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I have been away on vacation but Ray and I have been in contact and just wanted to share our thoughts on the current direction of our investments regarding the Iraqi currency.
After reading every word regarding the Iraq Finance 2012 is the first major international conference focused entirely on banking and financial services in Iraq.
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I simply cannot imagine the following high ranking and most powerful people in Iraq going to this event or "International Conference" at the current exchange rate. Now they could, but to me it is not likely.
Furthermore, I like the following information:
The part I like the best is this;
The Central Bank of Iraq, as well as the Ministry of Finance, have adopted policies to fight inflation and strengthen the Iraqi Dinar. Red tape and bureaucracy are being removed and Iraq’s banking and financial services industry is poised to develop rapidly in the coming years.
I find the timing in mid September very unusual if Iraq has no intention of becoming a global economic giant.
I also love this bullet point:
Iraq is on the verge of a boom in project finance as massive industrial projects, power plants, and general infrastructure projects are established. I guess one could say, just exactly what is a "verge of a boom" mean? One could speculate that in order to take Iraq to the next level as a world global economic giant, means much more than a currency valued at .00086 to the United States Dollar.
Another thing I like about this conference is that it mentions in almost every other sentence "to meet and collaborate with other international investors regarding the development of the banking and financial services industry in Iraq".
I also like this one, To meet and collaborate with other international investors regarding the development of the banking and financial services industry in Iraq.
Their Aim --> Iraq Finance 2012 will facilitate constructive dialogue and exchanges between all the key players to rebuild a world-class banking and financial services industry in Iraq.
So I guess I would still like to share a word of encouragement regarding this investment. I just cannot see the leaders of Iraq putting their necks on the line again for a currency that has absolutely no value in the global market and try and promote global trade without being a member of the WTO. I really feel positive about the news and all of the activities coming together recently.
Both Ray and I feel that this is a very good article and yet another strong reminder in the direction they are moving towards.
I also read yesterday that Iraqi Unemployment “to be Eliminated” by 2016. Wow, I wish I could say the same for our country. Perhaps a change in leadership might be a start. All I see is positive news lately and I am very encouraged by it. Just reading that Iraq Oil Tops 3 Million Barrels for First Time Since 2002.
Have a safe summer and keep your spirits up as Ray and I feel that the end of one chapter is about to conclude and a new one commence.
Blessings to all.
Steve & Ray
