We’ve established that Dr. Shabibi is back at the helm…Dr. Shabibi wants this to happen at the beginning of a year or the middle of a year…he said give me a long weekend…they will be gone on holiday starting Wednesday night…all Thursday…all Friday…all Saturday…maybe even Sunday. Is this timing…yes…it is the perfect storm for the RI…the RI…has nothing to do with numbers…it is a qualification of their country to be introduced into an international market…that is why the IQD is not traded right now, because of the locked program rate…no sanctions left to be filled…all are lifted but there are articles under the IMF but it looks like they are fulfilling them. …we think they will start about 40 cents for the citizens…then it may wait 7-10 days or may start right away…they may apply this new number in the middle of December.
Dr. Shabibi is ready to show this new number in the middle of December…the 7-10 day could be for distribution across GLOBAL banks with the 1 to 1 by the first quarter of 2016…then by the end of the year (2016) they will be where they want to be…just ahead of Kuwait…at that point they will cap the rate…that is why it won’t be a free float. It has to be a managed float so they can cap it once they get to the point where they want otherwise with a free float they have to answer to the 2% growth and it would take like 10 years to get to that cap point. IMO when they cap this toward the end of next year I think they will be between 3.86 and 4.30. Parliament is back on the 8th of December, will the rate be affected if they don’t vote the budget in…yes if they don’t do the budget and don’t do the taxes and tariffs then this will delay things…we are confident this will happen.