Riot police were dispatched to the central bank headquarters in central Baghdad in the event news of the devaluation sparked protests. 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. The governor has a committee specialized in auditing companies from the banking supervision department at the central bank. 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. On the subject of the Iraqi currency, Frank Gunter, Professor of Economics at Lehigh University, […], By Farhad Alaaldin, for Rudaw. The dinar will be sold to the public at 1,470 IQD and to other banks at 1,460. (AP Photo/Nabil al-Jurani, File). Although the announcement stated that the change would take place by the end of 2010, no redenomination took place. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. 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 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, PM meets Trump: What Outcome for Iraqi Economy? The new . Since an oil price crash this year, Iraq has been grappling with an unprecedented liquidity crisis. أسعار السبائك والمسكوكات الذهبية التي سيتم البيع بموجبها من يوم الأحد 2020 . 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. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. 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. "I stopped exchanging currency," said Abo Abed, who works at a currency exchange in the Karrada neighborhood of the capital. 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. Capital Bank is a 61.85 percent shareholder in the National Bank of Iraq (NBI), in which it has management control. According to the law, 100% of the bank's capital stock would be held by the State and would not be transferable. Its objectives are achieving domestic price stability, and promoting a competitive stable financial system. In 2010, the Central Bank of Iraq announced their plans to redenominate the Iraqi Dinar to ease cash transactions. 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. 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. 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. 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 Financial Sector . 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 Banque du Liban, the central bank of Lebanon, is seen as protests against the government continue in Beirut, Lebanon. Many fear a weakened currency, as well as plans proposed in the budget to cut salaries and impose taxes, will amount to pay cuts. You can join the discussion by using another browser, like, It looks like you're using Microsoft Edge. COMMENTS - It looks like you're using Internet Explorer, which isn't compatible with the Democrat-Gazette commenting system. Subscribe for regular CBI Iraq updates, including Iraqi Dinar Revaluation and Investment news. […], By John Lee. 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. Iraqi Central Bank: The main banking entity responsible for supervision and management of the monetary system in the Middle Eastern nation of Iraq. But setting a new rate has been a delicate balancing act to satisfy the government's needs for liquidity without affecting the average Iraqi. As stated by the Shafaq News / An official source in the Central Bank of Iraq assured today, Tuesday, the employees that they can cover their salaries for September … 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. 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. 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. Monetary Sector . In July 1956 its name changed to the Central Bank of Iraq. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. 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. Rebuilds the Financial Markets. A member of Iraq's Parliamentary Finance Committee has reportedly confirmed the government's intention to devalue the Iraqi dinar. 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. 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. Trending. 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. 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. The […], By John Lee. The unit of Iranian currency is The Rial. More details here from Iraq Oil Report (subscription required) (Source: Iraq Oil Report) […], By John Lee. 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. The purpose of this note is to shed light, and comment, on two views expressed recently in relation to the appreciation […]. FILE - In this Oct. 21, 2020 file photo, people shop at old Basra market, Iraq. "The Central Bank will defend this price and its stability with the support of its foreign reserves.". In meeting these objectives the Central Bank will support sustained growth and economic opportunities for the people of Iraq.. Economic and Statistic Data. أسعار السبائك والمسكوكات الذهبية ليوم الأحد 2020/12/13 ولغاية 2020/12/17. 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. According to The National, the company will acquire the stake from Kuwait-based Burgan Bank. All rights reserved. Multiple officials confirmed the authenticity of the 2021 draft budget law that was making the rounds on social media on Thursday, Dec. 17. "Who knows, tomorrow it could be 1,800 IQD.". 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. 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. https://goo.gl/VVyOF5 - The Central Bank of Iraq has released the 2016-2020 Strategic Plan, however, there were more than 10 missing pages. Click here to read the full story from The Independent. 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