Sebastian River Holding's Inc. today issued an announcement regarding the Iraqi dinar's increase in value. "All share holders can view this remarkable CNN special on our new website," Sebastian River Holding’s Inc. President and CEO Daniel Duffy said. "The company believes that there will be a re-value of the Iraqi dinar in the near future."
With all the positive financial news from the Iraqi government and the rate of the dinar rising from $1USD = 1450 Iraqi dinars, to a recent high of $1USD = 1238 Iraqi dinars, the company feels that the Iraq government must re-value their currency to give all Iraqi citizens purchasing power and a new way of living. The company currently holds 135,000,000 dinars and every $1 USD upward movement in the price of the Iraqi dinar gives the company a profit of $134,900,000, or roughly an EPS of $2.73.
The minister of finance stated that it is Iraq's goal to see the Iraqi dinar at its original value of 1USD = .312 dinar or $3.20. With the United States help and all the laws that have been passed, the financial situation in Iraq has dramatically improved over the last 12 months. The country of Iraq has made itself one of the few countries to be nearly debt-free, have the third proven oil reserves in the world and to be first in natural gas reserves. With all this and still holding a large amount of gold and $28 billion in the U.S. Federal Reserve, the company feels that Iraq will accomplish its goal.