You guys brought to my attention the article in which a Financial Minster of Iraq Allawi says he supports a floating exchange rate which is good…that means the market dictate the value of the Iraqi dinar. That means the Iraq dinar is not pegged to the US dollar any longer. Good. That’s what you want. But it’s not a true floating exchange rate. That’s what we call a managed float or a dirty float. In other words. it floats on its own depending on what the market things of it but if it goes too far one way or the other the bank interferes with the rate change and affects it either way – going up or down.
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