Dollar falling sharp against Iraqi Dinar

Stop Fundamentalism, December 28 –Iraq’s Central Bank auctioned the Iraqi Dinar at 1325 per Dollar as Dinar was reportedly exchanged for 1337 in open market as exchange sources reported, Thursday.

Earlier last week, the Central Bank called 2006 a record year for exchange of Dollar into Iraqi Dinar as $109 million was registered to exchange at the participating banks.

Since the introduction of new Iraqi Dinar, this currency has demonstrated a great potential in gaining value against Dollar as it was traded for just below 1440 per Dollar at the end of last month.

Some analysts anticipate that the Iraqi government plans to push Iraq’s Dinar value high to be fixed at 1000 per Dollar.  The Iraqi Central Bank has since denied any attempt by the bank to do so.