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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: orkrious who wrote (274320)1/16/2004 10:04:10 PM
From: ild   of 436258
 
New currency play:

Dinar Gains Strength
From Associated Press

BAGHDAD — As the euro, yen and other major currencies surge in value against the wilting dollar, even Iraq's bantamweight upstart — the "Saddam-free" dinar — is showing unexpected muscle.

The new dinar, introduced in the fall, has strengthened by about 45% in dollar terms. The previous notes became worthless Thursday.

Coalition authorities see the dinar's ascent as a vote of confidence in Iraq's economy.

But currency traders blame speculators in neighboring countries for hoarding the dinar and driving up its value in the hope of later dumping it to make a quick profit.
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