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Mar 14, 2024 · On Thursday, Iraq's Finance Committee, chaired by Atwan Al-Atwani, convened with its members and the Governor of the Central Bank of Iraq (CBI), Ali Al-Alaq, to discuss monetary policy, the banking system, and methods to increase the value of the Iraqi dinar.
The Central Bank of Iraq announced Thursday the approval from the US Federal Reserve to supply dollar cash in 2024, as part of efforts to stabilize the Iraqi economy and its currency.
The Iraqi dinar entered circulation on 1 April 1932, [4] [5] [6] [7] [8] replacing the Indian rupee, which had been the official currency since the British occupation of the country in World War I, at a rate of 1 dinar = 11 rupees.
- The History of The Iraqi Dinar
- Saddam Hussein and What He Did to Iraq
- Saddam Hussein’s Downfall
- The Value of The Dinar Today
- Perhaps The Greatest Threat – Isis
- The Iraqi Dinar’s Real Value
- The Future of The Iraqi Dinar and The Economy in Iraq
- The Future of The Iraqi Dinar
- Final Thoughts on The Iraqi Dinar
The Iraqi dinar replaced the well-established Indian rupee as the official Iraqi currency in 1932. The Iraqi dinar was pegged to the British pound, at par, until the year 1959. The peg was eventually changed to the US. dollar in 1959. They used only the current exchange rate between the pound and the dollar to determine the Dinar’s current value. T...
Saddam Hussein became the president of Iraq on July 16th, 1979. In 1980, Iraq’s economy hit its absolute peak. The value of the Iraqi Dinar had been strong, the economy was growing, and the treasury was overflowing with foreign exchange before Mr. Hussein took office. The beginning of the Iran-Iraq War in 1980 put an abrupt end to that. Chaos took ...
Soon thereafter were the September 11, 2001 attacks against the United States. Bush administration critics still argue that accusations over the weapons of mass destruction were just a smoke screen. Some say the U.S. was simply determined to remove Mr. Hussein as president of Iraq to reassert American global power. Try as they may, they never could...
Back in 2003, the official Iraqi Dinar to U.S. dollar exchange rate was set at a fraction of a penny. The Iraqi oil industry was in ruins and had become dormant. Iraq was totally devastated and war-torn. It was reasonable that the currency held little to no value at that time. Now, 15 years later, the Iraqi oil industry is booming again. The countr...
ISIS could still be the single greatest threat to Iraq. The government is strengthening ties with allies to gain momentum against these militants. Iraq has increased their involvement against ISIS by joining with Syria, which could possibly mean the U.S. would be working with Iran and Russia. There are continuing concerns about ISIS, but overall Ir...
The residual effects of Saddam Hussein’s horrific reign are still keeping the Iraqi Dinar’s value artificially low. Iraq is basically just an oil producing nation, even at top production. Oil is sold in U.S. dollars all around the world. The rest of the world has absolutely no need for Iraqi Dinars, only a need for Iraqi oil.
Iraq is recovering from the reign of terror that was brought on by Saddam Hussein. The country has rebuilt some of its infrastructure to allow for an exponential growth opportunity in the oil industry. The government of Iraq has a plan to deal with ISIS to create additional financial stability for the nation. The Central Bank of Iraq has stated the...
There are those who claim that the Iraqi Dinar will be one of the highest valued currencies in the world in the next decade. They believe that the increasing oil production will offset the issues outlined above, or that these issues will be resolved. If the previous 10 years’ increase in oil production from 2008 to 2018 are considered, the trajecto...
Iraq had a stable history until the year 1980. Before Saddam Hussein’s upset of the economy, the Iraqi Dinar had a stable exchange rate of almost $4.00 USD at its peak. Pegged to either the British Pound or the U.S. dollar, the Iraqi Dinar was completely stable before the chaos of Mr. Hussein began. From 1980 to 2003, Iraq was terrorized by Saddam ...
Feb 15, 2023 · The Iraqi Central Bank in late 2020 devalued the dinar against the US dollar by 22 percent, dropping it from 1,182 IQD to 1,450 IQD and sparking public outrage.
Feb 7, 2023 · Iraq's cabinet approved a currency revaluation on Tuesday and set the exchange rate at 1,300 dinars per U.S. dollar, the state news agency reported.
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Feb 7, 2023 · The Iraqi Central Bank in late 2020 devalued the dinar against the US dollar by 22 percent, dropping it from 1,182 IQD to 1,450 IQD and sparking public outrage.
