Will Iraqi dinar revalue in 2011?

Answer 1

It has been said to the IMF (International Monetary Fund) by Iraq in a letter of Intent that they do Intend to Revalue their currency June 30, 2012 but that has been delayed due to Technical Difficulties report by Zambia, Another Country set to revalue. Below is an excerpt from the letter of intent. We may interpret the ID3.2 as dinar revalue rate , the same rate pre-Gulf War. This is still speculating until the Central Bank announces a statement.

We conducted a review of all the bank accounts that were classified as belonging to

the central government (a benchmark that had originally been envisaged for end-

March 2010). Due to the very large number of accounts involved, this review took

much longer than we had anticipated. We have nearly completed the review, which

has enabled us to reclassify about ID3.2 dinar in accounts mistakenly classified as

belonging to self-funded agencies as central government investment accounts. The

bulk of the accounts, however, were found not to belong to the central government. Of

the ID 29.1 trillion reported as of end-June 2010 as belonging to the public sector,

only ID 11 trillion was found to belong to the central government and reconciled with

Treasury records. Of the ID 16.1 trillion that were classified as public sector deposits,

ID 3.4 trillion belonged to the pension fund; ID 6.1 trillion belonged to state-owned

enterprises, and the remainder belonged to other public agencies and institutions that

operate outside the central government. We will continue to investigate the largest

accounts of enterprises and self-funded agencies to determine whether these may

include outstanding advances extended by spending units that should be closed and

recovered.