DECISION TO LIFT THE VALUE OF THE IQD

By James A Smith Senior Financial Officer
12/17/2009 5:45:07 AM

James A Smith Senior Financial Officer
JAS Financial

Decision to lift the value of the Iraqi dinar was the result of valuable studies. Finance Minister Baqir Jabr said the Iraqi dinar has been improving during the current period.

He explained that the Iraqi Central Bank's decision to raise the value of the Iraqi dinar against foreign currencies was correct and was the result of valuable studies aimed at raising the purchasing power of the Iraqi people above all else.

He pointed out that the Ministry's plans absorbed all future programs in the budget for next year to move the Iraqi economy properly.

Here are a couple of very real facts. Iraq has a majority of the world’s natural reserves and crude oil, putting it on the same level as Saudi Arabia and Kuwait . If you know anything at all about Saudi Arabia and Kuwait , you should know that their currency is very valuable and their natural resources are the reason. So, why isn’t Iraq as rich as Saudi Arabia and Kuwait ? That answer is simple – they only recently established a stable government, elections are now being held successfully, and the march towards financial recovery is progressing steadily. Crime and terrorism is lower and lower all the time! And just as importantly – the Iraqi people are unjustly impoverished as a result of the recent chaos, and they cannot remain in that situation for much longer – not when they control a major amount of the world’s “black gold”.

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