According to documents released by the UN, Iraq's currency is extremely under-valued.
In order for a revalue to occur many careful steps have to be taken to ensure that the economy does not collapse.
IMO, there are too many outstanding oil contracts to revalue at the current time. There are so many contracts for the rebuilding of Iraq's infrastructure to revalue at the current time. The way I see it is, there is way too much dust being kicked around at the moment to go change something which will greatly impact the entire world right now.
If I were to revalue a currency, I will wait until after the election end, the oil contracts are signed and amended with the chance of a possible revalue and wait for all the infrastructural contracts to be signed with an amendment of how business would be handled after the currency revalues.
Iraq has so many natural resources to provide to the world. My question right now is, besides oil, why hasn't their borders been opened to trade freely with other nations? Why won't their currency be open for international trade? Even at the current rate, it could be a good start letting us trade it on forex...
Right now, Iraq is way to secluded. They are covered by an umbrella right now, and the people of Iraq are suffering. They definitely should be given an opportunity to experience a better way of life. Not live with high unemployment numbers and most living in poverty... not when most of their citizens have a right to their country's natural resources.
This is just my opinion. I think they should get a move on before life passes us all by.
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