[Iraq boots-on-the-ground report] FIREFLY: Some guy on television talking about advantages that we as Iraqi citizens are going to have with a fixed exchange rate pegged to a stronger currency. He says Iraq now has a soft peg and…the float is not necessarily as a fixed rate… FRANK: The monetary reform education is explaining the reason why you don’t need a basket…They are also expressing you don’t need a float. That’s because your reserves are so powerful…But IMO the float will occur because it needs to reach the real effective exchange rate of your currency on an International level. They are also trying to explain to you you do not need to be pegged to any currency, not even the dollar.
