FRANK & EAGLE1 TUES NIGHT!
(..just my notes. started transcribing when Eagle1 talks)
One of our private bankers, who was contacted by some state department officials, presently stationed in Baghdad. And they were referred to our friend because she has been very helpful in helping other folks open up business and personal accounts at the bank, including preparation for exchanging their dinar, when the RI or the RV is announced.
When these gentlemen explained to her who they were, and where they were located, and she asked them how in the world they called her instead of somebody else. And they explained to her that she came highly recommended because she was familiar with the IQD, and they all held IQD, wanting to have accounts ready to exchange.
And so she said, "While I have you on the phone, what can you tell me about what's going on in Baghdad; what's going on with the revaluing of the dinar?"
(party) And they said, "What we can tell you is what we believe we know, is that IT IS DUE TO SHOW THURSDAY OF THIS WEEK."
(party) "And it will come in at a low rate, at probably a $1.00 or $1.17. So that, initially when it comes out, there will be many people who are in a state of panic, who will immediately exchange their dinar for us dollars, and the CBI will gather in a huge amount of dinars, right immediately."
(party) "However, the rate is going to FLOAT FREELY, and they expect it to go up, over a period of days or even weeks to somewhere in the range of $10, or $12, or even $15.00."
(party) "They are going to allow that to take place, so that certain countries can get their debts paid off."
(party) "When those debts are paid off, they will be immediately moved to the rate back down. The objective is to allow it to settle and to manage the float, in the mid-$4.00 range."
Posted by John MacHaffie at 12:23 PM