I needed to make this clear for those who will attempt to use those reserves as an excuse as to why it is so impossible for Iraq to go back to 3.22 or 4.00. We are getting paid in secondary markets. We will not be draining Iraq’s reserves or economy. This is precisely why the reserve figure matters so much: the $85B isn’t a payout fund, it’s the credibility backstop that lets the secondary market absorb redemptions at the new rate without Iraq’s books imploding. The reserves guarantee the currency’s floor; the market handles the flow. :Ariel
