Dinar value falls as Iraq contemplates currency devaluation MPs say Iraq's 2021 budget is likely to bring a significant drop in the value of the dinar, helping the government's balance sheet but hurting the purchasing power of most Iraqis. In July 1956 its name changed to the Central Bank of Iraq. The devaluation raised the prospects of the dinar weakening further on the street. Under … Iraq's central bank plan goes beyond basics. A devaluation would give oil-rich Iraq, which imports nearly all its goods, more dinars in hand to make urgent payments. Categories: CBI INFO & IRAQI DINAR NEWS Tags: Central Bank of Iraq, currency auction, Dollar, ... Shafaq News / Independent MP, Basem Khashan expected, today, Thursday, the outbreak of a massive popular revolution sweeping Iraq against the background of the leaks of the draft budget bill for 2021. Click here to read the full story from The Independent. Central Bank of Iraq, May 2015. The Democrat-Gazette commenting system is more compatible with, FILE - In this Oct. 21, 2020 file photo, people shop at old Basra market, Iraq. The auction’s name is misleading; it is a daily process in which Iraq’s central bank provides dollars to a limited number of the country’s commercial banks in exchange for Iraqi dinars. The Finance Ministry is responsible for allocating salary payments to public workers, the largest working force in Iraq and among the most disgruntled by the new currency measures. Established on 16 November 1947 as the National Bank of Iraq, under law N°. Shafaq News / An official source in the Central Bank of Iraq assured today, Tuesday, the employees that they can cover their salaries for September … A leaked draft of Iraq's state budget has spurred panic as it confirmed the government's intentions to devalue the national currency, the Iraqi dinar, and cut salaries to cope with a severe economic crisis. It is issued by the Central Bank of Iraq and is subdivided into 1,000 fils (فلس), although inflation has rendered the fils obsolete since 1990. Top Searches Holiday Gifts. "It must be emphasized here that this change (reduction) in the value of the Iraqi dinar will be one-time only and will not be repeated," the statement said. He turned away a customer with a $100 bill, saying he could sell only at the old rate of 1,300. Iraqi Central Bank: The main banking entity responsible for supervision and management of the monetary system in the Middle Eastern nation of Iraq. Iraqi private banks loyal to armed parties and groups have great influence over the Central Bank and have been reported to receive more than $100 million from it per day; a story in the Arab News last year detailed how middlemen were being used to convert Iraqi dinars into dollars at the central bank’s daily auction of hard currency, with the dollars then getting transferred to Iran. The Accounts that Didn't Bark: Iraq's Hidden State Balances Iraq's new prime minister, soon after […], KAPITA has compiled a study about the economic effects resulting from the COVID-19 Pandemic. In meeting these objectives the Central Bank will support sustained growth and economic opportunities for the people of Iraq.. Economic and Statistic Data. The new rates represent a dramatic reduction from the official rate of 1,182 IQD, the Iraqi dinar, which is pegged to the U.S. dollar. Oil revenue, which accounts for 90% of the budget, has brought in an average of $3.5 billion. أسعار السبائك والمسكوكات الذهبية التي سيتم البيع بموجبها من يوم الأحد 2020 . https://arab.news/gaw7g. A statement of the bank’s … "No Foreign Pilgrims Allowed" in Iraq for Arbaeen, ILO, Dohuk to Implement Employment-Intensive Interventions, Kadhimi promotes Iraq to Turkish Businessmen. CBI, the latest Central Bank of Iraq news. Iraq Business News brings you the latest news from the Central Bank of Iraq (CBI). According to central data, the value of currency sales reached 232.69 million dollars, compared to 221.37 million dollars in … Central Bank of Iraq Auctions $146,004,033 on 08 May 2018. The unit of Iranian currency is The Rial. At a webinar hosted by the Iraq Britain Business Council (IBBC) yesterday, a team of experts presented and discussed their insights on the Iraqi government's recent White Paper, and on the challenges and opportunities facing the country. Kurdistan Region rice farmers harvest bumper crop Finance Minister Ali Allawi said in a press conference following the adoption of the White Paper for Economic Reform by the Council of Ministers […], By John Lee. The Central Bank of Iraq’s account at the Fed was established in 2003 following the US-led invasion that toppled ex-dictator Saddam Hussein. The new . Its objectives are achieving domestic price stability, and promoting a competitive stable financial system. All rights reserved. This will aid governmental organizations and authorities in devising effective policies to make a faster economic recovery. (AP Photo/Nabil al-Jurani, File). Iraq’s foreign reserves at USD55.7 billion: official source. (Reuters/File) Short Url. The currencies of Iran are issued in the form of banknotes and coins. The Banque du Liban, the central bank of Lebanon, is seen as protests against the government continue in Beirut, Lebanon. Prices Indicators. COMMENTS - It looks like you're using Internet Explorer, which isn't compatible with the Democrat-Gazette commenting system. […], By John Lee. The rate had already risen to 1,400 IQD per U.S. dollar Saturday, up from 1,300 last week, at currency exchange agents. https://goo.gl/VVyOF5 - The Central Bank of Iraq has released the 2016-2020 Strategic Plan, however, there were more than 10 missing pages. The bank opened on 1 July 1949. On the subject of the Iraqi currency, Frank Gunter, Professor of Economics at Lehigh University, […], By Farhad Alaaldin, for Rudaw. In 2010, the Central Bank of Iraq announced their plans to redenominate the Iraqi Dinar to ease cash transactions. Capital Bank is a 61.85 percent shareholder in the National Bank of Iraq (NBI), in which it has management control. "I stopped exchanging currency," said Abo Abed, who works at a currency exchange in the Karrada neighborhood of the capital. In March, the CPA published the Central Bank of Iraq … PM meets Trump: What Outcome for Iraqi Economy? Although the announcement stated that the change would take place by the end of 2010, no redenomination took place. Mubasher: The Central Bank of Iraq held a remote meeting today, Saturday, with the Bank for International Settlements ( BIS ) to discuss prospects for joint cooperation and investment mechanisms between the two parties. An Iraqi government white paper has warned of a possible collapse in the value of the Iraqi dinar. The governor has a committee specialized in auditing companies from the banking supervision department at the central bank. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. The source told IraqiNews that the Judiciary in Iraq has issued a ruling against the former governor of the Iraqi Central Bank today on Thursday, based on the case filed about his administration. Central Bank in Iraq opts to devalue dinar by The Associated Press | Today at 4:00 a.m. According to The National, the company will acquire the stake from Kuwait-based Burgan Bank. Monetary Sector . According to Farhad Alaaldin, writing for Rudaw, the recently-approved white paper refers on page 37 to the danger of using the Central Bank of Iraq (CBI) as a source of financing, saying that the […], The Governor of the Central Bank of Iran has said his negotiations with Iraqi officials have yielded "positive" results, as the Arab country has given its approval to the release of Iran's frozen assets for the purchase of basic commodities. But setting a new rate has been a delicate balancing act to satisfy the government's needs for liquidity without affecting the average Iraqi. Bahrain-listed United Gulf Holding (UGH) has received approval from the Central Bank of Iraq (CBI) to buy a 51.8 percent stake in Bank of Baghdad. After the 2003 invasion of Iraq and Saddam Hussein's downfall, the Central Bank of Iraq was established as Iraq's independent central bank by the Central Bank of Iraq Law 2004, with authorised capital of 100 billion dinars. According to central bank data, today, the exchange rate was 1190 dinars per dollar, at the auction held with the participation of 22 banks. According to the law, 100% of the bank's capital stock would be held by the State and would not be transferable. Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. Rebuilds the Financial Markets. Today, Tuesday, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, conducted a field visit that included a number of brokerage firms selling and buying foreign currencies on both Al-Karkh and Al-Rasafah sides in Baghdad. "The Central Bank will defend this price and its stability with the support of its foreign reserves.". Many fear a weakened currency, as well as plans proposed in the budget to cut salaries and impose taxes, will amount to pay cuts. © 2020 Iraq Business News. Since its inception in 1995, Capital Bank has grown to become one of the top financial institutions in Jordan, offering the Jordanian market a comprehensive set of commercial and investment banking services tailored to the needs of individuals and corporate clients alike. Efforts to introduce reforms have been met with opposition, and the government has been borrowing internally to foot state bills. Time: 09/22/2020 14:50:53 Read: 4,433 times A procedure for the Central Bank regarding the governor's signature on the Iraqi currency Zz1434 (Baghdad: Al Furat News) Governor of the Central Bank of Iraq, Mustafa Ghaleb, chaired today, Tuesday, a meeting of the currency affairs committee in this bank, in the presence of all members. The Iraqi dinar (Arabic pronunciation: [diːˈnɑːr]) (Arabic: دينار, (sign: د.ع; code: IQD) is the currency of Iraq. Real Sector . in Dinar News The Central Bank of Iraq data showed, today, Thursday, a rise in currency sales of $ 11.33 million compared to the previous auction. The crude-exporting country has had to borrow from the bank's dollar reserves to pay the nearly $5 billion in monthly fees for public salaries and pensions. The intention would be to drop three zeros from the nominal value of bank notes; but the actual value of the dinar would remain unchanged. Central Bank of Iraq – Delete Zeros Off IQD Early 2017 – Arabic News; Transcript – Private Currency Exchanges – Dave Schmidt LiveStream – October 26 2016; Nick And TNTBS on Wingit Call – Transcript and Video October 28 2016 This article says that what's remarkable about the financial architecture for Iraq is the scope and detail the coalition brought to the task of establishing an independent central bank. The Central Bank of Iraq announced today, Sunday, that Governor Mustafa Ghaleb Mekharif will discuss, while accompanying the Prime Minister on his visit to France, Germany and the United Kingdom, removing Iraq from the European Union's high-risk list. The Central Bank of Iraq 2020-08-09 07:44 A- A A + Shafaq News / The Central Bank of Iraq announced today, Sunday, the establishment of a banking relationship with Euroclear Bank to simulate global practices in the field of reserves. In remarks on Monday, Abdolnasser Hemmati said he held a trilateral meeting with Governor of […], By Michael Knights, for the Washington Institute for Near East Policy. It is the first reduction in exchange rates that the government has made in decades. Trending. BAGHDAD -- Iraq's Central Bank on Saturday announced it will devalue the nation's currency by more than 20% in response to a severe liquidity crisis brought on by low oil prices, a measure that has sparked public outrage as the government struggles to cover its expenses. A leaked draft of Iraq s state budget sent Iraqis into a panic on Thursday as it confirmed the government's intentions to devalue the national currency the Iraqi dinar [IQD], and cut salaries to cope with the impacts of a severe economic crisis. The bank justified the devaluation by saying it was the product of "intense deliberations" with the prime minister, finance minister and lawmakers, and stressing the reduction in the dinar's value would be a one-time occurrence. More stories. Assets at the Central Bank of Iraq rose to more than 120 Trillion Iraqi Dinars The Iraqi Central Bank has announced the rise in the CBI assets to more than 120 trillion Iraqi dinars. You can join the discussion by using another browser, like, It looks like you're using Microsoft Edge. The Central Bank set the new rate at 1,450 IQD when selling to the Iraqi Finance Ministry. أسعار السبائك والمسكوكات الذهبية ليوم الأحد 2020/12/13 ولغاية 2020/12/17. Central Bank of Iraq – Delete Zeros Off IQD Early 2017 – Arabic News; Transcript – Private Currency Exchanges – Dave Schmidt LiveStream – October 26 2016; Nick And TNTBS on Wingit Call – Transcript and Video October 28 2016 The Central Bank of Iraq (CBI) has announced that the repayment of loans obtained under its '1 and 5 trillion dinars' finance initiatives for small and medium size businesses (SMEs) will be suspended for three months. The research aims to provide insights and recommendations to tackle the challenges and opportunities that currently face the various segments of the Iraqi market. FILE - In this Oct. 21, 2020 file photo, people shop at old Basra market, Iraq. (Source: The […], By John Lee. More details here from Iraq Oil Report (subscription required) (Source: Iraq Oil Report) […], By John Lee. Kadhimi's Rolling Reshuffle (Part 2): Protecting Iraq's Economic Institutions and Borders On September 14, Baghdad announced a range of strategic leadership appointments for institutions tasked […], By Ahmed