Dinar soars on news of oil export deal<\/p>\n
BAGHDAD (Reuter): A tentative agreement on procedures for
\nimplementing limited Iraqi oil sales has strengthened the local
\ncurrency against the U.S. dollar, traders and money changers said
\nyesterday.<\/p>\n
Iraq's dinar currency soared to 950 to the dollar on Baghdad's
\nblack market from about 1,200 early in the week, they said.
\nGovernment-licensed exchange houses offered 890 dinars for one
\ndollar.<\/p>\n
Traders attributed the latest surge in the dinar's value to
\nthe resolving of obstacles regarding the selection of overseers
\nto monitor Iraqi oil contracts. They also said absence of
\ncriticism on the part of the official press of impediments by the
\nU.S. was also a contributing factor.<\/p>\n
Official newspapers yesterday highlighted the agreement in
\ntheir front pages. The ruling Baath party newspaper said oil
\nsales procedures by U.N. sanctions committee would be ready on
\nFriday.<\/p>\n
\"The value of the dinar has increased against the dollar as
\nsoon as the announcement came from New York that the sanctions
\ncommittee has finally reached an agreement to sell our oil,\" one
\ntrader said.<\/p>\n
Iraq's oil deal with the United Nations allows oil sales worth
\nUS$2 billion in six months for relief purposes. The issuing of
\noil export procedures and agreement to Baghdad's food
\ndistribution plan are key requirements for the unleashing of
\npartial exports.<\/p>\n
The signing of the oil pact on May 20 pushed the dinar to
\nabout 500 to the dollar from 3,000 early in the year.<\/p>\n
Prices of essential commodities, traders said, did not react
\nto yesterday's surge in the dinar.<\/p>\n
A kilogram (2.2 lb) of sugar was still offered for 700.
\nSimilarly a tray of 30 eggs fetched about 2,150, the price
\nprevalent early in the morning.<\/p>",
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"sponsor": "Okusi Associates",
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