By John Lee. Turkiye's Global Odeme Hizmetleri (Get Money Global) has been approved to provide foreign remittance services in Iraq within a credit agreement involving Western Union and MoneyGram. The announcement was made by the Central Bank of Iraq (CBI) and confirmed by Global Odeme Hizmetleri. (Sources: CBI, Global Odeme Hizmetleri) The post Iraq Approves New Foreign Remittance Service first appeared on Iraq Business News ..read more

By a Guest Blogger. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Anecdotal evidence, including inquiries to Iraq Business News, seems to suggest that supporters of US President-elect Donald Trump are more likely to believe that the Iraqi currency, the Dinar (IQD), will increase […] The post Donald Trump and the "Great Iraqi Dinar Revaluation" first appeared on Iraq Business News ..read more

By John Lee. The Central Bank of Iraq (CBI) announced an expansion of foreign currency transfer options for local banks, adding the Jordanian Dinar and Saudi Riyal to the list. Iraqi banks are now also permitted to fund trade with Turkey in Euros, previously restricted to transactions with EU countries. These currencies join the existing […] The post Iraq's Central Bank Expands Foreign Transfer Options first appeared on Iraq Business News ..read more

By John Lee. Iraqi Prime Minister Mohammed Shia Al-Sudani has directed new measures to develop electronic payment systems. The initiative includes expanding salary payments to private sector employees through digital channels, similar to government payroll, with the Ministry of Labor and the Central Bank of Iraq (CBI) collaborating on the framework. Additionally, all ministries and […] The post Iraqi Govt to Phase Out Cash Payments first appeared on Iraq Business News ..read more

By John Lee. The Central Bank of Iraq (CBI) has identified irregularities in the operations of several exchange companies regarding the sale of U.S. dollars allocated to travellers. A recent audit and monitoring of company practices revealed that some exchange firms have been charging citizens a commission of 50,000 dinars for purchasing dollars, double the […] The post Iraq Warns Forex Companies over Dollar/Dinar Commissions first appeared on Iraq Business News ..read more

By a Guest Blogger. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. The Iraqi Dinar Revaluation Scam: An Examination of False Hope and Financial Deception Introduction The notion that the Iraqi Dinar (IQD) will appreciate in value by an unprecedented multiple has circulated in […] The post The Iraqi Dinar Revaluation Scam: False Hope, Financial Deception first appeared on Iraq Business News ..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. Markets Look Through Escalating Tensions The market, as measured by the Rabee Securities U. S. Dollar Equity Index (RSISX USD Index), was up 8.8% for the month. Over […] The post Markets Look Through Escalating Tensions first appeared on Iraq Business News ..read more

By John Lee. On a recent webinar organised by the Iraq Britain Business Council (IBBC), Professor Frank Gunter of Lehigh University explained the causes and effects of Iraq's dual exchange rate. The three reasons why Iraq has two exchange rates are: Excessive Demand for US Dollars Internationally: There is a high demand for US dollars in countries like Iran and Syria, where local currencies have significantly devalued. Entities in these countries are desperate to obtain dollars, which are accepted everywhere and difficult to trace. The excessive demand for US dollars internationally is drive ..read more

By John Lee. On a recent webinar organised by the Iraq Britain Business Council (IBBC), Professor Frank Gunter of Lehigh University outlined the key changes in the dinar exchange rate over the years, as well as the consequences of having two exchange rates. (For more on the reasons why Iraq has two exchange rates, click here). Current Exchange Rates There are two exchange rates in Iraq: the official exchange rate and the market rate. The official exchange rate is approximately 1,310 Iraqi dinars per US dollar. The market rate is higher, at around 1,460 Iraqi dinars per US dollar, which repres ..read more

By John Lee. On a webinar organised by the Iraq Britain Business Council (IBBC) on Tuesday, Professor Frank Gunter of Lehigh University and Dr Ahmed Tabaqchali of AFC Iraq Fund (and Expert Blogger on Iraq Business News) discussed the drivers of the Iraqi dinar exchange rate. The event marks the official launch of the IBBC's new white paper on de-dollarisation of Iraqi economy, which can be downloaded here. To view this interesting discussion please see the video below: The post IBBC Webinar: Drivers of the Iraqi Dinar Exchange Rate first appeared on Iraq Business News ..read more