Jeff

  In Jeff 

I know there were a fair amount of people that were hopeful that the rate would change December/January because they were under the impression that Iraq’s fiscal year was started January 1st.  We haven’t seen the rate change yet. On December 20th they devalued the currency. If they had plans to change the rate in January, devaluing the currency at the end of December would not have served a purpose…the reason why they devalued the currency on December 20th was because they need 90 days to reduce the dinar note count and squeeze more dinar out of the citizens. They need 90 days to do that…Iraq’s fiscal year starts April 1st.