By John Lee.
The Central Bank of Iraq (CBI) has said that there is no justification for changing the exchange rate of the Iraqi dinar relative to the US dollar.
CBI Deputy Governor, Ammar Khalaf, confirmed to the official Iraqi News Agency (INA) that, "in our belief as a monetary authority, there is no justification for changing it ... changing the exchange rate remains within the monetary authority's policy and according to circumstances."
He repeated that economic circumstances are the main criterion, and "there is no future plan to change the exchange rate ... there is no justification or need to modify it."
Since the change of regime in Iraq in 2003, many unsophisticated investors in the United States have been persuaded to buy Iraqi dinars in the hope of stratospheric upward revaluations.