Tag Archives | forex

Poll: End of the Road for Iraqi Dinar Scam?

By Guest Blogger. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. For several years, con artists have been peddling the Iraqi Dinar scam – the myth of a massive revaluation of the Iraqi dinar, but that may be about to change. Using a range […]

US Man Pleads Guilty to Illegal Dinar Sales

By John Lee. An American man has pleaded guilty to operating an illegal business selling Iraqi dinar. ArgusLeader reports that 60-year-old David Olmsted, also known as Dale Cooper Jr., received daily Federal Express packages with shrink-wrapped piles of dinar bills that had been smuggled out of Iraq and into Jordan. The man, from South Dakota, was […]

Calls to Address Dinar Rate Fluctuation

By John Lee. The First Deputy Chairman of the parliament has reportedly demanded that the Central Bank of Iraq address the fluctuating exchange rate of the Iraqi dinar against the US dollar, and disclose the reasons. Shafaaq News says that Qusay al-Suhai chaired a meeting of the Finance Committee, in the presence of central bank […]

Questions About Practices of Private Iraqi Banks

By Omar al-Shaher, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Privately held Iraqi banks have almost entirely relinquished their traditional functions — such as giving out loans, lending credit and issuing letters of credit — due to default risks. Instead, they are […]

Iraqi Dinar Exchange Rate Manipulated?

By John Lee. Investigators in Iraq have opened an inquiry into alleged manipulation of the exchange rate between the Iraqi dinar (IQD) and the US dollar, and arrest warrants have reportedly been issued for several officials including the head of the Central Bank of Iraq (CBI). Hassan Karim Aati, spokesman for the Commission on Integrity, […]

Iraq Halts Plans to Drop 3 Zeros from Dinar

Iraq has decided to hold off on a plan to knock three zeros off the nominal value of bank notes of its currency because it does not believe the economic climate is suitable, reports Reuters. The central bank said last August that it planned to redenominate the Iraqi dinar to simplify financial transactions in an […]

Iraq Has Cash Reserves to Fight Dinar Depreciation

The finance committee in the Iraqi Council of Representatives warned on Wednesday about the deterioration of the Iraqi economy due to the low exchange rate of the dinar to the US dollar, assuring that proposals are underway to get the country back on its feet, reports AKnews. According to AKnews, the Iraqi dinar hit its […]

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 […]

Iraqi Dinars “One of the Most Foolhardy Investments you can Make”

A local newspaper in Georgia, USA, reports that some local residents are buying Iraqi dinars in cash form, in the hope of profiting from a revaluation of the currency. According to the Moultrie Observer, people are buying boxes of crisp Iraqi dinars that look fresh off the printing press. It goes on to quote a […]

Iraq May Legislate on Currency Exchange

According to a report from AKnews, a number of bankers in Baghdad have demanded that the Iraqi parliament legislates to regulate and protect their businesses from market changes because of the sudden decisions taken by the Iraqi government. Ali Abdul-Zahra, owner of an foreign exchange bureau, told AKnews that banking in Iraq is still precarious […]