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Also on Wednesday, central bank chief Ali al-Allaq told the state-run Iraqi News Agency that his institution continues to provide dollars at the official rate of 1,320 dinar to the dollar for ...
The Central Bank of Iraq (CBI; Arabic: البنك المركزي العراقي) is a monetary authority established in 1947, shortly after the end of the British occupation of Iraq. The CBI's primary objectives are to ensure domestic price stability and foster a stable competitive market based financial system.
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]
Iraq's central bank must address continued risks of the misuse of dollars at Iraqi commercial banks to avoid new punitive measures targeting the country's financial sector, a top U.S. Treasury ...
The banks are banned from accessing the Iraqi central bank's daily dollar auction, a main source of hard currency in the import-dependent country that has become a focal point of a U.S. crackdown ...
Since taking over as central bank governor, Al-Shabibi introduced the bank's employees to modern finance and payment systems. He made the bank switch from typewriters and calculators to computers, introduced it to financial instruments like currency auctions, and replaced Iraq's pre-2003 banknotes with the New Iraqi Dinar between October 2003 ...
The economy of Iraq is dominated by the oil sector, which provided 89% of foreign exchange earnings in 2024. [15] During its modern history, the oil sector has provided about 99.7% of foreign exchange earnings. [16] Iraq's agrarian economy underwent rapid development following the 14 July Revolution in 1958 which overthrew the Hashemite monarchy.
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. The ban, which ...