Iraqi Dinar Revaluation in The Recent Situation

Haider Abadi new prime minister of IraqIraqi dinar revaluation is again under discussion after the nomination of Haider Abadi as new prime minister of Iraq. The Iraq President Masum also supports Abadi as new prime minister of Iraq and invited him to form a new government. Noor Al Maliki the old prime minister of Iraq was considered as the major cause of sectarian war in Iraq. Therefore he was forced to resign in the favor of Iraq economy and peace. Maliki was famous for the discriminative policies against Sunni minorities.

This discriminative treatment for the years causes the rebellious activities in the country and Sunni Muslims carried the weapon under the supervision of Abu Baker Baghdadi. Haider Abadi is considered as moderate person and a key to resolve the security as well as economic issues of the country. Abadi is supported by all the political parties of Iraq and even Sunni Muslims also like him due to his peaceful mind and soft corner for Sunni Muslims. Haider will take oath in next few days and economic reforms will be in the priorities of the new prime minister. Iraq is also planning to replace Abdel Basit the governor of central bank of Iraq with Dr. Ismail one of the most noted economist and senior politician of Iraq.

Basit is considered as the major source of tension between Iraq finance committee and the central bank of Iraq. He did not allow finance committee of Iraq to take part in the financial activities of the country and did not accept any of the suggestion given by finance committee of Iraq for the economic development of the country. World Bank had to jump into the cold war to resolve the matter between finance committee of Iraq and the central bank of Iraq which was not appreciated at any ground in the country. The governor of central bank of Iraq and the leader of the house means prime minister of Iraq both are key positions to settle the matters between Iraq and World bank. World Bank and the IMF are loking towards the appointment of new prime minister and governor of central bank of Iraq so that they may discuss the exchange rate for Iraqi dinar in the international market against US dollar.

We have seen numbers of positive development in the economy of Iraq after the news of Haider as prime minister of Iraq. Numbers of foreign banks decided to open new branches in Baghdad and some foreign companies also showed their consent to start business in Iraq. After ISIS attacks on the several northern areas of Iraq, most of the foreign investors and foreign companies had stopped their business operations in Iraq, but now the situation is going towards betterment. Now RefDain, the major commercial bank of Iraq is also opening new branches in London and some other major cities of UK. This is very big news for Iraq and its banking system because it is only first foreign branch of any commercial bank of Iraq in the country. Moreover the payment system introduced by central bank of Iraq is also appreciated world wide. The online payment system allowed foreign companies to work without any tension in the country. All of these facts show that revaluation of Iraqi dinar is too far and will be occurred as soon as the appointment of prime minister of Iraq.

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