Iraqi Dinar Discussion Board

[Rasica]

Central bank governor: Dinar rose against the dollar by 20% in 16 months

Baghdad - Voices of Iraq
Tuesday , 27 /05 /2008 Time 4:24:56




Baghdad, May 26, (VOI) – The Iraqi dinar went up against the U.S. dollar by 20 percent in the past 16 months, said the governor of the Central Bank of Iraq (CBI), attributing the rise to the bank's policy.

"The improvement in the dinar was the result of the monetary policy adopted by the bank, which appreciated the dinar against the dollar in its daily auction throughout the past 16 months," the governor, Sinaan al-Shabibi said during a Baghdad-based press conference on Sunday.
The exchange rate cannot be determined because it depends on several factors, mainly inflation, and the supply and demand for the dollar, al-Shabibi noted.
During the past three or four years, Iraq suffered from inflation that reached 65 percent, according to figures announced by the Central Agency for Statistics, he noted.
Al-Shabibi called on the Iraqi government to pay particular attention to economic growth by supporting the industrial and agricultural sectors.