As always, translated pages are subject to interpretation and mistakes can be made, BUT… I like this one!
Advisor Mohamed Saleh tells the press,
the official announcement of the withdrawal is a recognition of the improved security, a fact which serves the starting point of monetary policy and contribute to the enhancement of the value of the dinar against the dollar… (link)
Earlier last week, Dr. Mohamed Saleh also stated that it would be of benefit to consider where 95% of Iraq’s income originates – oil.
The benefit of the central bank is to determine the relationship of the Iraqi dinar currency other than U.S. dollars… (link)
Sounds like Dr. Mohamed Saleh is keen on increasing the value of the Iraqi Dinar against the US dollar, and perhaps he’d like to peg it to oil instead of the USD.
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2 responses to "Monetary Policy in Iraq set to change?"
That would make sense, since the value of the USD is dropping like a bag of potatos!
The PPB of Oil would be great for them to peg against, but wouldn’t it fluctuate too much for a stable currency?
Unless they base it on the past 6 month average or something…
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