Categorized | Banking & Finance

Iraqi Dinar Could Rise as Much as 15%

Iraqi Dinar Could Rise as Much as 15%

By John Lee.

The General Secretariat of Iraq’s Council of Ministers has ruled out the replacement of the currency or cancellation of three zeros “at this stage”, and it is seeking to raise the value of the dinar against the dollar.

The Secretary General of the Council of Ministers said that the project to replace the currency, dropping the three zeros, was discussed but is not a priority for the government at this time being, and “there is no real problem in this field”.

He noted that replacing currency requires “large adjustments”, and the process of withdrawing the existing money is an enormous and difficult task.

He stressed that some have the mistaken impression that deleting the zeros will “reduce the size of the money in circulation as a block”, but in fact it does not reduce it even by 1 percent, and while the government believes that the change of currency is a good thing under appropriate conditions, it is not a priority.

The Secretary-General said the dinar should be stronger than it is now, and implied that an exchange rate of 1,000 dinars to the dollar — a rise of about 15 percent — might be sustainable.

(Source: Iraqi Cabinet)

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16 Responses to “Iraqi Dinar Could Rise as Much as 15%”

  1. Stew says:

    Hmmm. Dinar pumpers and scammers claim $1 or even $3 per dinar RV about to happen any day… that’s for 9 years now they’ve been saying that. I guess this hope to get to 1000 dinar per dollar is just a smokescreen to deter speculators.
    Interesting thing. I just went to another site read more on this. The article elsewhere stated this: “The Iraqi Central Bank, the Bank Adviser Mohammad Saleh appearance, has confirmed to IGN… blah blah blah”
    Well, Saleh was removed from that position last October or November and had been in Jail up until a week or so ago. I doubt he has been placed back in that position.
    So this could be an old article.

  2. Daddy WarBux says:

    Hi Stew, Many of their articles get recycled. I have noticed that many times myself. Most folks don’t pay attention, remember, or compare articles over time…. It is straight up propaganda and it should be… There are very few places where any real truth can be validated and I’m ok with that. You will go nuts if you follow any currency too close. Keep your chin up and wait it out. This too shall pass. :)

  3. Editor says:

    Thanks all for your comments.

    Just to clarify, this report is based on a statement from the Iraqi cabinet issued on Monday 4th Feb 2013.

    – Editor

  4. Stew says:

    Daddy Warbux. Keep my chin up? LOL. I don’t think you’ve read many of my post on here.

    Editor.
    Is there a link to the statement?
    The article I read said the same thing as this article, but then threw in the part about Saleh at the bottom. Maybe they were just throwing in old information to back up the current statement. The translations are a bit tough sometimes.

  5. Aundie says:

    Stew, that is a great name for you. I’ve been reading your postings for several days now on different articles and you always seem to get stewed over this particular topic. Its fine to share your opinion but the constant negativity really gets old. Your view is understood so maybe you should move on to something else. You’re only hurting yourself.

  6. Editor says:

    @Stew: http://www.cabinet.iq/ArticleShow.aspx?ID=2744
    No mention of saleh.

    – Editor

  7. erienzz says:

    15% means now 1000iqd=0.859usd later up to 1000iqd=1usd same as korean won which is 1000=1usd n with that u can get 1big korean pear..*sigh*

  8. Iraqi Native says:

    [Offensive comment removed]

  9. Azhar says:

    if this statment is true then there is lot of chance of improvement in living stantdard of Iraqi Ppls, their economic status might be better than Saddam Regime.

  10. abbass hassan says:

    It is good news for iraq / life is getting better in iraq . Better
    medical , money and business is good / more people are happy and smileing / prospect is looking good . long live iraq.

  11. Ameer says:

    Sir, very interesting about 15 percents raised in Dinar, next door neighbor Kuwait ‘s Dinar very strong and stable, Iraq, one of the richest, in oil reserve, and value of the Dinar very cheap against$ ! Dinar should be equal against $! Iraq should wipe out its all financial problems, God Willing. Wake up Irqis, change the value of your currency for your people of Iraq. With all the best , Ameer.

  12. now i see says:

    this waiting is endless its like chasing the end of a rainbow wake up people move on with other plans in your future this will not be your answer

  13. LZ says:

    I wouldnt dobt that the dinar dealers ‘leaked’ this info or paid to have it printed.

  14. abbass hassan says:

    Just back from iraq/basrah , I am not happy at all . Is not getting any better , It could be war soon and no one cares .

  15. Sundus says:

    All,

    It is time to realize that there will simply be no RV anymore after the recent changes at the CBI.

    The General Secretariat of Iraq’s Council of Ministers has appointed Abdel Basit Turki al-Sae’ed as acting Governor in mid-October 2012 without realizing the blatant conflict of interest as he also happens to be the Head of the Bureau of Supreme Audit (BSA). So Basically he is supposed to audit the CBI and be the Head of the CBI.

    Since he took over he has completely mis-managed the daily currency auction, creating a shortage of dollars in the market. No wonder the Dinar has gone down, it is trading at IQD1240=1USD when it used to be at IQD1196=1USD before the acting governor took over.

    Several prominent MP’s in parliament want to start grilling Abdel Basit Turki al-Sae’ed to understand what he has been up to for the last 4 months.

  16. Bob Owen says:

    We are praying for IRAQ, The people really could use help and a change in life for the dear people… They have been through soooo much… Now they are free people and I hope they stay free and give peace a chance.
    Bob Owen
    Ca.USA


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