Trade Arabia reports that Iraq's core inflation slowed to 6.2 per cent in May, down from 6.7 per cent in April. The fall was due to a drop in the costs of food and housing said Mudher Kasim, deputy governor of the central bank. In April, the country saw high annual inflation mainly due to […]
Reuters reports that Iraq’s central bank, struggling to stem an illicit tide of dollars into sanctions-bound Iran and Syria, has had some success in steadying its own dinar by pumping dollars to Iraqis through two state-run banks. Late last month the central bank allowed U.S. dollars to be sold at a fixed rate through two […]
In Iraq, where barely anyone has a bank account, the trade in foreign currencies is largely unlicensed. Now money traders are smuggling US dollars to sanctioned Syria and Iran. And the Iraqi govt may well be using the situation for its own political ends too, according to this report from NIQASH. The Iraqi dinar is […]
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 […]
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 […]
Just as the dinar speculators predicted, Iraq has re-valued its currency 1000-fold, making dollar-millionaires of ordinary folk from Anbar to Arkansas! The unprecedented 100,000% revaluation was welcomed by businesses all across the world, who saw nothing strange about paying $1,000 today for something that was priced at $1 yesterday. At the stroke of a pen, […]
AKnews reports that Iraq's new currency will include three languages: Arabic, Kurdish, and English. It will also include archaeological features including those of the Kurdistan Region. Speaking on behalf of the economic committee in the Iraqi Council of Representatives, Muhama Khalil said that deleting the three zeros, and restructuring the currency will provide significant economic […]
AKnews reports that businesses and currency traders are rejecting 10,000 dinar notes because of rumours about the increasing spread of counterfeit currency. Government sources said last year that an estimated 7 billion dinars worth of forged 10,000 notes came into Iraq from Iran. The fake currency is said to is said to be of high […]
Iraq now has over $60 billion in foreign currency reserves as a result of the country's oil sales, according to a report from Azzaman. Mudher Saleh, a consultant with Iraq's Central Bank, said the reserves are the highest in the country’s history, and are more than enough to cover the total volume of national currency […]
Central Bank of Iraq announced that it revaluated the Iraqi Dinar by 3.4% relative to the US Dollar, according to a report from Al Sumaria. “During the daily auction of foreign currencies’ exchange, the Central Bank raised the value of Iraqi dinar against the dollar by 3.4%, or four Dinars,” the deputy governor of the […]
The Iraqi Central Bank (ICB) said it’s under a “currency attack” as traders buy U.S. dollars in daily auctions and resell them on the black market in Syria and Iran, which face hard currency shortages due to sanctions, according to a report from Bloomberg. Demand for the dollar at the central bank auctions has risen […]
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 […]
