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Al-Sunaid expects rise in the Iraqi dinar price before the middle of this year
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Translated by IRAQdirectory.com - [1/13/2007]
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A deputy in the Iraqi Parliament revealed that the rate of the Iraqi dinar will continue to rise against the dollar to reach a high level by mid-year.
The deputy on the United Iraqi Alliance list, Hassan Al-Sunaid, expected during a meeting of the Iraqi Parliament that the Iraqi dinar exchange rate will reach 1200 dinar to the dollar at mid-year, while the price of one dollar hit 1480 IQD last November.
Al-Sunaid's statement came during a session of the Parliament to discuss the general budget in Iraq during the year 2007, and it was attended by the Minister of Finance Bayan Baqir al-Zubaidi and a number of his advisers.
It is noteworthy that the Iraqi dinar has been rising gradually and continuously, in its value of exchange against the dollar since the Iraqi Central Bank adopted a new monetary policy to deal with inflation in the 13 last November.
He attributed the "causes of inflation to the disproportionate rate of the nominal level of the Iraqi dinar with its real one" which prompted the bank to raise the value of the dinar since November last year to reach during the current January to about 1320 dinar per dollar.
The expectations of Al-Sunaid of the consistent rise of the dinar to 1200 dinar to the dollar come amid widespread demand of investors and persons dealing in Iraqi dinar instead of the dollar.
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