MarkZ
There is a lot of news out of Iraq. According to the Iraqi press they are working hard on a change of value and deleting of the zeros. Deleting the zeros does not mean just take the zeros off…it means the dinar gains so much strength that you cannot use the bills with the 3 zeros on it… This is good news for us.
Iraq needs the official rate to be close to the trading rate. They can fix this. Saleh and others are suggesting they let the economy figure the rate out and no longer have an official fixed rate. If the market decides that would remove the black market completely...This is similar to conversations Kuwait was having just before they RV’d and had a release in value. These are steps we have seen before in past currency revaluations. They have been doing this for quite some time…they are just now starting to tell us about it.
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