Japan to aid Iraq in rebuilding oil, gas industry

Iraqi Oil Minister Hussain Al Shahristani and Japanese Minister of Economy, Trade, and Industry Akira Amari—voicing concerns over global oil prices—agreed for the two countries to cooperate in a variety of measures aimed at reconstructing Iraq's oil and natural gas industry.

"The two countries confirmed that rebuilding the oil industry and increasing output are important for the stability of crude oil prices, and Japan is ready to fully cooperate to that end," Amari said after meeting with Al Shahristani.

Japan and Iraq will strengthen cooperation in a range of economic fields centering on the energy sector. They said oil and gas development and the reconstruction of existing energy-related facilities are essential for the rehabilitation of Iraq.

Basra refinery upgrade
Japan reconfirmed its commitment to implement development loans it has pledged, including one to help build refinery and export facilities in and around Basra. The 2.1 billion-yen loan to Basra includes installing secondary units such as a fluid catalytic cracker.

In January, the Japan Bank for International Cooperation said it had signed an agreement with Baghdad for as much as ¥182.7 billion to restore war-damaged facilities, including ¥50.1 billion on the oil export facility reconstruction project.

At the time, JBIC said the two countries also agreed to spend ¥36.8 billion for rehabilitation of the Al-Mussaib thermal power plant; ¥30.2 billion for the Iraqi port area rehabilitation project; ¥32.6 billion for rebuilding the power grid; and ¥30.9 billion on other civic rehabilitation and construction projects.

In early June, JBIC signed additional loan agreements totaling ¥57.7 billion for the Basra water supply improvement project and reconstruction of the Kurdistan electric power grid.

Japan's oil and gas firms have reaped rewards from the investments. In April, Inpex Holdings Inc. and three other Japanese companies passed a preliminary screening of potential bidders for Iraqi oil exploration and development.

In addition, Japan Petroleum Exploration Co., Nippon Oil Corp., and Mitsubishi Corp. are among 41 of the 120 applicants to have passed the Oil Ministry's preliminary screening. The 41 include ExxonMobil Corp., BP PLC, and oil and gas companies from China, Russia, and India.

Iraq expressed hope that more Japanese companies will participate in bidding for projects to develop Iraqi oil fields, while Japan offered to train a hundred Iraqi engineers a year during 2009-13.

The Iraqi oil ministry said this week it is planning by the end of the month to announce the first round of tenders to develop its oil and gas fields.

A ministry spokesman said names of the fields, duration of each contract, closing dates for receiving bids, and other details would be made public on June 30.

The oil and gas fields include Kirkuk and Bai Hasan in northern Iraq, as well as West Qurna 1, Zubair, Rumaila, and Missan in southern Iraq. They also said two gas fields—Akkas in western Iraq and Mansoriya in the east—will be included.

(Oil & Gas Journal)

Kurdistan government signs two new oil contracts

Kurdistan region authorities announced that it signed two new oil contracts last Thursday with a Canadian company in spite of the stiff objection of Nuri Al Maliki’s government. The government of the region pointed out that the company will get 40% stake in the Kalar-Bawanoor block.

After signing the two contracts the number of contacts Kurdistan government signed since the issuing of Kurdistan region oil law last august would become 17.
(Al SumariaTV)

Central bank governor: Dinar rose against the dollar by 20% in 16 months

The Iraqi dinar went up against the U.S. dollar by 20 percent in the past 16 months, said the governor of the Central Bank of Iraq (CBI), attributing the rise to the bank's policy.

"The improvement in the dinar was the result of the monetary policy adopted by the bank, which appreciated the dinar against the dollar in its daily auction throughout the past 16 months," the governor, Sinaan al-Shabibi said during a Baghdad-based press conference on Sunday.

The exchange rate cannot be determined because it depends on several factors, mainly inflation, and the supply and demand for the dollar, al-Shabibi noted.

During the past three or four years, Iraq suffered from inflation that reached 65 percent, according to figures announced by the Central Agency for Statistics, he noted.

Al-Shabibi called on the Iraqi government to pay particular attention to economic growth by supporting the industrial and agricultural sectors.

Source : VOI

http://www.whitehouse.gov/news/releases/2008/03/20080327-4.html

Fact Sheet: Achieving Political and Economic Progress in Iraq

President Bush Discusses Ways The Surge Is Helping Iraqis Reclaim Security And Restart Political And Economic Life

Today, President Bush visited the National Museum of the United States Air Force and discussed the political and economic changes currently taking place in Iraq.

