"RV UPDATE" BY MARKZ, 5 JUNE

  MarkZ  

 [via PDK] 

  Question:   ...is it true the Budget has nothing to do with the rate. It’s dependent on oil? 

  MarkZ:  Yes and no…in the budget they left a mechanism for a revaluation based on rates and oil production. ….They can do the budget without the rate change- does it make sense to do that? NO….because they have been running over a 30% deficit each year.

  I have been unable to find a complete copy of Iraq’s budget that was passed to look for a rate.  I do not think the new rate is in the budget that was passed …yet.  They have the mechanism for changing the rate in there though. So they can do that rate change at anytime...They are still showing the official rate of 1310…. 

 It happened like this in Kuwait also…that although they had started the RV process. Kuwait was still showing the official rate for awhile. 

Comment:  Maybe they are waiting to put the new rate in the Gazette- either Wed or Sat?   

MarkZ:  That is very possible.