Denial or Blueprint
The CBI issued two documents in one day. The public got a denial of new currency. Every bank in Iraq got instructions on money that cannot explain itself.
Thursday, August 27. The Central Bank of Iraq published two documents on Wednesday. One went to the public: a formal statement, the bank's first under its own name since a sitting minister said the zeros are coming off, denying that any new currency has been printed. Its companion went to every licensed bank and financial institution in Iraq, over the signature of Acting Deputy Governor Ammar Hamad Khalaf, and it was never written for the public at all.
The community spent the day arguing over the first document. We pulled the second. It instructs every counter in the country on how to treat the money of politically exposed persons. That means officials, their families out to the second degree, and the associates whose wealth a government salary cannot explain. One release manages what you believe. The other changes what a bank teller in Baghdad is required to do.
Today we walk through both, plus the report from Baghdad's cash machines that neither document mentions. Underneath it all sits the number that explains everything: 102 trillion dinars held beyond the reach of any bank, which all of this is built to bring in.
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