Last year, the President ordered 30,000 additional soldiers and Marines into Iraq, and gave them a new mission, to focus on protecting the Iraqi people, and to hold the gains that had been made. The other goal of the surge was to open up space for political and economic progress after security returned. So the U.S. deployed additional civilian experts and more than doubled the number of Provincial Reconstruction Teams, with a mission to ensure the security gains were followed by improvements in daily life.

Civil Society Is Beginning To Grow In Iraq

The surge is yielding major changes in Iraqi political life. With security improving, local citizens have restarted the political process in neighborhoods, cities, and provinces. Grassroots movements have sprung up all around the country. These groups of citizens are determined to protect their communities, they are determined to fight extremism, and they increasingly participate in civic life.

• Today, some 90,000 Iraqis belong to local citizens group bearing the name "Sons of Iraq." The Iraqi Government has pledged to incorporate about 20 to 30 percent of these "Sons of Iraq" into the Iraqi army and police forces.

• Leaders in Baghdad are responding and the legislative achievements in Baghdad over the past four months have been remarkable.

• In December, the government enacted a pension law that will allow tens of thousands of Sunnis to collect the retirement benefits they were promised.

• In January, leaders enacted a de-Ba'athification law that allows mid-level Baath party members to re-enter political and civic life.

• In February, leaders enacted a budget that increases spending on security capital reconstruction projects and provincial governments.

• The same day in February, leaders enacted an amnesty law to resolves the status of many Iraqis held in Iraqi custody.

• Last week, leaders reached agreement on a provincial powers law that helps define Iraqi federalism, and sets the stage for provincial elections later this year. That is an important piece of legislation because it will give Iraqis who boycotted the last provincial elections – such as Sunnis in Anbar or Ninewa provinces – a chance to go to the polls and have a voice in their future.

The U.S. more than doubled the number of Provincial Reconstruction Teams. Karbala PRT helped local residents establish a women's center to provide education and promote equality.

• With support of PRTs, Ramadi now has a fully-staffed mayor's office and neighborhood councils have formed. Judges are presiding over courts and restoring the rule of law.

Iraq Has Great Economic Potential

The improvements in security resulting from the surge are enabling Iraqis to make progress on their economy. Since the surge began:

• Business registrations have increased by more than nine percent;

• Total inflation has fallen by more than 60 percentage points;

• Investment in energy and telecom industries has increased;

• Oil production is up, particularly north of Baghdad;

• The national government has announced a plan to reform the food rationing system; and

• Economic growth is projected to be a robust seven percent this year.

• Iraqis still have work to do in their economy. The reforms needed to transition from a command-and-control economy to a modern market-based system are complex and will take more time. Centralized electricity generation is now above pre-war levels, but it is not sufficient to meet the needs of Iraq's growing demand. Other key infrastructure needs to be upgraded, especially energy pipelines and storage facilities. Unemployment is too high, and corruption remains a challenge.

Iraq's Government Has Stepped Forward To Meet More Of Its Own Expenses

Early in the war, the U.S. funded most of the large-scale reconstruction projects in Iraq. Now the U.S. is focusing on encouraging entrepreneurship. The Iraqi government is stepping up on reconstruction projects. They have outspent the U.S. in recent budget 11 to one, and soon we expect the Iraqis will cover 100 percent of these expenses.

• Initially, the U.S. paid for most of the costs of training and equipping the Iraqi Security Forces. Now Iraq's budget covers three-quarters of the cost of its security forces, which is a total of more than $9 billion in 2008. Soon, we expect Iraq to shoulder the full burden of their security forces.

• The national government has now committed $196 million to fund jobs programs so that brave Iraqis who stand up to the extremists and the murders and the criminals can learn the skills they need to help build a free and prosperous nation.

Iraq Is Strengthening Its Relationship With Other Nations

Iraq wants to solidify its relationship with the United States. Last year, Iraqi leaders requested to form a long-term strategic partnership with the U.S. This partnership would help assure Iraqis that political and economic and security cooperation between the nations will endure. This partnership would also ensure protections for American troops when the U.N. mandate for Multi-National Forces in Iraq expires this December. This partnership would not bind future President's to specific troop levels. This partnership would not establish permanent bases in Iraq.

