By John Lee. Iraq made its first major move in years to boost its gold reserves, joining central banks from emerging market economies such as Brazil and Russia in diversifying its foreign reserves. According to a report from the Lebanese Daily Star, central bank purchases have been one of the biggest drivers of gold's rally […]
By John Lee. A member of the Parliamentary Finance Committee has ruled out dropping the three zeros from the Iraqi currency in 2013 because "the ground is not prepared yet". MP Majida al-Timimi told AIN: "The process of deleting zeros from the Iraqi currency in 2013 depends on the nature of the policy of the […]
By John Lee. Sinan al-Shabibi (pictured), the former head Iraq's Central Bank who was removed for suspected mismanagement and currency manipulation, has dismissed the charges against him as baseless and trumped up. Speaking to AFP, he said authorities had compromised the bank's independence to access its reserves, adding that the government had been "spoiled" by […]
By John Lee. Iraqi MP and member of the Parliamentary Economic and Investment Committee, Nahida al-Dayni, has ruled out deleting the zeros from the Iraqi currency soon. Speaking to All Iraqi News Agency (AIN), she said: "The process of deleting the zeros from the Iraqi currency will not be done soon due to the lack […]
Perhaps the biggest story of recent days was the shock dismissal of the Governor of the Central Bank of Iraq (CBI), Sinan al-Shabibi, and the issuing of arrest warrants for him and many of his staff. The nature of the allegations against Mr Shabibi are not entirely clear, but appear to center around manipulation of […]
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, […]
By Mohammed Hamid al-Sawaf. This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Unofficial money changers are common in Iraq – and trade is particularly brisk in the tourist town of Karbala. But recently a gang of fraudsters […]
By John Lee. We get many enquiries at Iraq Business News relating to the future of the Iraqi dinar (IQD), for example: Will the Iraqi dinar increase in value? Will the currency be re-denominated, dropping the 'three zeros'? Is it wise to buy Iraqi dinar? Firstly, Iraq Business News is not in a position to […]
By John Lee. An MP and member of the Parliamentary Economic and Investment Committee, Aziz Sharif al-Mayahi, has demanded that the Iraqi Central Bank dismiss and replace some "influential figures" in the Bank who allegedly manipulate the exchange rate of the Iraqi dinar against the US dollar. The article in AIN refers to what it […]
By John Lee. The Trade Bank of Iraq (TBI) has issued a Visa Debit Gold Card for dollar-denominated accounts currency, according to a statement from the bank, reported by AKnews. The statement quoted director general of the bank, Hamdiya al-Jaff [Hamdiya Al-Jaf, Hamida al-Jaf], as saying: "The issuance of such cards encourage citizens to deal […]
By John Lee. MP Abdul Hussein Raisan, of the Ahrar bloc, has said that deleting the three zeros from the Iraqi currency was "inappropriate due to the present economic conditions". Citing a lack of real reforms in the banking sector, he said that the economic situation is not suitable for such a change, according to a […]
Better Business Bureau (BBB) is warning consumers across the United States to be wary when considering any foreign currency investment, particularly the Iraqi dinar. Over the years, BBB complaints nationwide about dinar investments allege a number of scams surrounding the profit potential of dinar currency investments. For this reason, BBB advises consumers looking to buy […]
