When Kuwait restored its dinar to its pre-war value of over $3.00, it was not a random choice. This decision was supported by substantial oil reserves and secured by billions of dollars from international partnerships. Interestingly, Iraq is now entering into multi-billion dollar partnerships… For those of us who hold Iraqi dinar, the 1991 example set by Kuwait serves as a compelling proof of concept. The framework for a significant revaluation of the dinar closely resembles Kuwait’s experience in several important aspects… The first aspect is asset-backed sovereignty. Similar to Kuwait in 1991, Iraq possesses some of the largest proven oil and natural gas reserves in the world. The true value of a currency is determined by its resource wealth, and the current artificially low rate of the dinar does not reflect Iraq’s substantial economic strength. It is well-known that Iraq has maintained a program rate of 1310 dinar per US dollar for 23 years. I believe a significant adjustment to that rate is imminent, which is what we are all anticipating… [Post 2 of 2]
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