme extent. Most all ingredients, parts, components, etc. that a merchant would need to sell their goods are imported and therefore affected by the high exchange rate. If I were a merchant who recently imported a large amount of goods, only to have a reval the next day, I would be furious.
2) Individuals and businesses that have managed to save money and kept or converted the savings to USD. There would be a MAJOR rebellion if the CBI suddenly revalued the IQD without giving the higher net worth people a chance to convert their USD to IQD. Not allowing this courtesy to the poor would be even worse.
There has been a well organized effort to imply that a reval is coming over the last 30 days or so, through all Iraqi media outlets. The news over the last two days is as strong as you can get, without stating a time and amount. Iraq HAD to leak out news of an impending reval for the above reasons, just to name two.
I bet Susie's rumor is not as much a rumor. The question is.....Will Iraq execute the plan at THIS time, as is planned, OR, will they postpone it again???
....Sorry Archangel, for highjacking your post.:blush: