[Iraq boots-on-the-ground report] OMAR: On TV the confirmed proposal removes the three zeros at a conversion of 1,000 to 1 ratio. That is 1,000 old IQD notes to 1 new IQD note. Everything converts proportionally…bank account..prices…wages…contracts. The exchange rate re-expresses the same way. 1,310 IQD against the American dollar becomes $1.31 new IQD against the dollar…They’re telling us purchasing power is preserved. This is accounting simplification they said not a wealth event on its own. FRANK: But it will be for you [international investors]. But it gives the citizens of Iraq a fair chance…This is the education to the citizens of Iraq. :Frank26
