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Periscope.(Iraqi dinar rises)
Iraq: Of Dinars and Dollars
Something strange is happening on Kifah Street, home to the shuttered Baghdad stock market and hawkers of everything from cigarettes to fistfuls of dinars adorned with a young Saddam Hussein. The Saddam dinar is rising fast against the U.S. dollar--at the beginning of last week it was trading at 2,000 to the dollar; on Friday it was at 1,000-- but why? Even the U.S. officials temporarily running Iraq see the rising dinar value as an odd vote of confidence in the soon-to-be- retired currency of a government that no longer exists. "For there to be confidence in the currency, you need a stable government, which there is not," says George ...
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