Monday, September 3, 2007

Iraqi dinar trading permit extended

Finance minister renews permit to trade Iraqi dinar in Israel, extended validity by two years

Zvi Lavi

Published: 09.03.07, 09:00 / Israel Money

A special permit for trading Iraqi dinars in Israel has recently been renewed. Finance Minister Ronnie Bar-On decided on the move due to the widespread trade of the currency in the country.

In the United States, the currency turnover has reached nearly $500 million since the Iraqi dinar began being traded there at the end of 2003, following the printing of new bills issued by the al-Maliki government, which was voted into office under the auspices of the American occupation.

Initially, the permit was issued for a period of one year; its renewal has extended its validity by two years, despite the fact that Iraq is considered an enemy state.

According to estimates by Govev Investments, which has been trading the Iraqi currency over the past year, the currency turnover equals in value to over $20 million. The Iraqi dinar currently stands at $0.0008.

The demand for Iraqi currency in Israel has increased since trading began, under the assumption that its value will also increase with the rehabilitation of Iraq and its economy.

Economists see a promising potential in Iraq to become a wealthy, modern country because of its oil and gas reserves, and its vast, fertile agricultural land.,7340,L-3445047,00.html

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