Sunday, October 14, 2007

Iraqi Dinar exchange rate stabilized for Ramadan holidays

Stop Fundamentalism, October 14 – The Iraqi Central Bank has frozen Iraqi Dinar’s exchange rate selling at 1232 per Dollar until next Thursday, October 18, said a bank spokesman, Friday.

The Iraqi Dinar exchange rate has held almost steady for past weeks, rising about 5 Dinars per Dollar since mid September.

The Iraqi Central Bank runs a daily auction from Sunday through Thursday every week; however, the auction will not take place this week, Sunday through Tuesday, due to the end-of-Ramadan holidays. The international trading of the Dinar, on the other hand, will continue at the stabilized rate specified during the holidays.

The Iraqi financial market has opened doors to trade from other countries allowing foreign traders to participate in the Iraqi exchange market since early August.

The Iraqi Dinar has appreciated to its current value against the dollar from as low as 2,200 in the aftermath of the war.

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