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August 12, 2011

Robert XXXXX

Caldwell, ID 83605-5531

Dear Robert:

Thank you for contacting me regarding the revaluation of the Iraqi dinar. I appreciate hearing from you and welcome the opportunity to respond.

I share your concerns about the nation’s fiscal challenges. Our deficit and debt crisis are the greatest threats to the future of the U.S. We must look aggressively at all of our options to restore our fiscal health. Please know, as your U.S. Senator, I am working with my colleagues to advance real fiscal reform solutions.

Many have expressed their concerns over the future revaluation of the Iraqi dinar. As you may know, the dinar is held at an exchange rate specified by the International Monetary Fund (IMF) of 1,170 dinar per U.S. dollar at the Central Bank of Iraq. A standard international exchange rate has yet to be established.

You may be interested to hear how Iraqi officials addressed this issue in their March 2003 Letter of Intent to the IMF:

We have worked with IMF staff to complete the review of exchange laws and regulations and are considering measures to remove the identified exchange restrictions on current international transactions. We remain committed to avoid imposing any restrictions on the making of payments and transfers for current international transactions or introducing multiple currency practices.

As a member of the Senate Banking Committee, I am taking a close look at the revaluation of Iraqi currency, and any implications it might have on the U.S. Please rest assured that I will continue to monitor this situation.

Again, thank you for contacting me. Please feel free to contact me in the future on this or other matters of interest to you. For more information about the issues before the U.S. Senate as well as news releases, photos, and other items of interest, please visit my Senate website, http://crapo.senate.gov.

Sincerely,

Mike Crapo

United States Senator

MDC:SF

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