After the fall of Saddam Hussein’s reign in 2003, numerous changes were undertaken by the Iraqi government regarding political and economic conditions of the nation. The Iraqis confided in the government to rebuild Iraq’s infrastructure and stabilize the nation in all political, economic, and social aspects. The government encouraged foreign investments into their monetary system with the goal of developing Iraq’s economy as a major player in the Middle East.
Iraq showed many other signs of growth as well like the foreign licenses being awarded by the Central Bank of Iraq. This stirred a great spur of growth and many were convinced that the new Iraqi Dinar currency will most likely rise in value after the implementation of different changes planned.
The Presidential Order 13303 facilitated the citizens of United States to invest into the new Iraq economy. According to the order along with the Coalition Provisional Government Order 39, the US citizens get the right to invest similar to an Iraqi citizen. They can invest presently in alternatives such as Stocks, Currency, Bonds, Business and Real Estate in Iraq. Further, these investments are guaranteed under the order, through removal of sanctions on Iraqi investments. The Iraqi banking system was also permitted for restructuring under the new order.
The Iraqi government planned for many more issues of Treasury bills into secondary market. The central bank of Iraq auctioned the Treasury bills in July after a long time. Currently, the local banks have purchased 3-month bills worth 900 billion Iraqi Dinars (approximately USD 628 million) with coupons varying between 2.5%-6.8%. In order to enhance the value of Iraqi exchange rate, the Central bank is planning to increase their reserves of foreign currency as well. Likewise, the government measures successfully led to the current position of Iraq in the world.
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