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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.
IRBIL, Iraq (AP) — Dozens of people protested in front of the Central Bank of Iraq in Baghdad and bank owners called for official action to stem a sharp increase in the dollar exchange rate ...
Inflation and depreciation of the currency has continued since. On 19 December 2020, Iraq's Central Bank devalued the dinar by 24% to improve the government's revenue, which was affected by the COVID-19 pandemic and low oil prices. [12] On 2 March 2019, the Central Bank's indicative exchange rate was IQD 1,190 = US$1.
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 ...
The National Bank of Iraq became the Central Bank of Iraq in 1956. [5] Since switching over to its own central bank, the Iraqi monetary system was "replete with mismanagement, coercive stop-gap measures, and the production of an unstable, unreliable currency which ha[d] not been tradeable on the international market for [many] years".
In July, the United States barred 14 Iraqi banks from conducting dollar transactions as part of a wider crackdown on the illicit use of dollars. Despite the crackdown, the senior U.S. Treasury ...
Since then, TBI has grown into a leading bank in Iraq through strengthening its financial position, assets, and equity. TBI started with paid-up capital of US$5 million (authorised capital: USD 100 million) in July 2003 and the paid-up capital increased on 2020 to $3 billion from $2.3 billion in 2019 as part of its plan to raise the bank's ...