Latest Iraqi Dinar News and Iraq currency news including foreign exchange, investment and finance.
At the end of last month, a spokesman for the Central Bank of Iraq (CBI) told reporters that a plan to redenominate the Iraqi dinar will be presented to the Council of Ministers in the near future. (See here and here.) The Council is then expected to submit the relevant legislation to Parliament for a […]
On Wednesday a number of currency dealers in southern Iraq’s Nassirya City reported the spread of a new counterfeit 10,000-dinar notes, according to Aswat al-Iraq. “We have noticed the existence of a false 25,000-dinar currency in the market, being cautious against it, but a new false 10,000-dinar note, with a very close print to the […]
Iraqis are now officially allowed to transfer up to $50,000 [60 million Iraq dinars] per transaction in hard cash across the world, the Central Bank says. According to a report from Azzaman, the decision follows restrictions on hard cash transfers under which Iraqi banks and exchange offices were obliged to declare to the tax authorities […]
Fans of the “rockumentary” This is Spinal Tap will recall the scene where the band’s guitarist explains that his amplifiers are louder because their volume knobs “go to eleven.” When asked why this is different from having ten as the highest setting, he simply repeats “these go to eleven.” Most of us have no trouble […]
Iraq’s Central Bank announced on Tuesday that the project to re-denominate the Iraqi Dinar, removing three zeroes, is close to completion. According to the report from Alsumaria TV, the re-denomination project is believed to be a strategic plan that will be passed to the ministerial council and Parliament once complete. A Central Bank’s advisor, Mothahhar […]
Iraq has told the International Monetary Fund that its central bank would remain independent, despite Prime Minister Nouri al-Maliki winning a court ruling in January placing the central bank under the control of the cabinet, rather than the parliament. The ruling attracted criticism that the Central Bank of Iraq (CBI) might lose its independence. The […]
A report on Monday by the International Monetary Fund (IMF) suggests that the Iraqi dinar is currently fairly valued at 1170 dinars to the US dollar: "The CBI [Central Bank of Iraq] will continue to aim at keeping inflation low, predominantly by maintaining a stable exchange rate. The low level and the relative stability of […]
By Tom Cleveland, market analyst for Forex Traders, exclusively for Iraq Business News. Forextraders.com is an online resource for the foreign exchange market. “Buy on the rumor, sell on the news” is a time-honored investment phrase that is oftentimes more confusing than the wisdom it attempts to impart. The meaning relates primarily to company securities […]
Iraq’s commercial attaché in Egypt said on Monday that the Arab League has set a 2012 deadline for the completion of a unified customs table in preparation for the 2015 launch of the Arab Customs Union. “The customs tables include all the goods that are traded in the world, and therefore rerquire enormous effort,” Ali […]
According to a report from AKnews, a number of bankers in Baghdad have demanded that the Iraqi parliament legislates to regulate and protect their businesses from market changes because of the sudden decisions taken by the Iraqi government. Ali Abdul-Zahra, owner of an foreign exchange bureau, told AKnews that banking in Iraq is still precarious […]
I used to think that rapid increases in Iraqi oil production would practically guarantee a significant strengthening of the dinar over the next ten years. Surprisingly, however, history suggests that this is far from a foregone conclusion. While the Oil Ministry claims that Iraqi capacity will rise by 10 million barrels per day (mn bbl/d) […]
Last week a Central Bank of Iraq (CBI) official revealed that October year-on-year core CPI inflation jumped to 3.2% from just 1.87% in September, breaking a nine-month downtrend. At first glance, you might conclude that Iraq is now at the start of the same CPI uptrend that its neighbors, and indeed much of the developing […]
