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Thread: Iraqi PM: Dinar Has Reasons to Grow Stronger

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    Cool Iraqi PM: Dinar Has Reasons to Grow Stronger

    Iraqi PM: Dinar Has Reasons to Grow Stronger

    Source: BusinessIntelligence, March 5, 2010

    Iraqi Prime Minister Nouri Al-Maliki has said that the Iraqi dinar "has all the reasons to grow stronger, thanks to an increase in revenues and development of the economy."

    The Iraqi dinar's exchange rate is suffering from low value against foreign currencies, as a result of decades of wars and economic embargo that brought the local currency's exchange rate to the rock bottom from three dinars to the dollar in the late 1970s to 3,000 dinars to the dollar after the 1990 invasion of Kuwait, followed by 13 years of crippling sanctions regime.

    The current exchange rate is 1170 dinars to the dollar, but most economists believe that the Iraqi dinar is undervalued.

    [Trading in foreign exchange in Iraq is unrestricted, and Iraqis are free to convert dinars into any foreign currency and vice versa.]

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    Thanks for the post.

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