The Central Bank of Iraq now uses 1310 as its official exchange rate for formal transactions; it is not a REER. It is not a rate set by the market, but rather one that is managed. The Real Effective Exchange Rate, or REER, is an alternative. It’s a planned move that compares the real worth of the dinar to a basket of inflation-adjusted currencies. In contrast to currencies like the euro, yen, or pound, the Iraqi dinar is not readily traded on major international markets. 1310 is not a Real Effective Exchange Rate.
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