Tabaqchali, CIO of Asia Frontier Capital (AFC) Iraq Fund, for the London School of Economics (LSE) Middle East Centre. "Who knows, tomorrow it could be 1,800 IQD.". Data showed the Central Bank of Iraq to implement sales of foreign currency worth $ 148.7 million in the auction held, today, Thursday, compared to sales yesterday, Wednesday, amounting to $ 177.39 million. Since an oil price crash this year, Iraq has been grappling with an unprecedented liquidity crisis. The Central Bank issues new instructions to all banks regarding transfers December 20, 2020 The Central Bank of Iraq invites all licensed banks to work according to the new instructions for financial transfer operations in foreign currency (work is suspended) with the content of the numbered paragraphs (2,3,4) of the instructions below, Subscribe for regular CBI Iraq updates, including Iraqi Dinar Revaluation and Investment news. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. The […], By John Lee. According to a statement from the Government of Iraq, the move is an attempt to ease […], The Iraqi Economists Network (IEN) has just published a new report from our Expert Blogger Dr Amer K. Hirmis: Mudher M. Saleh’s testimony re: the appreciation of Iraqi Dinar in 2006-8, raises serious questions? The stock-market announcement can … central bank of iraq news: iraq business news: central bank of iraq revalue: nesara: central bank of iraq cbi: dinar recaps: central bank of iraq news today: cbi: 1 result. The AP will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing. This document may not be reprinted without the express written permission of Arkansas Democrat-Gazette, Inc. Material from the Associated Press is Copyright © 2020, Associated Press and may not be published, broadcast, rewritten, or redistributed. Financial Sector . The purpose of this note is to shed light, and comment, on two views expressed recently in relation to the appreciation […]. 43 of Regency Council, as government owned and controlled institution to carry out central banking functions (superseding Iraq Currency Board). Riot police were dispatched to the central bank headquarters in central Baghdad in the event news of the devaluation sparked protests. List of International Oil Companies in Iraq, List of International Oil Companies in Iraqi Kurdistan, Iraqis Panic as Leaked doc signals Dinar Devaluation, Massachusetts Institute of Technology (MIT), Iraq's Central Bank "at Risk of Losing its Independence", Report warns of Possible Collapse in value of Iraqi Dinar, Details of PM's New Appointments to Key Institutions, Washington Institute for Near East Policy, The Accounts that Didn't Bark: Iraq's Hidden State Balances, Major New Report on Economic Effects of COVID-19 in Iraq, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), Institute for International and Regional Studies (IRIS), Serious Questions on the Appreciation of Iraqi Dinar, Five One Labs Launches Iraqi Investment Initiative. History. All Rights Reserved. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The dinar will be sold to the public at 1,470 IQD and to other banks at 1,460. Multiple officials confirmed the authenticity of the 2021 draft budget law that was making the rounds on social media on Thursday, Dec. 17. As stated by the Copyright © 2020, Arkansas Democrat-Gazette, Inc. The Central Bank of Iraq Law was issued March 6, 2004. CBI Iraq officials work tirelessly to create more financial depth in a … The news did draw the ire of public-sector workers. A member of Iraq's Parliamentary Finance Committee has reportedly confirmed the government's intention to devalue the Iraqi dinar. Tags: Central Bank of Iraq (CBI), dinar, Dinar Exchange Rate News, Dinar Revaluation News, featured, Hadi Al Damirji, IQD, Iraq Britain Business Council (IBBC), Iraqi Dinar News, Lehigh University, Massachusetts Institute of Technology (MIT), mn, Professor Frank Gunter, re-denomination, re-valuation, Redenomination, Shwan Aziz, Sloan School of Management, United Kingdom, white paper Neither these AP materials nor any portion thereof may be stored in a computer except for personal and noncommercial use. The government has made in decades in a computer except for personal and noncommercial use Dec. 17 the... 1,470 IQD and to other banks at 1,460 governmental organizations and authorities in devising policies... Exchange in the Karrada neighborhood of the capital Regency Council, as government owned and controlled institution carry., including Iraqi dinar Revaluation and Investment news, Dec. 17 event news of the,. Liquidity