Iraq CBI Gov Says Any Exchange Rate Supported – Possible Revaluation?

American Contractor has translated the video interview with the Central bank Governor. Is it possible that the Gov. Turki, may be referring to a Iraq dinar currency revaluation? Iraq dinar currency with any amount. That is what the CBI Gov. stated in his interview with CNBC Arabia.

Iraq Central Bank Gov Turki interview with CNBCArabia – 17 June 2014

Governor of Central Bank of Iraq, Dr. Abdul Basit Turki,
“Monetary Policy in Iraq and the administration of CBI doesn’t have any worry in the management of monetary in Iraq (of course everyone know this exceptional circumstance) the Iraqi Dinar fully covered and there are foreign Monetary reserve that allow support of exchange rate of Iraqi dinar, with any amount so therefore there are no worry about this policy but we planning to be more efficiency in stable environment and more efficiency to lead the economy development in Iraq. We are sorry because we must to handle monetary policy in exceptional circumstance. So there are no any worry about support IQD or exchange rate or available of foreign money in domestic market.

Reporter: What is the amount of reserve in CBI?
Gov. Turki: We exceed the 70 billion US dollar.

Reporter: Is there gold reserve for example?
Gov. Turki: Yes, and we increased our gold reserve or our gold assets for three times in this year. By the way our assets from the gold and reserve are in the international Central Banks trusted.

Reporter: Great therefore you are ready to support IQD in any circumstances without limit?
Gov. Turki: Yes and we are sure we can to determine the exchange rate as CBI like.

Reporter: Are the transactions of foreign money from inside Iraq doing without restrictions?
Gov. Turki: Yes, its flexible and its one of more flexible transactions in Iraq.

End of Transcript

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