In FRANK26 

Phase 2 – a second rate change…higher than 1 to 1? Yes. [IHO] $1.45…how long will it take to collect the 3 zeros before the citizens have a second rate change increase?  I don’t know…IMO it’s the same amount of time that they gave them to turn in the 50 dinar note…Is that second rate increase only domestically or domestically and international? It’s for both sides.

I’ll say this, when they do reach that benchmark, we walk into phase 3…conclusion…an area which we say all 3-zero notes that have been withdrawn from circulation allows them to finish their monetary reform and establish REER.  1 to 1 is not the Real Effective Exchange Rate and nor will [phase 2’s possible $1.45] IMO. This country is too powerful. I have no idea what this [REER] is.

You’re going to have the new small category notes that will be given to the citizens and they will coexist with a specific amount of 3 zero notes…as they get phased out inside of Iraq, they get phased out outside as well…5 or 6 years ago the 50 note was cancelled by the Central Bank of Iraq – they gave everybody 90 days. So, you had 90 days to turn in those 50 notes.

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