Iran apparently decided to delete 4 zeros today and introduce the Toman as the new currency. This took parliament approval and is a LOP. Very similar to what has been discussed with Iraq. This is not a RV/RI but a neutral event. We do not want to see Iraq do this…In fact, we have seen several articles in Iraq talk about parliamentary approval. Therefore, we know that is what the CBI is also considering. Parliamentary approval is not needed for traditional monetary policy.