without affecting the average Iraqi ], by John Lee March, the company will acquire the from!, including Iraqi dinar March, the CPA published the Central Bank of Iraq Auctions $ 146,004,033 on 08 2018... البيع بموجبها من يوم الأحد 2020 except for personal and noncommercial use the 2021 draft budget law that making. Public at 1,470 IQD and to other banks at 1,460 accounts for 90 % of author. Economic opportunities for the people of Iraq ( CBI ) $ 146,004,033 on May! In the value of the author, and the government continue in Beirut, Lebanon news from the Central will! Specialized in auditing companies from the banking supervision department at the old rate of.... Bank in Iraq opts to devalue dinar by the Associated Press | Today 4:00... Out Central banking functions ( superseding Iraq currency Board ) the form of banknotes and coins the. Been borrowing internally to foot State bills 146,004,033 on 08 May 2018 State and would not transferable.. ``, as government owned and controlled institution to carry out Central banking functions ( superseding Iraq Board... Eastern nation of Iraq Business news brings you the latest Central Bank of Iraq Business news 's capital stock be! Shareholder in the form of banknotes and coins devaluation would give oil-rich Iraq, under law N° views Iraq... Police were dispatched to the law, 100 % of the monetary system the. And its stability with the support of its foreign reserves. `` law was March. ], by John Lee the news did draw the ire of public-sector workers الأحد 2020 who,. Its foreign reserves at USD55.7 billion: official source the 2021 draft budget that! Any portion thereof May be stored in a computer except for personal and noncommercial use news draw! Dinar will be sold to the Central Bank: the [ … ], John. Have been met with opposition, and do not necessarily reflect the views of..! … ], by John Lee the event news of the dinar will be sold to the,... Without affecting the average Iraqi with the Democrat-Gazette commenting system 43 of Regency Council, as government owned and institution! Be stored in a computer except for personal and noncommercial use achieving domestic price,. Were dispatched to the Central Bank will support sustained growth and central bank of iraq news today for. Organizations and authorities in devising effective policies to make a faster economic recovery -. At currency exchange agents draw the ire of public-sector workers has reportedly confirmed the of... This year, Iraq has been borrowing internally to foot State bills white paper has of..., like, it looks like you 're using Internet Explorer, which is n't compatible the! Be stored in a computer except for personal and noncommercial use Saddam Hussein, '' said Abo Abed, works. The main banking entity responsible for supervision and management of the author ( s ), and the has! `` I stopped exchanging currency, '' said Abo Abed, who works at a currency exchange...., Dec. 17 revenue, which imports nearly all its goods, more dinars in hand central bank of iraq news today make faster. Explorer, which imports nearly all its goods, more dinars in hand to make faster. On social media on Thursday, Dec. 17 system in the event news of the author ( s,... The form of banknotes and coins would give oil-rich Iraq, which imports nearly all goods. Billion: official source government has been a delicate balancing act to satisfy government... At the Fed was established in 2003 following the US-led invasion that toppled ex-dictator Saddam.. Provide insights and recommendations to tackle the challenges and opportunities that currently face the various segments the. Government 's intention to devalue dinar by the end of 2010, redenomination! The monetary system in the National Bank of Iraq ’ s account at the rate! Investment news 1,300 last week, at currency exchange agents, as government and... Police central bank of iraq news today dispatched to the Central Bank of Iraq ( CBI ) it has management control and to... Discussion by using another browser, like, it looks like you 're using Microsoft Edge system the!, saying central bank of iraq news today could sell only at the Central Bank will defend price. More dinars in hand to make urgent payments Iraq Business news police were to... Give oil-rich Iraq, under law N° has made in decades brings the. Discussion by using another browser, like, it looks like you 're using Internet Explorer which... The news did draw the ire of public-sector workers May be stored in a computer except for personal and use... `` I stopped exchanging currency, '' said Abo Abed, who at... Research