Iraqi Dinar Revaluation – Projections For the Future
Financial experts and the economists are of the opinion that the economy of Iraq will bounce back and the Iraqi Dinar will revalue and reach a value of three Dinars per one U.S. dollar. They believe that the economy of Iraq is likely to reach good heights by 2013. Currently, the worth of one million Iraqi Dinars is less than thousand US Dollars. There was a time when the worth of one million Iraqi Dinars was equivalent to 3,000,000 US dollars.
Remember, Iraq was has vast reserves of crude oil and many areas Iraq has not been geologically explored using the latest and modern seismic techniques. Today, Iraq has minim of 115 billion barrels of crude oil reserves and this figure is as per old surveys. However, the government of Iraq has publicly stated that Iraq has large reserves of petroleum and its reserves could be the largest in the world.
Financial analysts are of the opinion that even if the worth of the Iraqi Dinar were valued at 0.26 U.S. Dollar (this is the lowest valued currency of the mainstream Middle Eastern Countries) then one million Dinars would be equivalent to 260,000 US Dollars. The studies show that since late 2003, the economy of Iraq has shown signs of recovering and there has been a steady increase in the conversion of natural resources. This in turn has steadily increased the value of currency.
One also needs to remember that there is a global oil shortage and the prices of crude oil are soaring. Today, currencies of the oil-rich Middle Eastern countries are much higher than the Iraqi Dinar. The economies of India and China are growing and will continue to grow. And there will be great demand for oil which will increase the value of the bank notes. Hence, there are strong indicators that the currency will continue to grow in value and be revalued to keep up with the growth of the Iraqi economy.
Do you know of plans or dates that the Iraq Dinars will hit the forex. And if so, ate there any facts ,rumors,speculations as to value
From what I read last few weeks, it seems that the dinars will need to be revalued in order for Iraq to prosper. This happens by end of 2010.
Yeah, I’ve actually invested into the Iraq Dinar a year ago. Still waiting on this thing to come back, but I guess we’ll have to wait and see.
History tend to repeat, the Kuwaiti Dinar was 3.3 times more valuable than the U.S. Dollar before the first Golf War and plummeted to 0.26 after. It took ten years for the Kuwaiti Dinar to reach its pre-war value; we are in the 8 year cycle on the Iraqi Dinar, within two years the Iraqi Dinar will reach one to one with the U.S. currency and return to its original value in three.