An article was brought to my attention which boldly states Iraq prepares to revalue the currency after external debt is resolved.
The article I received was supposedly published by Reuters dated April 10, 2011. The rest of the article references the debt owed to Kuwait, Iraq’s vast oil reserves, and the IMF’s expectation of Iraq’s oil production. However as a 2011 news post the statistics used within the contents are written from a 2010 point of view.
The article further states the revalue [will] ” make economy iraq to the level that highest” (Arabic translation I assume)
Unfortunately, members of different Dinar forums which have posted this article can’t find a direct link to Reuters.
In a simple Google search The Currency Newshound discovered the content of this article is only found on Dinar forums…nothing from Reuters in English or Arabic. The bulk of the web search linked this article to posts on forums located out of Asia…specifically Malaysia.
The first site I navigated to had this article dated as March 15, 2011 (approximately one month earlier than the date referenced on the article submitted). Another site dated this article posted anywhere from 3 weeks to a month ago.
Reuters is an international news wire service. News agencies from across the globe utilize Reuters as a source for international news. The Currency Newshound has yet to see any direct link to Reuters and furthermore considering the anomalies within the article – the validity of the content becomes questionable.
It is my opinion the article is fabricated or the original article has been manipulated.
If hard proof of the this article exists I will retract this statement as I hope it is correct but in this early stage I am afraid it is not a true and accurate news post.
Article Submitted to The Currency Newshound:
BAGHDAD (Reuters)- Iraq prepare to revalue the currency after doing external debt resolved, Central Bank Governor Sinan Al-Shabibi said.
“We paid a sum debt to kuwait and the balance would be made in the near future. We also want ensure total government iraq formed. I believe, we will see it in nearest time,” he said.
He said , to make economy iraq to the level that highest, it need steady currency phased international.
Iraq holds the world’s third-largest oil reserves, with 115 billion barrels, behind Saudi Arabia and Iran. The International Monetary Fund said it expects the economy of Iraq to expand 7.3 percent this year and 7.9 percent in 2011.
IMF and Iraqi authorities are projecting average production of 2.6 million barrels of oil per day with exports of 2.1 million barrels a day this year. Next year, the projections are for output of 2.9 million barrels a day and exports of 2.3 million a day.