[Iraq boots-on-the-ground report] FIREFLY:
For many years they kept telling people to bring in the notes to the banks, but nobody trusted the banks in Iraq…They had [bank] cards printed for every Iraqi citizen…over 18 million cards so far. These card people are using them…to make payments for everything…The amount of money…being hoarded, ‘the 3-zero mattresses’, is probably way lower now because people are bringing in their 3-zero notes to put on their card so they can use their cards. FRANK: That’s brilliant…In my teams opinion they’re touching 90% [collected] … That’s why I feel so strongly we are in the position right now to introduce a new exchange rate…
