Many investors are taking a hard look at investing in Iraq. Iraq’s Parliament approved Prime Minister Nouri al-Maliki’s 42-member cabinet. Iraq’s growing stability, hard for many to imagine just a few years ago, now sets the stage for economic development and foreign investment.
As the security issues are slowly getting resolved, investors are getting closer to taking the next steps to setting up businesses in Iraq. The crude oil sector, building construction, and air transportation sectors are already making great strides, its only a matter of time until other business sectors move into the country.
There are other investors that will continue their investments from outside of Iraq. The Iraqi stock market investors can continue their investments in Iraq with out actually moving there.
The Iraqi dinar currency speculators will also be able to continue their type of investment from outside the country.
The currency speculators may have something good to look forward to in the near term, during the 2011 fiscal year, as a recent article was published either in error, or by accidental leaking of information pointing to a coming new exchange rate. The recent rate of exchange to the US Dollar has been 1170 dinars to one US Dollar.
Here is an excerpt from the recent Iraqi 2011 Budget article that gives possibility to a new exchange rate: “The Iraqi government has approved the draft federal budget law for fiscal year 2011, so inform the budget some 93 billion Iraqi dinars (79.6 billion dollars), when calculated per barrel to $ 73 U.S., and the rate of export of 2.25 million barrels per day.”
the recent Iraqi 2011 Budget article:http://iraqdailytimes.com/kurdistan-region-of-iraq-can-afford-ten-thousand-employees-for-their-province/
If you do the math, this indicted value of “93 billion Iraqi dinars (79.6 billion dollars)”, would be equivalent to 1.168 Iraqi Dinars to one US Dollar, or .855 Us Dollars to one Iraqi Dinar.
Later on in the Iraqi 2011 Budget article, two additional references to the speculative exchange rate are again mentioned, which suggests the same rate of exchange outcome.
Now that the budget draft has been approved, how much will this significant change in the exchange rate benefit the 2011 Iraqi Economy?
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