A brief but dramatic drop in the value of the Iraqi dinar is another worrying sign of the fragility of the country's economy.
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Central bank raises value of Iraqi dinar
The new rate, which takes effect immediately, aims to ease financial strain on Iraqis but could make Iraq more vulnerable to future crises.
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.
Iraq: ISIS features 21carat gold dinar domination
A video released by ISIS entitled ‘The Rise of the Khilafah and the Return of the Gold Dinar’ featured the group’s much talked about gold dinar that it claims will end the superiority of the American monetary system on the world and also cleanse the world of corruption. Since November 2014, ISIS has been claiming […]
Iraq outlines financial crisis response plan
Emergency measures include $35 billion in new borrowing, a total overhaul of the economy, and the potential devaluation of the Iraqi dinar.
Economic reforms hampered by political divides
Iraq’s “white paper” laid out an internationally acclaimed roadmap for economic reform. But the problems are so pervasive — and political will to tackle them so weak — that progress has been slow.
Q&A: Judge Jasem Mohammad Abbood, head of the Federal Supreme Court
Judge Abbood discusses the legal reach of the court following the ruling invalidating the KRG’s oil deals, the disputed legal status of the Iraqi National Oil Company, and legal challenges to changing the dinar exchange rate.
As Iraq’s currency weakens, Sudani replaces central bank governor
Iraq's prime minister reshuffles the leadership of the Central Bank of Iraq and the Trade Bank of Iraq amidst efforts to stabilize the weakening dinar.
KRG: cleared by Oslo Stock Exchange
Meeting in Oslo, KRG representative said he was told by regulator that the government and minister were never a target of investigation into DNO stock sale.
Central Bank of Iraq unveils new 1000 dinar banknote featuring Assyrian star
The Central Bank of Iraq (CBI) has released a series of new banknote designs aimed at modernizing the currency and better reflecting the nation’s heritage and diversity. The last significant redesign of Iraqi banknotes came after the 2003 US invasion, which saw Saddam Hussein’s face removed from the currency. Now a new series of 25,000, […]
Beyond the Headlines: May 7, 2012
Exxon-IDC ink W. Qurna deal Dhi Qar plans new airport Oil Ministry signs equipment deals IEI signs MoU for Iraq oil schools
North oil workers protest payment problems
North Oil Company staff decry salary payments in small-denomination currency and demand back pay, but say work stoppage is unlikely.
Iraq central bank devalues dinar as oil prices hurt income
Iraq's central bank has increased the sale price of U.S. dollars to banks and currency exchange companies by 16 dinars, or 1.37 percent, as the government seeks to compensate a decline in oil revenue, a government official and the central bank said. The sale price of the dollar "has been adjusted to 1,182 dinars," the central […]
Q&A: Central Bank Governor Ali al-Allaq
After helping Iraq survive years of financial crisis, the Central Bank is focusing efforts on encouraging lending and economic growth.
U.S. sanctions threats cast shadow on Iraqi economy
Billions of oil dollars and access to Iranian power and gas are at risk if Trump rejects a sanctions waiver renewal next month – or worse, if Iraq is sanctioned itself, as he has threatened.
Parliament set for imminent vote on scaled-down, $10B financing law
Legislation would provide less than one-third of the emergency funding requested by the Cabinet, and could be further delayed by Erbil-Baghdad disputes.
Q&A: Finance Minister Ali Allawi
Allawi discusses ending Kurdistan budget transfers, new expenditures under a stop-gap spending law, power payments to Iran, and implementing a Chinese financing deal.
Kurdistan to receive $139m June budget payment
After slashing oil transfers to federal authorities and increasing independent exports, the KRG receives its lowest monthly budget payment so far this year.
Kurdistan receives May budget payment
Baghdad and Erbil continue implementing their oil export and revenue sharing agreement, despite falling short of each other's expectations.
Iraq to exchange food for Iranian gas, seeks U.S. approval: government officials
Iraq has agreed with Iran to exchange Iraqi food items for Iranian gas and energy supplies, two Iraqi government officials said on Wednesday. Baghdad is now seeking U.S. approval to allow it to import Iranian gas which is used in its power stations, and needs more time to find an alternative source, they said. The […]
Seeking financial rescue, KRG offered Turkey major oil assets
Emails published by Wikileaks reveal a proposal for Turkey to take equity stakes in Kurdistan's biggest oil fields, in exchange for nearly $5 billion of immediate financial assistance.
New Dhi Qar oil firm gets $42 million kick-start
Finance Ministry "loan" to the new provincial oil company does not require repayment, as former assets of the South Oil Company are handed over.
Beyond the Headlines: October 22, 2012
Standoff between Tigris force, Kirkuk police Workers file Petronas complaint Iraq christens new ship Radiation screening at Diyala-Iran border
Iraq financial crisis prompts emergency action
Years of unrestrained spending and economic mismanagement have come to a head as oil prices drop and security costs soar, triggering risky fiscal maneuvers and IOC worries.