Tuesday, November 6, 2007

Central Bank of Iraq appreciates Iraqi dinar to 'rein in inflation'

Since September, the Central Bank of Iraq (CBI) has slowly appreciated the Iraqi dinar - as suggested by the International Monetary Fund (IMF) - in an effort to rein in inflation.

According to the U.S. Department of State, year-to-date inflation through August is 11.2 percent and the year-on-year inflation rate dropped to 20 percent, as monthly inflation for August was lower than for August 2006. Historically, prices tend to rise in the latter part of the year, and August's increase may reflect that pattern.

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