In Iraq it looks like from the Iraqi perspective talking to some of our Forex sources, it appears that the Forex was trading the dinar from its position of 1160 or 1168 down to 1140 so forth.
The thinking was it could be traded all the way down to where it would zero out and come back to $1. to $1.25 or something like that up to its true value.
The thinking is that the rate which we have seen some decent rates that were in the vicinity that Dr Shabbi talked about the dinar being able to support.
We have seen couple of these rates be on some of the new Qi cards in and outside of Iraq on Iraqi citizens and dual Iraqi citizens.
High rates that are stable. Are they place holder rates? Would it be giving us indication what the rate would be? We don’t know that yet.
On Thursday we talked about the ATMs in Iraq being active and alive. They were testing the ATM machines. We understand the tests were successful.
Now the ATMs are operable. If so then the lower denoms are out and have a new rate. Did that occur yet?
It is positive that the ATMs are ready to put out the lower denoms. The lower denoms, that is the new dinar currency that will replace the currency we have with numbers of bills such as we have 5 dollar bill, 10, 20 50 100, so on. We are expecting or waiting on is a rate to show.
Source: Dinar iraq and Dong Vietnam