All currencies have some type of backing …what supports the IQD is the oil industry. But there are other things out there like the amount of gold they buy, the amount of foreign currency assets they build up, all these things support the IQD. But when you say something is asset-backed that means this particular commodity solely and purposely supports the currency and Iraq doesn’t have any assets or any commodities that solely are developed for the sole purpose of supporting the IQD.
