Actually, how i understand the HCL is that Iraq wants to use oil futures in addition to it foreign currency reserves.
If the exchange rate was 1:1 today, the CBI would need reserves otherwise to back it up. If people cash in all their dinars without proper reserves, they (CBI) would go bankrupt. This called a run on the bank.
Now, if Iraq can use oil futures as part of the foreign currency reserves, it means they have a ton more in reserves.
This is how important the HCL is.
I agree though, the sooner the better cuz inflation is out of hand and the purchasing power of the average Iraqi is nil. They need the reserves to back up a high RV.
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12-11-2006, 05:17 PM #761
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A teacher was giving a lesson on the circulation of the blood. Trying to make the matter clearer, she said, "Now, class, if I stood on my head, the blood, as you know, would run into it, and I would turn red in the face... then why is it that while I am standing upright in the ordinary position the blood doesn't run into my feet?"
A little fellow shouted, "Cause your feet ain't empty."
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12-11-2006, 06:01 PM #762
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12-11-2006, 07:40 PM #763
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Four years ago... no, it was yesterday. Today I... No, that wasn't me. Sometimes I... No, I don't.
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14-11-2006, 07:14 AM #764
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14-11-2006, 07:21 AM #765
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14-11-2006, 07:28 AM #766
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Suzie,
Ya know we appreciate you but let it go with Steph - We don't need that here.
Not becoming of a nice lady like yourself
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14-11-2006, 07:31 AM #767
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C A T T
That line is a CATT, and you spell it with too "Tees"!
Press Release: IMF Executive Board Completes First and Second Reviews Under the Stand-By Arrangement with IraqLast edited by motomachi; 14-11-2006 at 07:32 AM. Reason: forgot "That" site!
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14-11-2006, 08:14 AM #768
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14-11-2006, 08:19 AM #769
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A teacher was giving a lesson on the circulation of the blood. Trying to make the matter clearer, she said, "Now, class, if I stood on my head, the blood, as you know, would run into it, and I would turn red in the face... then why is it that while I am standing upright in the ordinary position the blood doesn't run into my feet?"
A little fellow shouted, "Cause your feet ain't empty."
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16-11-2006, 12:12 AM #770
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