Frank26

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Within the 2 weeks of December we believe the economic reforms in Iraq will be in full speed in progress…we believe the movement from the RI to the RV will start sometime during that time frame.

We believe there is a time frame when they jump from the RI to the RV. IMOwe think they may start at something like 40 centsat the meeting on the 10th…they suggested 10 cents, 20 cents…but were told no…maybe they start at 40 cents.

That period from the RI to RV we believe will take maybe 7 to 10 days and you may not even see this suggestion of 40 cents…because it is electronic and you won’t see it.

In that time is when we believe the IQD will be moved into its natural rate position and then it will be free floated at a 2% monthly margin to increase it…that is up to you which to see how fast you can jack it up to its natural rate position…is that $3.22.

The Minister of Planning and Minister of Finance suggested $1.13 to $1.17 with a gradual increase to a 3+ range. …you may be surprised that the natural rate will come out later for the IQD. I like this 40 cent rate…that would make every 1 million IQD would be equal to $400,000.

If they do this, we believe we will not see this…it will be in this 7-10 day time framethey will introduce the LD’s and coins but after they finish the float that you will not be able to see until the currency is in its NATURAL RATE POSITION…then they will cap it…my teams are saying, in their opinion…the capped rate will be higher than Kuwait.

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