Nebuchadnezzar
06-25-2005, 04:14 PM
Source:
http://www.azzaman.com/english/index.asp?fname=news%5C2005-06-03%5C10394.htm
Iraqi dinar defies spiraling violence
By Intisar Maki
Azzaman, June 3, 2005
The upsurge in violence has worsened conditions for almost everyone and everything in Iraq, but the new currency...
...Since its launch in October, 2003, the new dinar has preserved its value vis-à-vis the U.S. dollar and other major countries. It is probably the only symbol of stability...
However, Iraqi economists are not surprised to see the currency fending off the political turmoil and the descent into violence... Thanks, they say, are mainly due to the Central Bank, which is one of the few government branches of the post-war era untainted by corruption.
...Other factors leading to the currency’s stability, in her opinion, include “the slight improvement in oil exports and the writing off of 90% of Iraq’s foreign debts.”
In the 1970s one Iraqi dinar was worth more than three U.S. dollars as Central Bank coffers were then stashed with hard cash, gold and other assets to support the currency.
...A new currency was launched shortly after the fall of the former regime. While Iraqis had no trust in the former currency, confidence is growing in the new dinar which is currently changing hands at about 1,400 for one U.S. dollar.
“...The issuing of the new currency has been very important for the Iraqi economy … it has offered Iraqis their first chance in nearly two decades to have their savings in the dinar rather than OTHER hard currencies,” he said.
“...Today demand for the dinar is higher than foreign currencies inside Iraq. The (central) bank’s polices have given a big boost to the dinar,” he said.
Yahya Najar, of Baghdad University’s College of Economics and Administration, said the new currency “is BACKED BY FOREIGN CASH AND GOLD and has earned the trust of the public.”
...Under Saddam Hussein the average monthly salary of a civil servant was 7,500 dinars (about three U.S. dollars). Today it has ballooned to nearly 300,000 (about $200).
Source:
http://www.azzaman.com/english/index.asp?fname=news%5C2005-06-03%5C10394.htm
Now here is the RUMOR: Obviously, Iraq is soon due for another "ballooning", wouldn't you say, Lance?" :)
http://www.azzaman.com/english/index.asp?fname=news%5C2005-06-03%5C10394.htm
Iraqi dinar defies spiraling violence
By Intisar Maki
Azzaman, June 3, 2005
The upsurge in violence has worsened conditions for almost everyone and everything in Iraq, but the new currency...
...Since its launch in October, 2003, the new dinar has preserved its value vis-à-vis the U.S. dollar and other major countries. It is probably the only symbol of stability...
However, Iraqi economists are not surprised to see the currency fending off the political turmoil and the descent into violence... Thanks, they say, are mainly due to the Central Bank, which is one of the few government branches of the post-war era untainted by corruption.
...Other factors leading to the currency’s stability, in her opinion, include “the slight improvement in oil exports and the writing off of 90% of Iraq’s foreign debts.”
In the 1970s one Iraqi dinar was worth more than three U.S. dollars as Central Bank coffers were then stashed with hard cash, gold and other assets to support the currency.
...A new currency was launched shortly after the fall of the former regime. While Iraqis had no trust in the former currency, confidence is growing in the new dinar which is currently changing hands at about 1,400 for one U.S. dollar.
“...The issuing of the new currency has been very important for the Iraqi economy … it has offered Iraqis their first chance in nearly two decades to have their savings in the dinar rather than OTHER hard currencies,” he said.
“...Today demand for the dinar is higher than foreign currencies inside Iraq. The (central) bank’s polices have given a big boost to the dinar,” he said.
Yahya Najar, of Baghdad University’s College of Economics and Administration, said the new currency “is BACKED BY FOREIGN CASH AND GOLD and has earned the trust of the public.”
...Under Saddam Hussein the average monthly salary of a civil servant was 7,500 dinars (about three U.S. dollars). Today it has ballooned to nearly 300,000 (about $200).
Source:
http://www.azzaman.com/english/index.asp?fname=news%5C2005-06-03%5C10394.htm
Now here is the RUMOR: Obviously, Iraq is soon due for another "ballooning", wouldn't you say, Lance?" :)