7-24-2012 Doc: The HCl appears to on a fast track. A member of Parliament was quoted as saying “the HCl law is ready and there is no reason for delay”. He went on to say this is the single largest issue with the current political situation.
We continue to speculate that even though it is Ramadan there are many under-the-table deal going on and when Parliament returns in mid August the vote will be rapid and a formality. We can only hope that when passed Maliki will finally live up to its commitments. If he does not this time around we are certain the fallout response will be enormous and rapid.
7-24-2012 Doc: We were also encouraged by comments directly for Shabibi. He said he did not want to implement currency reform in the middle of a financial year. He has also told the GOI several times he is ready to go.
Of course the GOI is not ready and hence all the stall tactics we have seen reported recently. This is also why Shabibi is pushing to have the new currency in place by years end and have the 2013 budget reflective of this change.
This is a pretty clear indication Shabibi is targeting this event no later than years end. He is still trying to engage the GOI and partner with them. However, even his patience can only be so long. He made it perfectly clear that he does not want this delayed past the start of the 2013 financial year.
7-24-2012 H-Spot: When I was at the Wells Fargo in pacific beach a few months back, I asked them about the dinar. They said that they had received a corporate memo (not sure if that is the exact term) that they would be dealing with it soon (ugh, that word).
I was happy to finally hear a ‘bank’ saying something about it for myself. They didn’t say anything about a revaluation or anything like that though. I tried to act stupid with them (not hard) and say my cousin on the east coast had given me like 500,000 of it, and I didn’t know anything about it.
The guy just said that maybe it could be worth something in the future. I was really discouraged before that, always hearing others talk about their bank stories, and never believing them because I always got different responded from the banks I talked to-i.e: scam, etc. That’s why I was encouraged when I heard it for myself. Of course, it wasn’t embellished like the others too…date rate stuff.