The surge is helping give Iraq's leaders the confidence to expand their international engagement.

• Iraqi leaders are working hard to meet the criterion required to join the World Trade Organization, which would help its entrepreneurs benefit from the opportunities of a global economy.

• Iraq has taken steps to attract foreign investment, including hosting its first "Business to Business" expo since the Gulf War.

• The government is meeting its pledge to reform its economy in exchange for development assistance and debt relief through the International Compact for Iraq.

Much of the world is increasing its commitment to Iraq. The United Kingdom, Italy, and South Korea are leading PRTs in Iraq. The United Nations is playing an expanded role in Iraq, and will help prepare for this year's provincial elections.

• Next month, the third Expanded Neighbors Conference will meet in Kuwait City to discuss ways the region and the world can further support Iraq's political, economic, and security progress. This is a key diplomatic initiative. It will include all of Iraq's neighbors, as well as the permanent members of the United Nations Security Council, the G-8, the Arab League, and the Organization of the Islamic Conference.

The Progress In Iraq Is Real, It's Substantive, But It's Reversible

Helping Iraqis defeat their enemies and build a free society would be a strategic victory that would resound far beyond Iraq's borders. If al Qaeda is defeated in Iraq after all the resources it has poured into the battle there, it will be a powerful blow against the global terrorist movement. If Iran is turned back in its attempt to gain undue influence over Iraq, it will be a setback to its ambitions to dominate the region. If people across the Middle East see freedom prevail in multi-ethnic, multi-sectarian Iraq, it will mark a decisive break from the long reign of tyranny in that region. And if the Middle East grows in freedom and prosperity, the appeal of extremism will decline, the prospects of peace will advance, and the American people will be safer here at home.

Retreating from Iraq would carry enormous strategic costs for the United States. It would increase the likelihood that al Qaeda would gain safe havens that they could use to attack us here at home. It would be a propaganda victory of colossal proportions for the global terrorist movement, which would gain new funds, and find new recruits, and conclude that the way to defeat America is to bleed us into submission. It would signal to Iran that we were not serious about confronting its efforts to impose its will on the region. It would signal to people across the Middle East that the United States cannot be trusted to keep its word. A defeat in Iraq would have consequences far beyond that country – and they would be felt by Americans here at home.

http://www.imf.org/external/pubs/ft/survey/so/2008/CAR021308B.htm

Iraq Makes Progress on Economic Front

By Erik De Vrijer, Udo Kock, and David Grigorian
IMF Middle East and Central Asia Department

February 13, 2008

* Despite difficult conditions, Iraq has made progress toward stabilizing the economy
* Under new IMF program, focus is on increased investment and output in oil sector
* Iraq's economic outlook hinges on improved security

Although the very high level of violence abated in 2007, Iraq continues to experience a difficult security situation in parts of the country.

Yet the country made significant progress under an IMF Stand-By Arrangement, which was approved in December 2005. The IMF's Executive Board approved on December 19, 2007, a new Stand-By Arrangement for Iraq. In light of Iraq's strong international reserves position, the authorities will treat the new arrangement as precautionary, which means that they do not intend to draw these resources. The decision to continue supporting Iraq's economy recognizes the significant progress the country made under the first program

But the IMF noted that much remains to be done to put Iraq on a path to sustainable growth. The main objectives of the new program, which will run through March 2009, are to maintain macroeconomic stability, facilitate higher investment and output in the oil sector, and advance structural reforms and institution building.

Progress under first program

Inflation, which spiked at 65 percent at end-2006, was sharply reduced with a policy package that included exchange rate appreciation, monetary tightening, and fiscal discipline. These policies, together with measures to reduce fuel shortages that resulted in declining black market fuel prices, limited the increase in consumer prices to less than 5 percent during 2007. Core inflation, which excludes fuel and transportation prices, fell to about 12 percent from 32 percent in 2006.

Because of the security conditions, however, the implementation of the public investment program fell short of budget plans, and oil output and economic activity in general did not expand as much as was hoped. Before oil exports through the northern pipeline to Turkey resumed in the last quarter of 2007, oil production hovered around 2 million barrels per day (mbpd) (see Chart 1).


