Stop Fundamentalism, Friday September 07 – The 1003 daily currency auction was held at the Central Bank of Iraq yesterday, announced the ICB on its website, selling Iraqi Dinar for 1237 per US Dollar. This is a gain in value of 10 Dinars for each Dollar since the beginning of August.
According to the report, 18 banks participated in the auction.
The Iraqi Central Bank runs a daily auction from Sunday to Thursday every week.
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.
Meanwhile businessmen from southern Iraq met with their international counterparts yesterday to discuss business and investment opportunities in the war-torn country. The new investment law is expected to facilitate investment for both Iraqi and non-Iraqi businesses by providing a secure investment environment.
The sectarian violence has greatly damaged economic activities in Iraq by driving up prices, inflicting hardship on the country’s millions of poor and unemployed.
The Iraq Dinar has appreciated to its current value against the dollar from as low as 2,200 in the aftermath of the war.
While business is reported to be booming in the semi-autonomous region of Kurdistan in northern Iraq, it is subdued in the rest of the country due to the violence.