The Iraqi government recently approved the budget for the year 2011 for the country. A sum of $86.4 billion has been referred to parliament for final approval. There has been a spur of economic activity in the past few months due to a marked decrease in insurgent attacks and an improved security environment in the war torn nation. However, major policy reforms are yet to determine the long-term fiscal health of the nation and sustainable increase in the standard of living of the population.
Rising Production Of Oil Signals Good News
It's been over seven years since Saddam Hussein was ousted from Iraq and since then the country has changed a lot. Money from the production of oil is powering growth. In fact the government has awarded billion dollar contracts to leading producers such as BP (BP), ExxonMobil (XOM) and China National Petroleum.
The Iraqi Dinar
Everybody is talking about the currency of Iraq and thinking of investing in it too. You will be glad to know that the Presidential Order 13303 allows US Citizens to invest in the New Iraqi Dinar. This order entitles any US citizen to the same rights to investment as an Iraqi citizen. The rising demand for the currency and the investment option has led to the establishment of a number of websites which offer counterfeit dinars and it is almost impossible for a customer to spot the fakes. It is important to find a trusted business to trade in Iraqi Dinars. It is also important to find out more about the implications of investing in the currency before you actually invest in it.
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