Iraq is expected to to be one of the wealthiest nations of the world in the coming 15 years. Iraq having the biggest oil and natural gas reserves has currently reported that the production of oil is now very much stronger than ever. Nowadays, Iraq produces oil more than $ 3.4 million barrels on a daily basis and expects an oil production of $ 4 million per day by the year 2013.

Recently, Iraq has signed international contracts with foreign companies in order to increase the value of Dinar; this was done to meet the target of 12 million barrels per day. Recently, senior officials of Iraq stated that Iraq is working towards becoming the biggest oil reserve of the world, even bigger than Saudi Arabia. This is the Iraqi Dinar latest news.

In case Iraq really does meet this target, and possesses 300 billion barrels of oil, and oil value remains at a minimum of$ 100 a barrel because of Peak Oil, then the value of that resource will be $ 1 million U.S. Dollars. Thus, Iraq would become a country where everyone would be a millionaire.

Another announcement from the Iraqi Dinar Revaluation news is the removal of three zeroes; these were formerly introduced nearly 10 years back when America attacked Iraq. The removal of three zeroes will have a great effect on the value of the Iraqi Dinar. Moreover, once the value of currency is stronger and the Dinar will become more credible. It is a great plan of the Iraqi government that would surely increase the value of Iraqi Dinar in the upcoming years.

The year 2013 is going to be the year of change and progress for the Iraqi Dinar. The governor of Deputy Central Bank Mudher Kasim disclosed to news agency that he expected redenomination of the Dinar to proceed in the year 2014 or afterwards, during which time the quality of Iraqi currency in circulation would have improved drastically. Thus, making the economic dealings in cash even more difficult. He said that we would go faster with our plan only if there were no regional circumstances blocking the way.

Ahmed Abdul Ridha said that we want the value of Dinar to be like that, as it was in the 1970’s and 1980’s, when it was equal to $ 3. He also said that today they are in a rebuilding phase, but a day will come when the value of the Iraqi Dinar shall improve.

In a period of year or two, it is expected that the oil reserves would acquire an adequate production rate, thus developing the base for a powerful income. In addition, within a period of 5 years to 10 years, it is believed that Iraq would be in a position to maintain a powerful foothold in the world as an effective economic state. And that’s the Iraqi Dinar revaluation news worth consideration for all the investors out there!
 

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