Jeff
Iraq technically does not need to amend the budget if they're not changing their rate. The budget already covers their operating expenses. But they would need surplus funds to cover the reforms. The reforms are contingent upon the rate changing.
They can't bring these reform package forward if the rate does not change. The only reason they're amending the budget is because the rate is changing...The step of amending the budget can happen either before or after the rate changes ... They will probably announce Thursday or Friday as to when they plan to amend the budget, which they'll probably do around this weekend...
One of the major things Iraq has to do before they can revalue the currency is they have to pause all of their money. They have to suspend it. Freeze it. As of Friday both the central bank and the government of Iraq paused and froze all their monies. What does that mean to us? ...By them suspending all of their monies between the central bank and the government that makes this [past] weekend...the first eligible weekend for Iraq to be able to revalue the currency...
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