THE REVALUATION CASCADE: Iraq has been operating under an artificially suppressed exchange rate since 2003. The dinar was deliberately pegged low 1,470 to the dollar under the program rate… Iraq’s currency was low not because Iraq is poor. Iraq is sitting on proven oil reserves of 145 billion barrels, 9% of global supply. Add natural gas, phosphates, sulfur, gold deposits in the northern provinces. Iraq economic reports…The currency does not reflect the asset base…
