The Dinar Continues To Accommodate The Needs of Iraq

The world is changing more and more each day.

This may be true but power seems to be constantly tossed between the same hands. Iraq has held global power and recognition for millennials and is doing what it needs to maintain its status.

This country’s motives and actions are influenced by a mixture of culture, religion, ambition.

Their success and productivity as a nation have fluctuated over time, but they seem to be blessed with a supply of oil that allows their currency system and geographics to maintain its value.

The country of Iraq practices deeply rooted territorial customs that are worlds apart from western society. As mentioned earlier, their culture appears to be very religious and conservative. They do celebrate cultural holidays like western society.

They celebrate Nowruz, Iraqi Army Day, and International Workers’ Holiday. This culture also promotes designated gender roles. For example, men should be hard workers and abide by their designated societal image while women should do more womanly things. This is a current cultural argument that is constantly discussed.

Saddam Hussein, once said, “Women make up one half of society. Our society will remain backward and in chains unless its women are liberated, enlightened, and educated.” This statement not only reveals insight about the internal situations of Iraq, but it shows how people’s minds are changing with time.

But like all of mankind, even the most advanced are not perfect. The war between Iraq and America was a big cause of downfall in Iraq. The country’s current currency method is the dinar and has helped make dramatic changes in its value compared to the US dollar over time.

According to a dinar guru, the Iraq dinar was worth as much as $3.378 US dollars but the value has dramatically increased. Alleged injustices and unfair practices have happened to Iraq at the hands of Saddam Hussein. This is what seems to have caused the great war between America and Iraq.

After the war, the overall economic health of Iraq is said to have gotten better. Iraq established a new governmental structure in 2003.

They also approved a new constitution in October of 2005. Their government is now structured like The United States of America. They have three branches that share power and observe each other’s functions. They are the executive, legislative, and judiciary branches.

They are considered an Islamic, democratic federal republic with both a prime minister and a president. This new government seems to have their balance of governmental powers under complete control. The United States Iraq Status of Forbes Agreement (SOFA) was also signed by George W. Bush in 2008 and enforced by Barak Obama on October 21st of 2011.

This was what the two countries needed to help relieve tension As the people might say, “Bring Home Our Troops.” The pronounced ending of the war left little time for post-war recovery and long-term development, but the country is still thriving to rise to its aspired potential. The dinar is now worth 0.00084 US dollars.

Iraq’s oil supply will continually help Iraq’s financial situation. Iraq’s new leadership increased the generation of the dinar to avoid conflict and maintain the country’s normal money supply. This depleted the dinar’s value even more.

Iraq continues to regulate its oil prices to work in favor of its overall economy. The country of Iraq has been producing as much as 2 billion barrels of oil per day since 2006. Iraq’s exports for crude petroleum are as high as 98%. This is very high compared to other countries.

Representatives perceived that the dinar’s value could be saved by monitoring themselves and staying true to lower spending while increasing oil prices.