By John Lee. Iraqi Finance Minister, Mrs Taif Sami Mohammed, along with the Governor of the Central Bank of Iraq (CBI), Dr Ali Al-Alaq, participated in the Annual Spring Meetings of the World Bank and the International Monetary Fund (IMF), held in Washington from 20-23 April 2025. The discussions focused on global economic challenges, financial […]
By John Lee. The Central Bank of Iraq (CBI) has issued a warning to the public regarding the circulation of foreign banknotes - including authentic, withdrawn, and counterfeit currency - used by fraudsters to deceive citizens. According to the CBI, criminals lure individuals into exchanging these notes for Iraqi dinars at inflated rates under the […]
By John Lee. The London School of Economics (LSE)'s Middle East Centre has hosted a talk by Ahmed Tabaqchali, exploring the economic and financial interactions of the Iraqi economy with the outside world, particularly the use of the dollar in relation to Iran and the US. While the US' Iraq policy is still fluid, there […]
By John Lee. The Central Bank of Iraq (CBI) announced an expansion of foreign currency transfer options for local banks, adding the Jordanian Dinar and Saudi Riyal to the list. Iraqi banks are now also permitted to fund trade with Turkey in Euros, previously restricted to transactions with EU countries. These currencies join the existing […]
By John Lee. As part of financial and economic reforms, the Iraqi Cabinet has endorsed recommendations to conduct all state contracts within Iraq in Iraqi dinars. There will be exceptions for ongoing external grants, loans, and agreements, and new contracts involving foreign grants, loans, and agreements may adhere to agreed-upon foreign currency terms, as specified […]
By John Lee. The Iranian parliament, the Majlis, has approved a government bill to redenominate its currency, dropping four zeros. According to Tehran Times, the proposal came from the Central Bank of Iran (CBI), and will result in a new currency, the "toman", which will equal 10,000 rials. Reuters reports that the bill must now […]
By John Lee. Iraq's Commission of Integrity has revealed that it has concluded cases resulting in fines of more than 245 billion dinars ($206 million) on private banks, due to violations relating to customs licences and foreign currency auction instructions for 2012. The CoI mentioned that one of these corruption cases related to a private […]
Iranian ambassador to Baghdad said Iran and Iraq are weighing plans to eliminate US dollar in trade transactions and also lift visa requirements for citizens of the two countries. Speaking at a TV program on Saturday night, Iraj Masjedi said Tehran and Baghdad are considering plans to use Iraqi dinar for trade transactions or develop […]
By John Lee. The Central Bank of Iraq (CBI) has reported that 18 banks took part in its currency auction on Thursday. A total of $193,850,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
By John Lee. Ohio based publication The Toledo Blade has reported the beginning of a new trial of three local men accused of intentionally deceiving investors with the now familiar refrain that the Iraqi dinar will dramatically revalue. The accused ran a firm BH Group along with two hedge funds, with one defendant allegedly lying about fighting in Iraq. […]
By John Lee. Iraq is introducing new Iraqi Dinar notes with improved security features, such as guarantee ribbons and the internationally used SPARK feature. The Central Bank of Iraq treasury director Ihsan Shamran al-Yasseri announced the move, noting that this was a positive step forward that would help strengthen the currency. The new notes, to […]
