Iraq March 16-18th Budget is read TWICE then posted to CBI & Gazette.
How can CBI RV the currency before it is announced in the budget or posted on the CBI ? Doesn't make sense .
They finally have permission from the PTB to post a new rate ?? It's good news
Agenda for the meeting (12) Sunday (16) March 2014
First, read verses from the Koran.
Second: the first reading of the draft general budget of the Federal Republic of Iraq for the fiscal year of 2014. ( Finance Committee , the Legal Committee , the Committee of Economy and Investment). (Article 30).
Third: the vote on granting advance of the Independent High Commission for Elections.
Fourth: the first reading of the draft law by the Fifth Amendment to the law of maintenance of irrigation and drainage No. (12) for the year 1995. (Commission services and reconstruction, the Legal Committee , the Committee on Agriculture, Water and marshes), (2 items).
Begins the session time: eleven in the morning.
FIRST BONDS, THEN EVERYTHING ELSE.
The new dollar (US Treasury Note) for the USD exchange is being announced, and the new exchange rate.
This directly affects the bond purchases as when this is confirmed, the bank will be able to issue the contracts for the bond purchases.
The day for the release of the new currency is estimated to take place prior to March 17th.
The RV/Currency Re-set can then take place since the 198 currencies involved will now be based on USD which will be GOLD/ASSET backed ASSET
(Obviously, the RV could not have taken place with USD being a Fiat Currency.)
Posted by John MacHaffie at 8:43 AM