The shortfall in oil production was offset by higher world market prices (see Chart 2). Iraq's international reserves position has continued to strengthen, allowing the country to repay in advance the full amount outstanding from a 2004 loan under the IMF's Emergency Post-Conflict Assistance (EPCA), which preceded the first Stand-By Arrangement.



Aside from improving macroeconomic stability, Iraq also made progress on structural reforms. The authorities significantly increased the initially very low domestic official fuel prices to levels that are in line with those in the region's other oil-exporting countries. Direct subsidies on fuel products, which amounted to almost 13 percent of GDP in 2004, were eliminated in 2007, except for a small subsidy on kerosene. This has released much-needed resources for reconstruction and reduced the incentives for smuggling fuel products out of the country. Other achievements include amending the new pension law to make the pension system fiscally sustainable and modernizing the payments system.

Aiming for stability

Maintaining macroeconomic stability remains a key objective of the authorities' program for 2008. The Central Bank of Iraq will gear its monetary and exchange rate policies toward achieving this objective. Fiscal policy will help contain inflation by keeping current spending, notably the wage and pension bill, in check to limit pressure on Iraq's small non-oil economy. The envisaged increase in government investment, in view of its high import content, should have only a limited impact on inflation.

In light of Iraq's large reconstruction needs, the government has prepared an ambitious investment program for 2008. It is taking steps to speed up projects that could not be undertaken in previous years, in particular to rebuild infrastructure and improve the provision of electricity, water and sanitation, education, and health care. Provided that further security improvements allow execution of the public investment program and a return to a more normal functioning of the economy, economic activity outside the oil sector should pick up.

The authorities' program will also focus on the oil sector and the need for higher investment to raise output and for greater transparency. Raising oil production will be crucial to provide the resources needed for reconstruction over the medium term. Projects to increase production and export capacity in the south and better protect the northern export pipeline are either under way or planned. With continued exports through the north, oil production is projected to increase to 2.2 mbpd in 2008, helping to boost economic growth overall to about 7 percent.

Following the installation of a metering system in the Basra export terminal, metering systems in other ports and oil installations are also being put in place. During 2008, an all-Iraqi Committee of Financial Experts will prepare to take over the audit oversight role of the Development Fund for Iraq, through which all oil revenues are channeled, from the International Advisory and Monitoring Board, which has performed this role since December 2003.

Under the new program, restructuring Iraq's banking sector will be a major challenge. The sector is dominated by state-owned commercial banks, which account for 90 percent of the banking sector's total assets (70 percent for Rafidain and Rasheed banks alone). The banks lack expertise in commercial banking and market finance. There is very little extension of credit to the private sector, and the banks' asset composition is heavily tilted toward government securities.

Compared with other banks in the region, Iraqi banks' deposit base and loan portfolio are small. Most banks lack the expertise to assess risks and, thus, few offer loans with maturities of more than one year. As a result, financial intermediation is weak (see Chart 3). Banks' total loan portfolio at end-2006 was only $2.2 billion (4 percent of GDP), mostly in the form of overdrafts. Total deposits stood at $12.9 billion (26 percent of GDP).



Under the program, financial and operational audits of the two largest banks will be undertaken and a restructuring program adopted, with IMF and World Bank technical assistance. Other structural reforms include modernizing public financial management and strengthening the accounting and reporting framework of the Central Bank of Iraq.

Outlook hinges on security

Iraq's medium-term outlook is favorable, provided security continues to improve. The sustainability of its external debt situation would, however, still require the third and final tranche of Paris Club debt rescheduling (worth 20 percent in net present value terms) planned for end-2008 and further progress in reaching debt reduction agreements with Iraq's other creditors. Disbursement of the last Paris Club tranche is contingent on good performance under the new Stand-By Arrangement.

Although much remains to be done, Iraq has registered a number of successes. Significant progress was made in stabilizing the macroeconomic environment and in advancing the structural reform agenda. The 2008 program will focus on similar objectives to capitalize on the momentum achieved by the first program and, in particular, to help the economy begin growing again. Continued progress, however, will depend on the success of efforts to stabilize the security situation and strengthen the political consensus.

Lower demand for the US dollar, iraqi dinar exchange rate stable

The demand hit $70,000 in cash and $12.730 million in money transfers outside the country, all covered by the bank at an exchange rate of 1,216 Iraqi dinars per dollar, unchanged for the tenth session in a row," according to the central bank's daily bulletin.

