Investors who are evaluating the options to invest in the currency in order to watch the news and the Iraqi dinar exchange rate on a daily basis. The official currency of Iraq was introduced after the second Gulf War conflict and a brand new Iraqi dinar was in 2003. Currently the exchange rate is close to 1170 dinars per dollar.
Crude oil reserves in Iraq
Today, the second largest oil reserves in Iraq, next only to Saudi Arabia. With international oilCompanies actively involved, Iraqi oil reserves increased by a remarkable 25% to 143 billion barrels, the end of last year. The energy industry is finally on the road to recovery after years of war. With foreign funds and know-how, the production of existing refineries is all set to increase over the year.
New for 2011 Revaluation
An article in relation to the Iraqi budget for 2011 showed that it could mean a possibility, a new exchange rate mechanism, cheer for investors. ARevaluation (RV) is imminent, six months of coverage if the Security Council ends in June 2011. By law the Central Bank of Iraq (CBI), as explained on its website, the CBI is the only organization that can determine the value of money. The IMF needs to make bank governor Shabibi request to assess the new currency of the IMF, with a speed that can be justified as realistic. It is generally believed that the IMF has already approved the camper and now it's Shabibiannounce to the world at the right time.