A federal grand indicted three men from the Toledo area for their roles in the operation of a $23 million fraud scheme involving the sale of Iraqi dinar currency and two non-existent hedge funds, said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio, and Kathy Enstrom, Special Agent in Charge, IRS-Criminal […]
The Central Bank of Iraq has reportedly announced the production of new 50,000 IQD bills and coins from the beginning of the New Year. The new dinar bill and coins will be printed in Arabic and Kurdish. The Bank's Deputy Governor said that they want to produce bills of higher value than the current largest […]
By Amina al-Dahabi for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Central Bank of Iraq (CBI) has been attempting to delete three zeros from the Iraqi currency since 2003. This project has raised many concerns among the Iraqi public and within the […]
By Omar al-Shaher for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. According to an Iraqi financial expert, the value of Iraq’s federal reserves currently amounts to about $80 billion, following the recent increase in the country’s oil exports. Nevertheless, no information was […]
By Omar al-Shaher for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Two Iraqi parliamentary committees monitoring fiscal policy in Iraq have held two contradictory positions on the Iraqi currency “reset” project, which would delete three zeros from the currency. There has been […]
By Omar al-Shaher for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Over the last few days, the government in Baghdad has been preoccupied with attempting to control the exchange rate of the Iraqi dinar against the US dollar. The rate has been […]
By Marc Snaid. The Central Bank of Iraq (CBI) has announced that the introduction of the new Iraqi currency has been further delayed due to teething problems with the cutting-edge technology that it will employ. Radical new functionality including fingerprint recognition and near-field communication (NFC) promises to create a world-leading new monetary system, which will […]
By Omar al-Shaher for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. There were conflicting accounts of the reasons for the rise in the value of the US dollar against the Iraqi dinar earlier this month. Politicians and economists have said that Iranian […]
By John Lee. The General Secretariat of Iraq's Council of Ministers has ruled out the replacement of the currency or cancellation of three zeros "at this stage", and it is seeking to raise the value of the dinar against the dollar. The Secretary General of the Council of Ministers said that the project to replace […]
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. Reuters reports that "thousands" of people are still speculating on a huge upward revaluation of the Iraqi dinar, which it describes as "one of the chanciest investments in the world". It quotes a Las Vegas-based speculator, who previously lost most of his retirement fund on the stock market, as saying: "It's not […]
