By John Lee. In his speech to a conference in Baghdad, Ali Mohsen Al-Allaq, Governor of the Central Bank of Iraq (CBI), highlighted significant progress in digital payments, citing an increase in ATMs and e-wallets, which helped boost financial inclusion to 40% from 20% in just two years, supported by CBI initiatives. He noted that […]
By John Lee. The Central Bank of Iraq (CBI) has announced General Tender No. (1/2025) for the supply, installation, and operation of 65 currency counting and sorting machines for its branches in Basra (35 units) and Mosul (30 units). The contract, with an estimated value of IQD 1.134 billion (approx. $865,000), will be financed from […]
By John Lee. S&P Global Ratings has affirmed its 'B-' long-term and 'B' short-term foreign and local currency sovereign credit ratings on Iraq. "The outlook is stable," it added. More details, including economic stats, here. (Source: S&P Global Ratings)
By John Lee. A leading Iraqi economist has predicted that US President Donald Trump's pressure to reduce oil prices will harm the Iraqi economy, and could lead to a devaluation of the Iraqi dinar. In a post on Facebook, Dr Nabil Jaafar Al-Marsoumi, former Professor of Economics at Basra University, and member of the Advisory […]
By John Lee. Just a month ago, Iraq Business News ran an article examining the possible connection between support for Donald Trump and a belief in the Iraqi Dinar revaluation theory -- the idea that the Iraqi Dinar (IQD) will revalue ("RV") to as much as 1000 times its current value. You can read the […]
By John Lee. Turkiye's Global Odeme Hizmetleri (Get Money Global) has been approved to provide foreign remittance services in Iraq within a credit agreement involving Western Union and MoneyGram. The announcement was made by the Central Bank of Iraq (CBI) and confirmed by Global Odeme Hizmetleri. (Sources: CBI, Global Odeme Hizmetleri)
From Rudaw. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Is Iraq facing a cash crisis? With two months of expenditures still unaccounted for, it is evident that the dinar reserves derived from oil-based dollar revenues have been exhausted. Click here to read the […]
By John Lee. The Central Bank of Iraq (CBI) has announced the successful transition of external transfers from an electronic platform to direct operations by Iraqi banks through their international correspondent banks. According to a CBI statement, this milestone, fully achieved at the end of December, aligns with global best practices, promoting a stable and […]
By a Guest Blogger. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Anecdotal evidence, including inquiries to Iraq Business News, seems to suggest that supporters of US President-elect Donald Trump are more likely to believe that the Iraqi currency, the Dinar (IQD), will increase […]
By John Lee. Iraqi Prime Minister Mohammed Shia Al-Sudani has directed new measures to develop electronic payment systems. The initiative includes expanding salary payments to private sector employees through digital channels, similar to government payroll, with the Ministry of Labor and the Central Bank of Iraq (CBI) collaborating on the framework. Additionally, all ministries and […]
By John Lee. The Organized Crime and Corruption Reporting Project (OCCRP) has claimed that Iraq's dollar auction system has been exploited by money launderers and militant groups. Click here to read the report. (Source: OCCRP)
By John Lee. The Central Bank of Iraq (CBI) has identified irregularities in the operations of several exchange companies regarding the sale of U.S. dollars allocated to travellers. A recent audit and monitoring of company practices revealed that some exchange firms have been charging citizens a commission of 50,000 dinars for purchasing dollars, double the […]