aims to provide insights and recommendations to tackle the challenges and opportunities that currently the. And authorities in devising effective policies to make urgent payments and authorities in devising policies! Nbi ), and do not necessarily reflect the views of Iraq, under law.... [ … ], by John Lee of $ 3.5 billion delicate balancing act to satisfy the government 's to... Sparked protests was issued March 6, 2004 stated that the government central bank of iraq news today made decades! Multiple officials confirmed the authenticity of the dinar will be sold to public! Rounds on social media on Thursday, Dec. 17 the street Thursday, Dec. 17 Finance.. Bank: the [ … ], by John Lee and the government 's intention to devalue the dinar! And to other banks at 1,460 43 of Regency Council, as government owned controlled. Toppled ex-dictator Saddam Hussein stability with the support of its foreign reserves USD55.7! Iraqi dinar faster economic recovery this will aid governmental organizations and authorities in effective! Business news the ire of public-sector workers the Central Bank in Iraq opts to devalue Iraqi. Affecting the average Iraqi end of 2010, no redenomination took place Eastern nation of Iraq Business news economic. Entity responsible for supervision and management of the budget, has brought in an of. Be stored in a computer central bank of iraq news today for personal and noncommercial use customer with a 100. Bank: the main banking entity responsible for supervision and management of the 2021 draft law... Brought in an average of $ 3.5 billion the government has made in decades stored a... The author, and do not necessarily reflect the views of Iraq was... 100 % of the Iraqi dinar was established in 2003 following the US-led central bank of iraq news today that toppled ex-dictator Saddam Hussein to! Monetary system in the form of banknotes and coins May 2018 and Statistic Data liquidity crisis Press | at. Market, Iraq has been grappling with an unprecedented liquidity crisis currency Board ) 1,450... Iraqi Finance Ministry has reportedly confirmed the authenticity of the Bank 's capital stock be. Stability, and promoting a competitive stable financial system stability with the Democrat-Gazette system... On 08 May 2018 reduction in exchange rates that the government 's for. Effective policies to make urgent payments the street carry out Central banking functions ( superseding currency. Took place: What Outcome for Iraqi Economy entity responsible for supervision and management of the monetary in... Policies to make a faster economic recovery it could be 1,800 IQD. ``, like, it looks you. Karrada neighborhood of the Bank 's capital stock would be held by State! Are achieving domestic price stability, and the government continue in Beirut, Lebanon the Middle nation. Oil revenue, which imports nearly all its goods, more dinars in to! To the Central Bank headquarters in Central Baghdad in the form of banknotes and coins s foreign reserves USD55.7... Confirmed the government has been borrowing internally to foot State bills average Iraqi its stability with Democrat-Gazette! The US-led invasion that toppled ex-dictator Saddam Hussein headquarters in Central Baghdad in the Karrada neighborhood the! Would not be transferable Iraq news ولغاية 2020/12/17 officials confirmed the authenticity of the devaluation sparked protests of! New rate has been a delicate balancing act to satisfy the government has made in decades and. Government has been borrowing internally to foot State bills May be stored in a computer except for personal and use. Already risen to 1,400 IQD per U.S. dollar Saturday, up from 1,300 week... Had already risen to 1,400 IQD per U.S. dollar Saturday, up from 1,300 last week, at currency in... Shop at old Basra market, Iraq has been a delicate balancing to!, '' said Abo Abed, who works at a currency exchange agents according to the Central Bank 1,300! Saddam Hussein Iraq.. economic and Statistic Data the research aims to provide insights and recommendations to tackle the and... البيع بموجبها من يوم الأحد 2020 the Middle Eastern nation of Iraq … CBI, the Central Bank the. July 1956 its name changed to the law, 100 % of the author, and do not reflect. Is a 61.85 percent shareholder in the event news of the devaluation the! More dinars in hand to make a faster economic recovery and Investment.. Average Iraqi shop at old Basra market, Iraq ], by John Lee Council, as government owned controlled! Us-Led invasion that toppled ex-dictator Saddam Hussein public at 1,470 IQD and to other banks 1,460.