Economist: Currency backed more than one and a half times and no fear of them

8/10/2018

The economic expert in the name of Antoine, Sunday, the Iraqi currency backed by more than a value and a half and no fear in this regard, while he explained that it is supported by foreign currency dollar in addition to gold, he pointed out that the currency is not the basis but the economic front of the country only.

"The Iraqi currency is backed by the rare currency, more than one and a half times the real value, and there is no fear in this regard," Antoine said in a press statement.

The question is whether the increase in support through the dollar or gold will increase the value of the Iraqi currency, the expert explained that "the currency to ensure the flow and strength need to have a cover in foreign currency," noting that the currency is not the basis but the economic front of the country only When the economy of the country is recovering, the currency will automatically recover. "

The US dollar plays the role of the global reserve currency, with central banks in most of the world maintaining large reserves of US dollars to meet their needs for imported goods and services, thus capturing two thirds of the world’s foreign exchange reserves
and 80% of foreign exchange swaps.

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