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The Iraqi dinar [a] (code: IQD) [2] is the currency of Iraq. The Iraqi dinar is issued by the Central Bank of Iraq (CBI). On 7 February 2023, the exchange rate with the US Dollar was US$1 = 1300 dinars. [3]
De Facto Classification of Exchange Rate Arrangements, as of April 30, 2021, and Monetary Policy Frameworks [2] Exchange rate arrangement (Number of countries) Exchange rate anchor Monetary aggregate target (25) Inflation Targeting framework (45) Others (43) US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador ...
Still, Iraqi officials say the measures have led to a dollar shortage, which has led the Iraqi dinar to change hands at more than 1,500 per dollar in the unofficial market in recent months, up to ...
Central Bank of Iraq البنك المركزي العراقي; Headquarters: Baghdad, Iraq: Established: 16 November 1947 () Ownership: 100% state ownership [1] Governor: Ali Mohsen Al-Alaq Central bank of Iraq: Currency: Iraqi dinar IQD Reserves: US$113 billion (2024) [2] Reserve requirements: 7.1% (March 2023) [3] Bank rate: 3.9% (August 2023)
Iraq has banned eight local commercial banks from engaging in U.S. dollar transactions, taking action to reduce fraud, money laundering and other illegal uses of U.S. currency days after a visit ...
WASHINGTON/BAGHDAD (Reuters) -The United States has barred 14 Iraqi banks from conducting dollar transactions, the Wall Street Journal reported on Wednesday, citing U.S. officials.
In 2016, one Islamic State dinar had an effective exchange rate of US$190 or £91, though it did not gain traction outside of the Middle East due to the Islamic State conflict, as the international community did not recognize the Islamic State's sovereignty and designated it as a terrorist organization. [3] [4]
President Nixon cancelled the fixed-rate convertibility of US dollars to gold in 1971. In the absence of fixed value convertibility to gold, compared to other currencies, the US dollar subsequently deteriorated in value for several years, making fixed USD to local currency exchange rates unsustainable for most countries. [14]