Will The Iraqi Dinar Rise Now That The Constitution Is Approved
Below is a MRR and PLR article in category Finance -> subcategory Other.
Will the Iraqi Dinar Rise Now That the Constitution Is Approved?
Overview
Iraq's current constitution was approved through a ratification vote on October 15, 2005. It was drafted by the Interim Iraqi Government to replace the temporary Law of Administration for the State of Iraq, established by the Coalition Provisional Authority after the Iraq War.
A New Beginning Amidst Challenges
The creation and acceptance of the new constitution were not without challenges. Sectarian tensions deeply influenced the process, leading to four deadline extensions due to disagreements on religious language. Ultimately, only three out of 15 Sunni members of the drafting committee attended the signing ceremony, with none signing the document. Sunni leaders largely advised voters to reject the constitution in the referendum, but their calls were overwhelmingly dismissed by the electorate.
Key Features of the Constitution
On August 28, 2005, the National Assembly was presented with the draft. The constitution describes Iraq as a "democratic, federal, representative republic" that is "multiethnic, multi-religious, and multi-sectarian."
Preamble Highlights
The preamble celebrates Iraq's ancient heritage and the diverse efforts of its people towards a unified future, free from sectarianism, racial strife, and discrimination.
Financial Provisions
The constitution designates Arabic and Kurdish as Iraq's official languages, supporting their use on banknotes, passports, and stamps. The Central Bank of Iraq is established as an independent institution, accountable to the Council of Representatives. The federal government retains authority over currency issuance, monetary policy, and the central bank's operations.
The Future of the Iraqi Dinar
Since stabilizing, the Iraqi Dinar has appreciated by 25% over the past six months. As Iraq continues to stabilize and strengthen its governance, the Dinar is likely to rise further. This constitutional milestone is crucial for gaining acceptance from the World Bank.
However, it is crucial to recognize the investment risks associated with the Iraqi Dinar. This currency should be considered among the riskier assets in your investment portfolio.
You can find the original non-AI version of this article here: Will The Iraqi Dinar Rise Now That The Constitution Is Approved .
You can browse and read all the articles for free. If you want to use them and get PLR and MRR rights, you need to buy the pack. Learn more about this pack of over 100 000 MRR and PLR articles.