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Prolotario
@Prolotario1
Iraq Field Report: The Play By Play (The Calm Under Palm Trees)
Drawing Attention To The Course of Action Taken By The Prime Minister
Let me pull the veil back on what’s actually happening in Baghdad right now, because the mainstream financial press is about as useful as a chocolate teapot when it comes to reading the tea leaves of Iraqi monetary policy.
Redenomination
Revaluation
New Rate
Forex Market
All of this can happen in succession or AT THE SAME TIME!
Which would be quite the jump from the suspected bureaucratic timeline. But I am content either way. Because this is the only way to bring purchasing power to the Iraqi citizens. The Prime Minister knows there is no other way.
The timeline is the most critical piece, and it compresses based on what we just learned. The budget returned to the Ministry of Finance this week that recalibration takes 7 to 12 days under normal conditions, but this is being fast-tracked. My estimate is the recalculated draft returns to the Council of Ministers between November 7 and November 10.
The Council of Ministers approval is the keystone step once that happens, the rate framework is locked into the budget bill and becomes politically irreversible without a public crisis. From Council approval to parliamentary submission takes 3 to 5 days under the current political alignment, putting the budget in parliament’s hands between November 12 and November 14 just inside the November 15 window.
Parliament’s first reading to final passage under urgency procedures takes 14 to 21 days, which lands the final vote between November 26 and December 5. Presidential ratification takes another 5 to 7 days, putting the signed budget into law between December 3 and December 12. Iraq’s financial year opens January 1.
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The new rate would take effect concurrent with the budget’s implementation, meaning the earliest functional exchange rate change goes live between December 15 and January 1.
Read Full Article:
https://www.patreon.com/Prolotario1/posts/iraq-field-play-174210682
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