Effect of Revaluation on Iraqi Dinar

To start the discussion first thing we need to look upon is “Revaluation”. What is a Revaluation? Simply we can say that revaluation is a process by which we raise the worth of the currency with respect to a foreign currency.

Now a days Iraq is planning to revalue its currency (Iraqi Dinar) with respect to United States currency (USD). The current exchange rate is $1 USD to 1200 Iraqi dinars. It means that if a person owns $1 USD he can buy 1200 Iraqi dinars for it.

Before Gulf war the rate was 1 Iraqi Dinar worth of $3 USD. The new exchange rate is affecting adversely the trade of oil as now the Iraq is getting less because the worth of Iraqi dinar is pretty low as compared to USD. So their exports showed a great deficiency while on the other hand if they import something from the United States they have to pay more. As the worth of USD is more than the Iraqi dinar which will ultimately increase their import cost.

So that’s why the Iraqi government decided to revalue Iraqi dinar with keeping the USD as a baseline. The main reason of revelation the Iraqi Dinar is because Iraq’s economy is assuming an upward trend in the economic growth of the country due to increase in the production of oil, more political stability and bringing peace in the vicinity. That’s why now there are many investors who want to invest in Iraq’s market and there are many companies are in cue to get the contract and to tap those oil reserves which are not found yet. If that happens the Iraqi dinar will show a great spike in the Foreign Exchange market.

As per some of the foreign exchange investment analyst there is a great probability that after a couple of month’s Dinar will touch approx. $3 USD to 1 Iraqi Dinar. Many economists and Financial experts believe that Iraq will gain power again in 2013.

The redenomination of Iraqi Dinar will help the country the reduces the cost of commodities demographically. E.g. If a commodity is being sold at 100 Iraqi dinar there is a possibility that after launching low denomination currency the cost of that particular commodity decreases by 80%. This will ultimately help in lowering down the inflation rate as well.

This revaluation of Iraqi dinar will not only provide benefits the investor’s but it will also provide a great deal of benefits to the people residing in the country. As it will help in lower down the inflation on the other hand it will also help in increasing the living standard of the people living in the country.

As the revaluation of the Purchase Iraqi Dinar will help the economy to grow so in result there will be more investment coming in the country which will ultimately increase the employment level and also reduce the poverty level pertaining in the nation.

The revaluation of Iraqi Dinar can be of great useful but it solely depends on how the government will adopt it.

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