One thing the IMF told the CBI in order to be in compliance with Article 8 you must be 2% of your CBI rate within the market rate…commonly known as the street rate…so they brought the rate down…they brought the street rate down to make it Article 8 complaint with a 2% movement.
Look at 1166 what is 2%…23.32…add that to 1166…it comes out to 1189.32…what is the rate that the CBI put out today…1180 to 1182 up to 1214…1214 is the street value…1189 is the 2% compliance…they are moving from the RI to the RV…this is started…it is public.
Yesterday they decreased the street rate of 1214 to match within a 2% which is in Article 8 compliance…they are out of Article 8 but the rate must make it official before they tell you…
The IMF who tells all countries what to do with their currency…print, destroy…increase their rate, decrease…this I think is the last demand they had on the Iraqi currency…you have to be within 2% compliance of that street rate…we will help you but you have to be ready by the first quarter 2016 otherwise it does not work.
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