The 7 banks participating in the auction, the lowest number in 2007, offered to sell $1.390 million, which the bank bought at an exchange rate of 1,214 Iraqi dinars per dollar.

Speaking to VOI, Ali al-Yasseri, a trader, attributed the poor participation of banks during the session to their busyness with the annual balance sheets and final statements of account, which he said will last until the beginning of 2008.

Describing the current recession as "temporary," al-Yasseri envisioned an increase in the overall volume of dealings by tomorrow.

The Iraqi Central Bank runs a daily auction from Sunday to Thursday.(Source)VOIraq

Bank Sentral Iraq Sangkal Rencana Revaluasi Dinar Iraq

Bank Sentral Iraq Menyangkal Rencana Revaluasi Dinar Iraq

Thu Dec 13, 2007 5:22pm IST

Baghdad, Dec 13 ( Reuters)- Bank Sentral Iraq menyangkal pada hari Kamis suatu rencana untuk dengan cepat mengapresiasi Dinar Iraq, kabar suatu rumor yang telah disebar oleh spekulan.

Dinar Iraq tengah memperoleh nilai yang meningkat secara pelan-pelan selama berbulan-bulan setelah Pemerintah Iraq mengumumkan suatu rencana untuk secara berangsur-angsur menaikkan nilai tukar Dinar Iraq, sekarang secara resmi 1,210 per 1 U.S. dolar.

Tetapi pada minggu lalu telah melihat tingkat rate Dinar Iraq naik tiba-tiba setinggi 1,080. Kabar angin menyebar melalui Baghdad bahwa pemerintah merencanakan untuk tiba-tiba memindahkan rate resmi menjadi 1,000 dan kemungkinan menghilangkan tiga nol dibelakang koma untuk mencapai perbandingan 1:1 dengan dollar. "

Suatu sumber resmi di Bank Sentral Iraq menyangkal rumor yang mengklaim bank itu ingin untuk mematok dollar pada 1,000 Dinar Iraq, atau lebih kecil atau besar, atau mengganti pecahan mata uang itu, atau menghilangkan nol dari mata uang saat ini," kata Bank Sentral dalam sebuah pernyataan".

Bank Sentral sedang mengikuti fenomena lebih sedikit permintaan dollar dalam waktu dekat ini," kata bank Sentral. "

Informasi atau rumor tersebar luas seperti ini dirancang untuk mengambil keuntungan trading yang sangat cepat pada beberapa orang diatas pengeluaran orang lain."

( Baghdad newsroom; ditulis oleh Petrus Graff)

Source : © Reuters2007All rights reserved

Diterjemahkan oleh Ita Arianto, Importir-Dinar-Iraq.blogspot.com

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Iraq central bank denies dinar revaluation plan

Thu Dec 13, 2007 5:22pm IST

BAGHDAD, Dec 13 (Reuters) - Iraq's central bank denied on Thursday a plan to quickly revalue the dinar, saying a rumour had been spread by speculators.

The Iraqi dinar has been gaining value slowly for months after the government announced a plan to gradually raise the exchange rate, now officially 1,210 to the U.S. dollar.

But the past week has seen the rate on Iraq's streets climb suddenly as high as 1,080.

Rumours spread through Baghdad that the government was planning to suddenly move the official rate to 1,000 and perhaps remove three zeros to achieve 1:1 parity with the dollar.

"An authorised source at the Central Bank of Iraq denies rumours that claimed the bank wished to value the dollar at 1,000 Dinars, or less or more, or change the currency denominations, or remove the zeros from the present currency," the central bank said in a statement.

"The Central Bank is following the phenomenon of less demand for the dollar closely," it said. "Information or widespread rumours like this are designed to allow very quick trading benefits for some at the expense of the people."

(Baghdad newsroom; writing by Peter Graff)

© Reuters2007All rights reserved

http://in.reuters.com/article/asiaCompanyAndMarkets/idINL1330207420071213?sp=true

Iraqi stock exchange (ISX) higher by 0.239

According to daily analysis of the capital market, non-Iraqi investors were active in today's session by implementing 13 contracts in the banking and industry sectors with total shares hitting more than eleven millions at a value exceeded 27 million iraqi dinars.

Non-Iraqi companies that joined trading session were Bank of Baghdad, Bank of Credit, Dar Al-Salam Bank, Kurdistan Bank and Northern Drinks Company.

