BUNA is a mechanism. It is a method by which the Arab Monetary Fund, which owns the BUNA platform regulates trade within the 20+ Arab countries…all these currencies are all part of the BUMA platform. That is the mechanism that those organizations trade within their countries and outside their countries in the international market place…using a very fast method of transferring inter currency moneys. What’s important is Iraq joined this platform on January 4th this year.
They did not engage but they did join the platform…why would Iraq join the BUNA platform? First of all the BUNA platform requires the the currency be internationally tradable…Iraq joined them on January 4th…but they don’t go live on the platform until Wednesday the 10th…which means they have to have an internationally tradable currency on Wednesday if they transact. That’s a big if. If they transact then something has changed. We would all love for this to happen. Is it going to happen? I don’t know…If they do, we’ll know about it because they’ll have to change the rate. That’s why the BUMA platform is so important.