[Iraq boots-on-the-ground report] FIREFLY: The CBI talking about 1132… FRANK: Do you recall when it was 1700 to 1… I told you look they just moved it’s now 1300 to 1. I said our goal is for it to reach 1000 to 1 but {Firefly’s} bank friend says he thinks it’s going to hit 1190 then 1000 to 1 therefore to you we said IMO there will be one more exchange rate movement before it floats at 1 to 1. Remember that? FIREFLY: They’re trying with new measures to get the parallel dollar rate in the market to mirror the official exchange rate. The street rate is still 1500 but they’re trying to get it to be 1132. FRANK: 1132 is excellent! It keeps going in the right direction…The fact that it comes from the CBI it’s crucial… Now I believe we will see 1000 to 1 as the next movement.
