Why Iraqi Dinar Revaluation is Necessary in Boosting Iraqi Economy?

Iraqi Dinar Revolution

Iraqi Dinar Revaluation: The Iraqi dinar was considered as one of the strongest currencies in the region. This currency experienced a number of ups and downs in the past. The Iraqi government and the Central Bank of Iraq are working very hard to stabilize and maintain the exchange rate of their Iraqi dinar currency against most of the major foreign currencies. Yesterday, the Belarusian concerning authorities decided to finish four zeros from their local ‘ruble’ currency and it will be implemented from beginning of June 2016. Most of the Iraqi dinar experts also advised the Iraqi government to eliminate three zeros from Iraqi dinar currency and this process would be more helpful in the Iraqi Dinar Revaluation process.

The Belarusian authorities confirmed that they are executing the process of deletion of four zeros from their national ‘ruble’ currency. The Belarusian President Alexander Lukashenko has signed an order to eliminate four zeros from their local ruble currency. This process will be executed in the month of June 2016. This new currency will be available in their local currency markets in the month of July 2016. It is also important both new and old currencies will be circulated from July 2016 until 31st December 2016. After this period, only new ruble currency will be allowed in the Belarusian local currency markets. This process would provide a path for currency revaluation.

Iraqi Dinar Revolution

Most of the Iraqi dinar experts also said that Iraqi government and Iraqi Central Bank should focus on process of the IQD revaluation. The process of Iraqi dinar revaluation is still pending due to a number of reasons including Iraqi political crisis, internal security condition and a significant decline in the global oil prices. The execution of the process for elimination of three zeros from Iraqi dinar currency is much necessary in order to boost up its economy. It would also provide an ease in the Iraqi financial institutions to maintain and minimize their workload.

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