Role Of Iraqi Government in development of Iraqi economy

Iraq is now paving his way towards the success. There have become the opportunities that Iraqi will regain its actual position in the world as it was earlier. As you know Iraqi government has come in being in 2010 and its working for the rehabilitation of Iraq and Iraqi economy. The results are now coming out from the efforts made by the Iraqi government. But it would not be wrong if we say that the efforts were started from the 2003. US also assisted the Iraqi government to improve the Iraq’s infrastructure, stability in Iraq, Security of institutions, economic growth and legitimated political representation. In this matter national government played also a very crucial role.

These are some of the efforts which were made in coalition with the Iraqi government with local governments and institutions. With the aim to cutting down their massive pre-war debt, possible domestic capital markets were generated. The France was kind adequate to forgive and forget 80% of Iraq’s arrears. Their policies and strategies towards economic stability and future growth attracted investors worldwide.

There were made the issuances of foreign bank licenses after group of years to banks such as Kuwait National Bank, HSBC, National Bank of Iran, Commercial Housing Bank, Standard Chartered bank and Arab Banking Institute Bahrain. To with the objective to form the vibrant market economy, Interest rates were further liberalized. The re-energized banking system was predictable to have a positive and good effect on the worth of Iraqi Dinar. In addition, the Iraqi Central Bank came into being as an independent agency having no any political influences from Iraqi political parties.

You will be familiar with these facts and figures that before the sanctions of United Nations, the Iraqi dinar was equivalent to 3.33 US dollar and before the Iraq war; the Iraqi dinar was traded at 0.33 per US dollar. From these two fighting operations of the state, the Iraqi economy and Iraqi dinar was affected very much and has decreased to an all time low value and worth.

However, after the combat operations, the government has got succeeded in making the currency level up to 25 % and currently the value of Dinar is 1400 against the USD and this level came from the 3500 against the USD during the US invasion. Even Kuwait and Germany had to face like these devaluation but both of these recovered from the severe conditions immediately.

The recovery and development in the currency of Iraqi Dinar is improving day by day and it’s very amazing for the investors. Iraqi government has done a very good job towards global market integration of Iraqi dinar. Government’s efforts will spur the value of currency. Now Iraq after its recovery will focus on discovering its natural resources and then utilizes those resources. All this happening just like a dream and unexpectedly and no one were expecting the great improvements in the Iraq and Iraqi economy, but hope is changing into reality. Investors should not delay now to become rich.

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