Investors who are considering options to invest in the currency need to track the news and the Iraqi Dinar exchange rate on a daily basis. The official currency of Iraq was introduced following the second gulf conflict and a brand new Iraqi Dinar came into existence in 2003. Currently, the exchange rate is close to 1170 Dinars per USD.
Raw Oil Reserves in Iraq
Today, Iraq possesses the second largest reserve of crude oil, next only to Saudi Arabia. With international oil companies actively involved, Iraq's oil reserves rose by a remarkable 25% to 143 billion barrels late last year. The energy industry is finally on the road to recovery after years of war. With foreign funding and expertise, the output of the existing refineries is all set to increase during the year.
Revaluation News 2011
An article related to the Iraqi budget for the year 2011 has revealed that there is a possibility of a new exchange rate, which could spell cheer for investors. A Revaluation (RV) is imminent once the 6-month UNSC protection period ends in June 2011. According to the law of the Central Bank of Iraq (CBI), as stated on its website, the CBI is the only entity, which can determine the value of the currency. According to the IMF, bank governor Shabibi needs to submit a request to revalue the currency to the IMF, with a rate which can be justified as realistic. It is widely believed that the IMF has already approved the RV and now it is up to Shabibi to announce it to the world at the right time.
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