Tag Archives | Central Bank of Iraq News | CBI Iraq

The latest Central Bank of Iraq news – including Currency, Banking, Dinar, Reserves, Prices, Inflation, IQD, Revaluation, Redenomination and more.

Central Bank Tightens Rules on Buying Dollars

The Financial Times reports that Iraq’s central bank has tightened its clampdown on its sales of dollars, amid fears that buyers are using them to launder money and skirt international sanctions on neighbouring Iran and Syria. The bank unveiled new rules on Monday to force customers to prove their identities by supplying tax records and […]

Removing Zeros from Iraqi Dinar to Start in Sept

AKnews reports that the process of removing three zeros from the Iraqi dinar and replacing current banknotes with new ones will begin in September. The announcement, which will see the Iraqi Central Bank (ICB) re-print 30 trillion dinars ($26 billion), was made despite government fear over the project. Abdul-Hussein Abtan, a member of the economic […]

Central Bank Defends Weak Iraqi Dinar

Iraq’s Central Bank says it will not allow the Iraqi dinar to depreciate and has been selling hundreds of millions of dollars to keep the currency stable, according to a report from Azzaman. The dinar weakened in December, prompting the bank to sell dollars in a bid to withdraw cash from Iraqi markets. The bank […]

Iraq: $58bn in Currency Reserves, Should Redenominate Soon

The deputy governor of Iraq’s central bank has announced that foreign currency reserves have risen to close to $58 billion, and are expected to increase further thanks to a rise in oil revenues. Mudher Kasim said higher global oil prices could result in a budget surplus for 2011. Reuters quotes him as saying, “(The amount […]

New Iraqi Dinar to be Harder to Counterfeit

According to reports from Al-Sabaah, the Central Bank of Iraq is planning to make its new currency forgery-proof. Central Bank Governor Sinan al-Shabibi claims that the new currency’s attributes will make it ‘difficult’ to falsify, and says that the project to delete the three zeros, if implemented, will enhance the value of the Iraqi dinar […]

Iraqi Banks Struggle with Limited Services and Capital

Reuters reports that it’s a tough road ahead for Iraqi private banks required to raise their capital to boost business as they battle against decades of state dominance to win a slice of the asset base from government-run enterprises. It blames a poor credit culture, the lack of a modern banking system, and the dominance […]

Iraq’s Central Bank Considers New Currency

Iraq’s Central Bank says the country is in need of a new currency in which the current zeros are removed to facilitate commercial transactions, according to Azzaman. The bank’s Governor, Sinan al-Shabibi, said he was in talks with the prime minister, Nouri al-Maliki, on how to go ahead with the bid to issue currency with […]

Iraq Prepares to Redenominate its Currency

According to a report from Al Sumaria News, Iraq’s Central Bank announced on Thursday that it is planning to delete the zeros from its currency, the Iraqi dinar. This step is one of the bank’s strategic missions, the Central Bank said adding that the new currency will include the Kurdish language in addition to the […]