I agree with you to a point. An interesting point was made by a friend of mine who pointed to the Japan RV of 1985 [Plaza Accord]. They doubled the worth of their currency overnight without removing a single yen. My friend was there when the event took place. It's an interesting example of political "will" exercised on an exchange rate.
In Iraq's case its an artificial rate almost testing the dynamics of the fiscal policy. Plus I've observed trillions of dinar removed with almost no exchange rate adjustment and then again back in december the same twenty-five point movement over a few days with a fraction of dinar removed so it's not like its hinged to the circulation.
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