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I made a phone call to the Bank of International Settlements in Switzerland this morning and wanted to share the conversation with you. I called and asked to speak with Mr. Jaime Caruana who is the General Manager of the BIS and was transferred to his office. His assistant answered the phone and told me he was in meetings all day and asked if she could help me. I told her "I was an ordinary citizen of the USA and that I had a question about Iraq'a CBI. That I had worked hard all my life and invested my savings into the emerging ecomony of Iraq. Due to the recent developements with the CBI and Dr. Shabibi I was concerned about my investment and could she speak to me about the situation". Up to this point in the conversation things were cheerful and cordial but as soon as I asked the question I could tell her guard went up immediately. Her exact words were " I am prohibited from making a statement about that at this time". I thanked her for her time.

My impression was that the BIS is all too aware of the situation, as they should be. In my opinion there is much, much more going on then meets the eye and I feel confident that the international community is all over this situation with Iraq in general and with the Central Bank. Keep the faith !

Below is information about the BIS:

The mission of the Bank for International Settlements (BIS) is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks.

In broad outline, the BIS pursues its mission by:

promoting discussion and facilitating collaboration among central banks;

supporting dialogue with other authorities that are responsible for promoting financial stability;

conducting research on policy issues confronting central banks and financial supervisory authorities;

acting as a prime counterparty for central banks in their financial transactions; and

serving as an agent or trustee in connection with international financial operations.

The head office is in Basel, Switzerland and there are two representative offices: in the Hong Kong Special Administrative Region of the People's Republic of China and in Mexico City.

Established on 17 May 1930, the BIS is the world's oldest international financial organisation.

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