The current constitution of Iraq was approved by an October 15, 2005 ratification vote. The proposed constitution was drafted in 2005 by members of the Interim Iraqi Government to replace the Law of Administration for the State of Iraq for the Transitional Period, which had been put in force by the Coalition Provisional Authority after the Iraq War and occupation of Iraq by the United States and Coalition forces.

The drafting and adoption of the new constitution was not without controversy, however, as sectarian tensions in Iraq figured heavily in the process. The deadline for the conclusion of drafting was extended on four occasions because of the lack of consensus on religious language. In the end, only three of the 15 Sunni members of the drafting committee attended the signing ceremony, and none of them signed it. Sunni leaders were generally urging the electorate to reject the constitution in the 15 October referendum, but were overwhelmingly rejected by the voters.

The text of the proposed constitution was read to the National Assembly on Sunday, 28 August 2005. It describes the state as a “democratic, federal, representative republic” and a “multiethnic, multi-religious and multi-sect country”.

Excerpts From The Preamble

We the sons of Mesopotamia, the creators of the alphabet, and the cradle of arithmetic: went by the millions for the first time in our history to the ballot box, men and women, young and old, on January 30, 2005, remembering the pains of the despotic band’s sectarian oppression of the majority; inspired by the suffering of Iraq’s martyrs – Sunni and Shiite, Arab, Kurd and Turkomen so we can create a new Iraq of the future, without sectarianism, racial strife, regionalism, discrimination or isolation.

Some References To Monetary Concerns From The Body Of The Constitution

The Arabic language and Kurdish languages are the two official languages of Iraq. The use of both languages is officially endorsed in any setting enjoined by the principle of equality such as bank notes, passports and stamps.

The Central Bank of Iraq is a financially and administratively independent institution and is responsible before the Council of Representatives.

The federal government shall have exclusive authorities in the issuing of currency, formulating monetary policy, and establishing and administering a central bank.

Now, will the Iraqi Dinar rise?

This currency has already gained 25% the past half year. The more stable Iraq gets the more the dinar will rise in my opinion. This is only one of the many steps Iraq has to make but for exceptance by the world bank a big one.

Still keep in mind that investing in Iraqi Dinars should be on the most risky side of your investment portfolio.

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