CBI’s Alaq comes out on Iraqi television Channel One Iraqi News and he tells the Iraqi citizens we are introducing a multiple exchange rate. Now, before you lose it and say, ‘That’s not possible. You can’t have two exchange rates.’ I understand. You cannot. There’s only one exchange rate in the country of Iraq which is going to be 1 to 1 when it’s all over and done with. Now, the reason Iraq is doing this multiple exchange rate is because it is allowing them to transition from a fixed rate (1320) to a float outside of the borders of Iraq. Multi-rates are for countries that have low exchange rates like the Iraqi dinar…Outside, supply and demand will drive the value up.
