By Ahmed Tabaqchali, Chief Strategist of Asia Frontier Capital (AFC) Iraq Fund, for the London School of Economics (LSE) Middle East Centre. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. A fistful of Dinars: demystifying Iraq's dollar auction The Central Bank of Iraq's (CBI) dollar auction has been a continuous source of controversies and conspiracy theories. The main accusations facing it include: the siphoning of dollars to Iran, money laundering, and currency smuggling. Missing from this melee is an understanding of the econo ..read more

By John Lee. On Thursday, Iraq's Finance Committee, chaired by Atwan Al-Atwani, convened with its members and the Governor of the Central Bank of Iraq (CBI), Ali Al-Alaq, to discuss monetary policy, the banking system, and methods to increase the value of the Iraqi dinar. Al-Atwani stressed the importance of monitoring the economic file and monetary policy based on oversight principles. He highlighted the necessity of finding appropriate solutions to the obstacles facing the Central Bank's operations. The Committee expressed its desire to coordinate with the Central Bank to enhance the value o ..read more

By Jon Neilsen, for CoinCodex. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Why Investing in the Iraqi Dinar Is a Bad Idea Some people are buying the Iraqi Dinar (IQD), the national currency of Iraq, in the hopes of striking it rich. But is the Iraqi Dinar a viable investment, or are these investors simply throwing their money away? Click here to read the full report. [Post edited on 28th February to correct an error in the link.] The post Why Investing in the Iraqi Dinar Is a Bad Idea first appeared on Iraq Business News ..read more

By Adam Lucente for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Why Iraq's dinar is trading below official dollar rate amid new restrictions A top US official visited Iraqi officials last week to discuss countering illicit finance and strengthening Iraq's financial system. Click here to read the full article (subscription required). The post Why Iraq's Dinar is Trading Below Official Rate first appeared on Iraq Business News ..read more

By John Lee. The Kurdistan Regional Government (KRG) has said that customs duties and taxes at border crossings will now be levied exclusively in Iraqi dinars instead of US dollars. Full statement from the KRG: According to Decree No. 227 of the Council of Ministers, dated September 20, 2023, customs duties and taxes at border crossings will now be exclusively levied in Iraqi dinar instead of US dollars. Non-compliance with this new regulation will result in penalties. This decree, issued in accordance with Article 8 of the Kurdistan Regional's Council of Ministers Law (amended No. 3 of 1992 ..read more

By John Lee. Iraq will require that all transactions inside the country are made using the Iraqi dinar from 2024, and not the US dollar. Statement from the Central Bank of Iraq (CBI): In a significant development, the Central Bank of Iraq, under the leadership of Mr. Ali Mohsen Al-Alaq, has revealed its plan to cease external transfers in the coming year, opting instead to rely on correspondent banks for international transactions. Currently, 60% of transfers (excluding those on the central bank's electronic platform) are processed through correspondent banks, with an impressive execution rate ..read more

By Ahmed Tabaqchali, Chief Strategist of AFC Iraq Fund. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Banks to Fuel the Market's Next Phase The market, as measured by the Rabee Securities RSISX USD Index, was up 16.3% for the month and up 65.5% for the year. As argued here over the last few months, most recently in "Market Rallies as it Begins to Discount the Budget's Passage", that the 2023-5 budget following its passage in June would lead to sizeable liquidity injections into the economy. This in combination with the positive ..read more

By Ahmed Tabaqchali, Chief Strategist of Asia Frontier Capital (AFC) Iraq Fund, for the London School of Economics (LSE) Middle East Centre. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Dinar, and the Conundrum over the Dollar and Iran A report in a major US publication that the US Treasury Department and the Federal Reserve Bank of New York banned 14 Iraqi banks from conducting cross-border dollar transfers rekindled misconceptions, and conspiracy theories that the Central Bank of Iraq (CBI)'s 'Foreign Currency Selling Win ..read more

By David S Cloud, for the Wall Street Journal. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq Cracks Down on Dollar Smuggling Under Pressure From U.S. Washington aims to stop the flow of dollars to Iran. Click here to read the full article (subscription required). The post Iraq Cracks Down on Dollar Smuggling first appeared on Iraq Business News ..read more

By John Lee. Dozens of people have reportedly protested in front of the offices of the Central Bank of Iraq (CBI) in Baghdad following a fall in value of the Iraqi Dinar (IQD) against the US dollar. Over the previous two days, the dollar is said to have risen from 1,470 dinars to 1,570 dinars. According to Associated Press, bank owners called for "official action" to prop up the dinar. Last week the US banned 14 Iraqi banks from conducting dollar transactions. More here. (Source: Associated Press) The post Depreciation of Iraqi Dinar sparks Protests first appeared on Iraq Business News ..read more