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Increase in the value of the Iraqi Dinar

Increase in the value of the Iraqi Dinar

After the disposal of the international provisions

After few hours of unanimously approving to lift chapter VII, the Iraqi Dinar witnessed a rise of its exchange rate against the US dollar.

According to Mr. Saif Hilfi, a member of the Association of private banks, "the Iraqi dinar exchange rate against the U.S. dollar returned to a normal pace after the decision to remove Iraq from the provisions of Chapter VII."

Hilfi said in an interview with (the Iraqi Media Network): "The dinar exchange rate against the dollar stabilized at 1210 Dinars per USD," pointing out that the value of Iraqi Dinar will continue to rise in the coming days.

Mr. Hilfi explained that the bypass provisions of Chapter VII, is a big gain, which retrieved the confidence in Iraqi Currency, especially due to Iraq’s large financial reserves.

He added that very soon there will be a new investment-oriented phase and there will be a large scale investment in the Iraqi Dinar at level of companies, investors and citizens, stressing that the economic landscape readings indicate the presence of a great demand on Dinar which will contribute to raising its exchange rate against foreign currencies.

Updated 29 Jun 2013 | Soruce: Al Sabah |
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