CBI (Central Bank of Iraq) has always put stress on the stability of Iraqi dinar. For this, the bank has performed many actions in the past. Many actions are still in the pipeline to be implemented. CBI says that Iraqi currency was stable even in a difficult time. This was done because of the struggles of Iraqi bank. They have emphasized on more important issues in the past, but now they are working mainly on the currency only. Iraq’s Central bank has struggled high to bring dinar at high position at the competition of US dollar. That is why CBI is confident that the currency is in stable condition. It is not going to defeat.
For this, the CBI holds daily auction of the currency. Stock exchange is getting better than every passing week. More companies and countries are feeling interested in putting their money into Iraq Stock Exchange (ISX). In the past, Iraqi dinar has the problem of counterfeit notes in the market. They solved the problem with introducing new currency with several marks to make the original ones different from the counterfeit. There were specific sites that were spreading good information about investing into Iraqi dinar. Those mentioned clearly that buying new notes is the real trade as old notes did not contain any value. After Saddam, their value became zero.
According to Tampa Dinar : The exchange rate of Iraqi dinar is satisfactory at the moment. This is what CBI thinks. It said the stability will lead to positive and stable economy. The trade with several countries will increase. Already, Iraqi is in the state of making several contracts with major brands of the world. One example is Western Union. They are going to start their services in Iraq soon. All the terms are almost final.
Iraq is confident that its currency is presentable in the international market now. There was time some five years ago when Iraqi dinar had almost no value in the international market. But, now the governor of Central Bank, Mr. Turki is going to participate in international conference held by World Bank and IMF. IMF has recently approved huge budget for Iraq. Also, IMF has aksed Iraq to stabilize its banking system. It says the strong banking system can produce string currency. Iraqi currency reserves and gold reserves of the country have reached the amount of $80 billion. This is substantial amount.
Rest of the facts are already open for every person. The oil reserves, both hidden and revealed, are huge in amount. They can earn huge revenue for the country on monthly bases. With starting new projects in the country, which is expected in the coming year, there will be more chances of employment. Already the unemployment rate has decreased by 65%. This way, Iraq has controlled inflation rate.
The problem of power is still a big work to be done, but Iraq has sanctioned big budget for power projects only in the coming budget. There is hope that those problems will solve soon leaving open ways for industries to flourish. Now, what will be the result of these struggles will become visible in coming years.
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