Gulf War Affected Iraqi Dinar

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Gulf war was one of the reasons for Iraqi dinar to be devalued and its credit goes to Saddam Hussein. Prior to happening the gulf war… Iraq’s economic, political and financial conditions were outstanding and prosperous and currency was at the value mentioned above. But as the gulf war happened, Iraqi Dinar devalued and with these economic conditions of Iraq was affected to waist level and this was the great setback for the Iraq. And the matter wasn’t restricted to this but UNO sanctions filled the gap and Iraq was banned to make any international trade and in this way the economy of Iraq was greatly affected.

US Invasion of Iraq
In 2003, US security forces invaded in Iraq and thus the economy of Iraq was greatly affected and at that time Iraqi Dinar old currency with an image of Saddam Hussein was dismissed and new currency of Iraq was issued with new denominations and with more security features. At that time in 2013, the Iraqi dinar was one of the most popular trading currencies of Iraq. At that time, the Purchase Iraqi Dinar was at the value of 3500 Iraqi dinars per USD and this value gradually revealed and now this value has reached to the level of 1170 Iraqi dinars per USD and this I great achievement of this currency.

Many financial experts believe that Iraq is the second largest oil producer of the world and this oil production can the pin point for Iraq to get back its previous conditions and previous currency value. And this is only the option that Iraq can have.