Breitling

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There are two stages of the devaluation … you had Saddam Hussain under the old currency and at it’s peak without the note count being messed with it was $3.25 at 1 billion notes.
When they introduced the new currency they actually introduced so much in the market … let’s say they went back to the original note count with the economy Iraq was in after the 2nd Gulf War.
It was estimated that it would have been around $1.25 because of supply times velocity, the economy, they weren’t pumping out the oil … that was the economic state they were in.
So it was about $1.25 but they didn’t do that what they did was they started pumping out dinar right off the battons of it.

You had to have faith that Iraq was going to reduce the note count.
So the currency isn’t devalued…it is not a market based devaluation it’s an economic strategy devaluation.
And it’s held at this price for a strategic purpose…Iraq has hit every point they need to hit with their currency and the way they’re adjusting it to build their economy and then they get it to a certain point and guess what?
They are going to begin to reduce the note count and they’ve done that.