Jeff

  In Jeff 

Iraq did indeed change their exchange rate today [Devalued to 1460]. It’s really not a big deal. Why did Iraq do this? Iraq’s inflation was sliding a little bit. It was rising…up to about .8%. That’s the reason they devalued it. They still have very low inflation. They’re still below 1%. So they just had to devalue the currency a little bit…this is nothing major…this move has nothing to do with economic reforms. This is just a band-aid…this is not a “rate change”…this is nothing more than a hiccup.