Article Evaluation
At first I was going to research about the middle east and make an evaluation about the environment and the economy, instead making an evaluation about my own country and specifically talking about the Iraqi currency is a better idea in my opinion . Since this is my country It would be cool that I'm writing an evaluation about it. I visited the Iraqi currency article on Wikipedia, and found three aspects of it worth commenting on, which are history of the currency, Recent developments, and Saddam Hussein's impact.
For the history of the currency, On 1 April 1932, the dinar was put into circulation, replacing the Indian rupee, Which was the official currency since the country's British conquest in World War I. 1 dinar = 11 rupees at the moment. Until 1959, when the peg was changed to the United States dollar at the rate of 1 dinar = 2.80 dollars, without increasing its value, the dinar was pegged at par with the British pound. The dinar grew to a value of US$3,3778 by not adopting the devaluations of the US currency in 1971 and 1973, until a 5 percent devaluation lowered the value of the dinar to US$3,228.
Next is about the recent developments of the currency. The Iraqi Governing Council and the Office for Rehabilitation and Humanitarian Assistance started printing more Saddam Dinar Notes as a stopgap measure to preserve the money supply before new currency could be launched after Saddam Hussein was deposed in the 2003 invasion of Iraq. "create a single unified currency that is used throughout all of Iraq and will also make money more convenient to use in people's everyday lives "create a single uniform currency that is used throughout Iraq that will also make money more convenient to use in the daily lives of people. In exchange for the 'Saddam dinar,' several trillion dinars were then delivered to Iraq and secured in the CBI for delivery to the people. Old banknotes were exchanged for new banknotes on a one-to-one basis, with the exception of Swiss dinars, which were exchanged for one Swiss dinar at the rate of 150 new dinars.
Finally, Saddam Hussein's impact on the currency. Saddam Hussein's failure led to the growth of a multi-million-dollar market that involved selling dinars to speculators. These exchange services and businesses offer dinars at an unsustainable amount, promoting the notion that some time in the future, instead of being redenominated, the dinar will raise its value sharply at a profitable exchange rate.
In conclusion, of the three aspects that were discussed in the evaluation. The previously produced notes became known as the Swiss dinar and continued to circulate in the Kurdish region of Iraq. Due to sanctions placed on Iraq by the United States and the international community along with excessive government printing, the new dinar notes devalued quickly.
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