1-27-2015 *Kaperoni

[Vixen]

1-27-2015 *Kaperoni ~Article quote: "The CBI has decided to take the necessary measures to boost liquidity in the banking system and simplify the sale of foreign currency procedures in order to facilitate the stability of the market and exchange rate measures." This is sorta a big deal...In the past the CBI has been reluctant to fully liberalize the sale of foreign currencies because of the currency smuggled or leaving Iraq. If this continued it could reduce the CBI reserves. Therefore for them to be doing so, they either have a handle on where the money is going or being used or they have curbed the problem enough to try to fully comply with the IMF. Either way, and for whatever the reasons, its good news for us. The sooner they are in compliance, the sooner they can exit Article XIV and move to Article VIII. I also was looking for the "official" press release confirming they were taking these measure and today that was posted on the CBI site. We should see some changes in the Market Rate in short order now.