Shares of 31 listed joint-stock companies were traded in the ISX, twelve of which were banking companies, one insurance company, two investment company, three service companies, ten manufacturing companies, two travel agents, and one agricultural company.

The statement concluded that 31 companies were traded in Thursday's session out of 94 companies registered in Iraq's Stock Exchange, of which 11 indexes went up, 7 dropped, and 13 maintained their previous price.(Source)ISX

700 billion iraqi dinars for the development of Basrah

Al-Dabbagh also said that the Iraqi government "has started the establishment of Basrah Development Fund by allocating an initial amount of $30 million in cooperation with the British government, to promote private investments through the establishment of an Investment Body in Basrah and support it."

Al-Dabbagh talked about the third Forum for the reconstruction of Basrah, saying that the Iraqi government is working to develop the province of Basrah, since it represents great importance for the country due to its strategic location and the important wealth it contains to support development in Iraq.

The Third Forum for the reconstruction of Basrah was held on Wednesday morning 12/12/2007 in Basrah, and attended by Prime Minister, Nuri al-Maliki, his deputy Barham Salih, the representative of the Secretary General of the United Nations and a number of ministers and officials in the Iraqi government, as well as a number of members of the Iraqi parliament, the British Minister of Development and a number of States' ambassadors.(Source)AlSabah

Arab and foreign investors increase in Iraq stock market

The source, who asked for anonymity, said that during the past three months the number of Arab and foreign investors dealing in Iraq stock market through intermediary companies qualified and authorized to conduct all dealings between customers and the market has increased, stressing that the participation of Arab and foreign capital revived the stock market and increased demand for purchase by Iraqi investors, and expected the rise of foreign investment at the beginning of next year.

He explained that the market is getting ready to start the electronic trading sessions through preparing selling and buying halls in a number of major governorates as a first stage, and also give intermediaries intensive training courses in preparation for this matter; it is hoped to begin electronic trading early next year. These mechanisms will be an incentive for increasing demand for circulation by Iraqis and others, in addition to other things that encourage this like the stable security situation in the country, and the laws that guarantees investment.

The source said there are now mediation companies completing the process on behalf of investors, who are first requested to provide some probative papers, before being accredited. So far non-Iraqi investor were mainly from the Gulf, and recently investors from Kuwait, Saudi Arabia, UAE, Egypt and Palestine has been accredited, while non-Arab investors were mainly from American nationalities and there are signs for the entry of funds belonging to investors from European countries. He added that 2007 has been a remarkable year for the Iraqi market which is still looking for the best; the number of shares in circulation until the end of last month reached 141 billion and 648 million shares and the trading volume amounted to 418 billion and 939 million Iraqi dinars, while the number of listed companies within circulation hit 94 companies from different sectors.

In spite of the efforts of the Central Bank to stabilize the Iraqi market, enhance the value of the Iraqi dinar against other currencies, and increase the purchasing power of the Iraqi people, the sudden fall of the American dollar prices last Wednesday by ten points paralyzed the market completely, since it deals primarily in foreign currencies more than local ones. The Central Bank deliberately put forth foreign currencies ten points below the prices of last Tuesday in the Iraqi markets, which made the Bank's clients who were participating in the auction reluctant to purchase, while others rushed to sell their stock of foreign currencies to the Bank at a price imposed by it and which was 1214 dinars per dollar after it was, early this week, 1224 dinars. The number of participants in the auction were 16 banks which came to buy for the benefit of their customers at a sale price of 1216 dinars per dollar, but what happened during last Tuesday's auction was that despite the open quantities offered for selling by the Central Bank, most customers were reluctant to buy for fear of a another decline in the coming days that will result in significant losses in their dealings which are often in foreign currencies; therefore, the sold by the auction was only 11 million and 900 thousand dollars, while some dealers wished to sell to the Bank at the same price for the disposal of their assets, so they sold 40 million dollars to the Bank.

An official in the Central Bank, who preferred to remain anonymous, said about the reasons for this sudden decline in the value of the dollar, "enhancing the value of the dinar is not new; more than three years ago, we have adopted policies in this regard, we have opened the auction currencies and we fully provided the Iraqi market with the dollar for the past period. The price of the dollar when the market was started was more than 1750 dinars per dollar, and during the past period we were able to raise the value of the dinar. (Source)AlSabah