Iraqi Dinar 123

Dr. Selah, the noted government official said that revaluation will not occur until general elections of Iraq. According to him, the process of election will disturb due to this procedure. He said that it is desire of government to increase the value of dinar so that people may trust their economic policies. They are already doing their best to increase the value of dinar that will add the value in their general election campaign.

A major reason in the Iraqi dinar is the history of Kuwaiti Dinar. At the time of invasion by Iraq, the Kuwaiti Dinar was sold at 3000 Kuwaiti dinar against a US dollar. The Kuwait regained its currency value back in the international market. The present value of Kuwaiti dinar is $3.55 per Kuwaiti Dinar.

The report issued by International Monetary Fund shows that the GDP of Iraq is higher than all other Middle East countries now. According to IMF Qatar and Iraq are going well and can be considered as competitors in 2015, with the growth rate of 7.1% and 6.7%. With the 4.4% growth rate, the United Arab Emirate is at number three leaving behind Algeria at fourth position.

The Central bank of Iraq is facing different fictitious creditors in the different foreign countries. Therefore the central bank of Iraq took swift action and distributed its funds in the different foreign banks to avoid these false creditors. This will help central bank to protect its funds abroad.

Visually impaired is the major reason that inspired central bank of Iraq to add symbols in the 250 and 500 notes. These symbols and codes will help central bank to control forfeited currency issue associated with Iraq for number of years. It is interesting to note that only two denominations are being changed according to this policy.

Central bank of Iraq reprinted the bank notes with new symbols and codes to protect currency from forgery issues and declared that these new notes will also be helpful for blinds to recognize with their simple recognizable features. These notes are reprinted in the way that it is so difficult for a person to copy these bank notes as it has some new and superior features that protect these notes from forfeited issues.

News announced the parliamentary Finance Committee that the Iraqi dinar stable, stressing that the central bank that it manages to improve the situation of the Iraqi dinar against other currencies.

Central Bank of Iraq is continuingly introducing new methods to protect currency from forgery and counterfeited issues to stabilize the Iraqi dinar at local and international market. Recently, central bank of Iraq introduced two codes for two currency notes 250 and 500.

The experts have divided into two groups about Iraqi dinar revaluation. One group has strong opinion that dinar can revalue in near future. Now when that near future is expected to come relies on many factors. Other group is of the view that dinar is facing many challenges. The economy is in bad condition, the security is in bad condition and also the annual revenue is just reasonable. That's why dinar is not going to revalue at least in coming ten or more years.

The central bank of Iraq announced on Wednesday about the contract it signed with an international company to manufacture the gold ingot. The international coin manufacturing company will manufacture the gold coins that will be sold to the general public in the country.

The frozen assets of Iraq in the foreign banks are under discussion for couple of months, especially after Chapter VII of United Nation. These frozen assets are $82 Billion and were freeze due to invasion of Kuwait by Iraq in 1990. People are not sure about these funds and most of them are consider as barren amount that will not be released to Iraq.

The central bank of Iraq surprised the whole economic world with the purchase of 36 tons of pure gold and doubled its gold reserves. According to report it is one of the largest gold deal that central bank of Iraq made ever in the past. There are different statements about gold reserves of Iraq now.

The economists are expecting the new exchange rate from central bank of Iraq in May 2014 and advising the international companies to deal accordingly. Some people are of the view that central bank will not be able to issue the new rate until the declaration of annual budget of Iraq.

After a huge criticism on monetary policies of central bank of Iraq by economists and government of Iraq, the central bank of Iraq introduced de facto dual exchange rate system in the country. This system allowed central bank of Iraq to control the value of dinar in the country as well as in the global market. According to this system, Iraq introduced two exchange rates for the different sectors of the economy.

After 2003, the education system of Iraq got better. It was seen that it suffered a downfall soon again in 2007. How ever, the government is trying to invest more in its education, so that the people of Iraq would make efforts to educate their children which would be good for the future of the country.

Iraqi Dinar is one of the most profitable top ten currencies of the world. Iraqi dinar came into circulation in the year 1932. The Iraqi dinar suffered ups and downs, with the World War and the Gulf War. Later, it regained its position at a good rate in the world currency market.

This is the positive side of Iraq's economy. On the other hand, Iraq is still going through a tough time. It is still in the condition of war. Although, there is no direct war going on in the Iraq, but terrorism act is taking huge revenue from Iraq. Iraq's current government is made by Shia party. Sunni party has conflict about it.

When we talk about oil reserves of Iraq, we only give reference of the oil that is technically and economically possible to explore. How much more is hidden under soil of Iraq? This is another surprise.

If the oil minister was right, Iraq is hiding under its soil the quarter of the oil of the entire world. When we talk about the economy of Iraq, we mostly discuss oil, because this is the major contributor.

Hassan Al-Bayati: Difference of exchange rate between central bank and other companies is the sign of corruption The central bank of Iraq is losing the control over commercial banks and other banking companies, said, Hassan Al-Bayati the noted member of finance committee of Iraq.