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Iraqi Dinar Buzz Updates

2011-02-04 08:32:20

First of all, prayers go out to all of the people in Egypt. The riots and protests have turned violent as Egyptians have clearly demonstrated their disgust with the political situation. Only time will tell how other nearby countries will respond to Egypt. The reverberations will continue long past when the riots die down. So, what does this mean for Iraq? Could the unrest spill over into Iraq? How will this affect the dinar?

Iraq is watching this closely. Iraq has had its share of instability, but they are finally on the upswing. The government is moving forward and albeit slow, it has made the first steps in improving the lives of Iraqi citizens. First and foremost, Iraq is investing in its electric infrastructure to deliver reliable power to all households. Violent protests broke out this past summer because of unreliable power as temperatures rose to unbearable heights. This led to the resignation of the electricity minister as he received threats and citizens protested for his resignation. The protests in Egypt clearly demonstrate the power of unified citizens. Iraq must keep moving forward to avoid civil unrest. The government must uphold its commitment to do what is best for its citizens. Egypt is a wake up call for what could happen when citizens band together to demand change amidst extreme frustrations.

It is unlikely violent riots influenced by Egypt will occur in Iraq. Iraq and Iraqi citizens know how much progress they have made and how much farther they need to go. The key component that is keeping it together is all of the foreign investment coming into Iraq. Iraq is changing – literally. Infrastructure projects are underway and these will change the Iraqi skyline very soon. And of course, oil. Iraq has done an impressive job of building out its oil trade to put them selves in a great position to reap oil profits. This is what’s at stake for Iraq. Iraq has too much to lose. The Iraqi government knows and so do the citizens. Both must work together to move Iraq forward.

The way Iraq responds to the Egypt is an opportunity for the dinar to hold its value. If the Iraqi government can move forward and not falter amidst this unrest throughout the Middle East, it will give more confidence to the dinar. It will give more legitimacy for a high RV exchange rate. In addition, Iraq’s oil trade during this chaos is still looking strong. This is a critical time for Iraq to prove to the world that they have turned the corner and a RV is justified. Obtaining the confidence of the international community is essential for the RV to happen. A significant RV will dramatically change the global economic and political landscape – Iraq must tread carefully and execute in a way that takes this into consideration to avoid negative backlash that would offset the financial gains of an RV. Chaotic times are opportunities for Iraq to show its strength and improve the value of the dinar.