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Podcast: My FX Buddies
Episode: $100 Jumps 8,000 Iraqi Dinars in Days — Panic Hits the Market
Description: Fear has taken hold of Iraq’s currency markets. link to My FX Buddies BlogThe Iraqi dinar continued its sharp decline on Tuesday, with the exchange rate for $100 rising to 157,000 dinars in Erbil — up from 149,000 dinars just one day earlier. Currency traders say the rapid move reflects widespread public concern and a growing rush to hold U.S. dollars instead of the local currency.According to Tahsin Khushnaw, a currency exchange office owner in Erbil, the balance inside exchange shops has flipped dramatically. Where cash was once evenly split between dinars and dollars, he says...