7-3-2012 DocDinar: Benjamin Franklin once said, "In this world there is nothing that is certain except death and taxes." Well, I’d like to add the revaluation of the Iraqi dinar to that list.
The Iraqi dinar, which became relatively worthless in 1991, will only continue to rise in value now that the war is over, their debts are being forgiven, oil production is increasing and the country is stabilizing.
According to The Energy Information Administration (EIA) of the U.S. Department of Energy, Iraq contains more than 112 billion barrels of proven oil reserves, making it the second largest oil reserve in the world, after Saudi Arabia.
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Furthermore, the country holds 220 billion barrels of probable and possible resources and Iraq's true resource potential may be far greater. If the Iraqi potential oil capabilities are fully explored and utilized, Iraq may claim as much as a quarter of the world’s oil.
Furthermore, Iraqi crude oil is a high quality light sweet oil which is much easier and cheaper to refine than the heavy grades. Iraqi oil is also usually found very near to the surface of the earth and is thus easily extracted providing an exceptionally high profit.
Iraq also has considerable amounts of phosphate rock (used in making chemical fertilizers), sulfur, brown coal, salt, gypsum, diamonds and natural gas. It contains 110 trillion cubic feet (Tcf) of proven natural gas reserves, along with roughly 150 Tcf in probable reserves.
This is to say nothing of their deposits of various other minerals including iron ore, gold, lead, copper, silver, platinum and zinc. The bottom line here is that Iraq is one of the richest countries in the world. Iraq’s currency WILL reflect the true wealth of Iraq, sooner or later.
My money is on sooner rather than later. So, if you ask me, “In this world there is nothing that is certain except death, taxes and the IQD RV.”