DINAR EXCHANGE
Iraq’s $16 Trillion Resource Revelation!
PM Advisor Salih unveils Iraq’s vast mineral wealth, positioning it as the 9th richest globally. With plans to diversify the economy and reduce oil dependence, could this be the catalyst for the Iraqi Dinar’s revaluation? #Iraq #IQD #EconomicDiversification #DinarRevaluation
Iraq’s $16 Trillion Resource Revelation: A Catalyst for Dinar Revaluation?
Iraq’s Prime Minister’s Financial Advisor, Mazhar Mohammed Salih, recently announced that the nation’s natural resources are valued at over $16 trillion. This immense wealth, encompassing minerals like thorium, uranium, phosphate, sulfur, and lithium, positions Iraq as the ninth richest country globally in terms of natural resources.
The Iraqi government is actively pursuing economic diversification, aiming to reduce its heavy reliance on oil revenues. By developing the mining sector, which is expected to contribute at least 10% to Iraq’s GDP during its initial development phase, Iraq seeks to stabilize its economy and strengthen the Iraqi Dinar (IQD).
According to Basel III requirements, a nation’s currency should reflect its tangible assets. With Iraq’s vast untapped resources, there’s a compelling case for a revaluation of the IQD.