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 […]
The Central Bank of Iraq (CBI) has ruled out deleting the three zeros from the Iraqi currency in 2013 because it needs time and a new fiscal year. The Deputy Chairman of the CBI, Mudhir Mohamed Salih, told AIN on Wednesday: "The project of crossing out zeros from the Iraqi currency takes time ... The […]
The owner and three employees of a US business promising high returns on the Iraqi dinar have been indicted by a federal grand jury on conspiracy and wire-fraud charges for allegedly duping investors out of more than $23 million. According to reports, Rudolph M. Coenen, 47, the owner of Bayshore Capital Investments LLC, is charged […]
By John Lee. Iraq's deputy Minister of Finance has said the three zeros cannot be removed from Iraqi dinars during 2013 because no preparations have been made. According to the report from AKnews, the Iraqi Central Bank and people have been saying for four years that the zeros in the Iraqi currency will be erased […]
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. In a recent article on Forbes magazine website, legal expert and anti-scam campaigner Jay Adkisson challenges the idea that vast wealth will be made from a dramatic appreciation of the Iraqi dinar, saying, "You can't fix stupid". "Scams involving the arbitrage of foreign currencies have been around as long as there have […]
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 […]
