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April 30th, 2012
The high volume of petrodollars flowing into Iraq’s economy could push up the price of goods and services, a dynamic exacerbated by continued growth in public-sector
wages. The CBI’s base policy rate held steady at 6% for the eighth consecutive quarter, and the official exchange rate for Iraqi dinar strengthened marginally against the U.S. dollar, selling at 1,166 per dollar through much of the quarter. That rate is down slightly from 1,170—a level that had held constant for the past three years. However, a spike in demand for dollars generated by merchants
from neighboring Iran and Syria—suddenly unable to procure sufficient amounts of the U.S.currency at home because of international sanctions—helped drive the unofficial street exchange rate above 1,320 dinar in mid-April. In April 2012, the CoM postponed indefinitely plans for a currency reform that would have removed three zeros from the Iraqi dinar in 2013 and required the issuance of new currency notes. The reform would have made the dinar’s value slightly less than $1. It is currently worth less than one tenth of a cent.
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April 30th, 2012
The high volume of petrodollars flowing into Iraq’s economy could push up the price of goods and services, a dynamic exacerbated by continued growth in public-sector
wages. The CBI’s base policy rate held steady at 6% for the eighth consecutive quarter, and the official exchange rate for Iraqi dinar strengthened marginally against the U.S. dollar, selling at 1,166 per dollar through much of the quarter. That rate is down slightly from 1,170—a level that had held constant for the past three years. However, a spike in demand for dollars generated by merchants
from neighboring Iran and Syria—suddenly unable to procure sufficient amounts of the U.S.currency at home because of international sanctions—helped drive the unofficial street exchange rate above 1,320 dinar in mid-April. In April 2012, the CoM postponed indefinitely plans for a currency reform that would have removed three zeros from the Iraqi dinar in 2013 and required the issuance of new currency notes. The reform would have made the dinar’s value slightly less than $1. It is currently worth less than one tenth of a cent.
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