Iraqi Dinar 123

After the release from chapter vii, Iraq is looking to collect Iraqi dinar and receivables from different countries of the world that were frozen after invasion of Kuwait by Iraq in 1990. These funds were freeze in the different countries of the world as a result of sanctions imposed by United Nation on Iraq.

The Central bank of Iraq struggled hard to control this situation in the country. Central bank applied number of techniques and methods to overcome this situation but most of the efforts resulted in vein. The final thing that central bank could do was the reprinting of these notes. Central bank issued new notes and circulated it in the country through commercial banks.

Iraq has become a hot topic in international forums, its oil and available potential for growth are one of the hot topics discussed internationally. Prime Minister of Iraq participated in an international conference for improving the oil productions, improvements in oil wells, and measures to discover more oil reservoirs in the Iraq.

The Iraqi government has been taking several serious steps to eliminate the chances of counterfeit currency flowing in Iraq but so far these steps have proved insufficient and the government needs to take some other measures to avoid counterfeit currency flow in the country.

Different economic experts have different views about the merging of budget as some believe it would cause any serious problem for the government if the budget is announced next year , but some experts do believe that it can cause serious problems and they warn on merging of 2014 budget with 2015 budget. According to these experts, still there's plenty of time for the government to plan and approve that budget with political consensus.

According to the Kuwaiti Petroleum Company also known as KPC, the increasing production of Iraqi oil will deeply impact the oil exports of all the exporting countries in the gulf region. KPC considers Iraqi oil as its strong competitor in the international market that can reduce its oil export revenue to a sufficient level.

Iraq purchased 36 tons of gold in at the end March 2014 to increase the value of dinar in the international market. This high value purchased of gold surprised the whole world. Central bank of Iraq is planning to purchase more gold in near future that will further enhance the value of Iraqi dinar in the international market.

Iraq has major oil reserves and this has remained hard for powerful nations to bear this fact. Iraq used to be very strong economically wise, but it has lost its value over the years. There was an era before the Gulf War, when the country had its currency at a very strong level. Even dollar had no competition with it.

Along with President of China Iraq Prime Minister will also meet with the Iranian President to discuss the conflict of government with the Kurdistan. The arbitration offer made by United States of America will be under discussion between both of the leaders. Iran does not want United States of America to play any role to resolve this issue between government and Kurdistan.

According to some people the law and order situation of Iraq is worst in Iraq and it is continuously going towards crisis. The turnover of the votes in the present Iraqi election was more than any other election in Iraq that shows the sincerity of Iraqi people with election and with its results. Despite of worst law and order situation of Iraq and many unwanted events, the people of Iraq came out of their home to cast their vote for the expected change in the country.

Revaluation of Iraqi dinar is required for the membership of World Trade Organization because value of Iraqi dinar is not enough to support international trade. Iraq needs to enhance the value of its currency to get WTO membership. The country must have strong currency to trade internationally according to the basic requirements of World Trade Organization.

Iraq is looking to develop consensus with Kurdistan to approve annual budget because budget cannot be approved without cooperation of Kurdistan. The new ambassador of United States of America for affairs of Iraq will meet Noor Al Maliki by 25th May to discuss the present economic and political condition of Iraq. The Kurdistan and Iraq conflict will be at the top of the list in the discussion.

These armored vehicles will help security agencies to fight against such elements that want to destroy the important pillars of Iraq economy including oil wells. United States of America is selling 200 armored vehicles, 24 aircrafts that carry bombs to their targets, in this contract. The draft deal has been sent for final approval to the parliament of United States for final decision.

Most of the Asian countries have started their trade in Gold instead of other currencies since Iraq started international trade in gold. Some sources also say that Iraq is not accepting US dollars or any other currency for trade of oil and gas in the international market. Iraq is accepting gold for international trade as a currency. Actually Iraq is moving towards barter in the international trade.

The government officials and the opposition parties were busy in their election campaign and therefore they could not pay proper attention to the budget discussions and finally the budget delayed. As far as my opinion is concern, you cannot neglect the conflict between government and Kurdistan as it is the actual reason behind the budget delay.

The CBI is going to change the monetary policy of the country according to ongoing circumstances of Iraq. What are the changes that central bank of Iraq want to make in the country is not clear and stated publicly. One of the CBI official told that these changes will be according to present economic conditions of the country and will be launched after approval of World Bank and IMF.

Many other security companies from different countries of the world wished to win this contract in the last two months. But Iraq was willing to renew this contract with United States Of America Company. One of the finance committee member informed that the contract is almost in the final stages for approval. Suddenly the news for cancellation of contract between Baghdad and Washington is surprising as the contract was almost approved by Iraq parliament.

The dollar decreased especially against the rival. The Euro also decreased in the value in international market against rival by .04%. To combat the international economic issues, the central bank of Iraq is launching new monetary policy to control and stabilize the economy of Iraq.

The tension between government of Iraq and Erbil is on hype these days. Every Iraqi wants the tension between Baghdad and Erbil need to resolve for the betterment of country and for the value of Iraqi dinar. The Adam an Iraqi wished that government need to close the difference with Kurdistan to develop the country mutually. He said that there should be a middle ground that would be acceptable for both of the regions.

Iraq invaded Kuwait in 1990 and caused damaged the oil fields of Kuwait. After this UNO imposed sanctions on Iraq and asked Iraq to withdraw from Kuwait. Iraq will have to pay $82 billion for the damaged it did in Kuwait in 1990.