Article Quote: “Alaq…points out the decline in the price of oil has nothing to do with the rise in the exchange rate because Iraq has reserves for foreign currencies which enables it to defend the exchange rate.” That’s what central banks do my friends. They defend the exchange rate. That does not matter whether it’s at 1310, which they’ve done, or if it’s going to be at whatever the Real Effective Exchange Rate is going to be in the future. They’ve worked this out. This isn’t something brand new. They know what they’re doing. The drop the 3-zeros project is still…going to be applied.
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