In MilitiaMan

Article: “Clarification on foreign reserves in the Central Bank of Iraq”   Quote:  “…the minimum value of foreign reserves that the monetary authority must possess and that is calculated according to internationally approved standards – represents the ability of the monetary authority to defend the local currency exchange rate”… This article ought to be one we all smile about. Because they are not doing this now at a program rate. imo.. They are gearing up to use the tools for a new exchange rate and it appears they are ready to act on a moments notice…imo. This is timed accordingly.