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Special Inspector General for Iraq Reconstruction: April 2012 Quarterly*Report
SIGIR Mission Statement
Regarding U.S. relief and reconstruction plans, programs, and operations in Iraq, the Special Inspector General for Iraq Reconstruction provides independent and objective:
· oversight and review through comprehensive audits, inspections, and investigations
· advice and recommendations on policies to promote economy, efﬁ ciency, and effectiveness
· prevention, detection, and deterrence of fraud, waste, and abuse
· information and analysis to the Congress, the Secretary of State, the Secretary of Defense, and the American people
The CBI’s base policy rate held steady at 6% for the eighth consecutive quarter, and theofficial exchange rate for Iraqi dinar strengthened marginally against the U.S. dollar, selling at 1,166 per dollar through much of the quarter. That rate is down slightly from 1,170—a level that had held constant for the past three years. However, a spike in demand for dollars generated by merchants from neighboring Iran and Syria—suddenly*unable to procure sufficient amounts of the U.S. currency at home because of international*sanctions helped drive the unofficial street exchange rate above 1,320 dinar in mid-April.
In April 2012, the CoM postponed indefinitely plans for a currency reform that would have removed three zeros from the Iraqi dinar in 2013 and required the issuance of new currency notes. The reform would have made the dinar’s value slightly less than $1. It is currently worth less than one- tenth of a cent.376