In MarkZ

[via PDK]  Iraq needs the official rate to be close to the trading rate. They can fix this. Saleh and others are suggesting they let the economy figure the rate out and no longer have an official fixed rate. If the market decides that would remove the black market completely…This is similar to conversations Kuwait was having just before they RV’d and had a release in value.  These are steps we have seen before in past currency revaluations. They have been doing this for quite some time…they are just now starting to tell us about it.