Footforward They had a conference last year similar to the London Conference & 90% of the guest list didn’t show up because Iraq had not RV’ed. A lot of dealers, investors and big money people are in London & without an RV & yet they have convinced them to come, so this is interesting. There is a lot of international pressure on Iraq. There’s all kinds of proof out there that the ministers positions have been filled & the HCL & Erbil is done. Talabini is back, but he is not the trigger. They want to RV, they have to RV and it will be at a good rate.
From and Iraqi standpoint it helps nothing & accomplishes nothing to have it RV at $.35 and then float up. I think the rate is going to be high & I don’t expect it to float. I am still looking for it right away.
Also, this thing about a currency float. There are groups that believe that Iraq will just RV, snap your fingers and you have a new high rate, it’s all over & done with in seconds. Others believe in an RI which is basically reinstates the old rate of $3.22, or $3.86 with 20% added for inflation.
Then there are people that think it will be a float, where it will come out low, $.05 or $.10 & then they will let the market drive it up. I don’t know why anyone thinks this is plausible. There is no chance. The rate that comes out is going to be controlled. It’s not going to come out @ $.10 & then float up. Also, they need to open one of their budgets. All of the budgets that have come out in the last several years are well above $1.