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Tag: CBI

Reserves at the Central Bank of Iraq reached over $50 Billion

Reserves at the Central Bank of Iraq reached over $50 Billion

The Iraqi Central Bank has announced that the reserves at CBI have exceeded over 50 billion U.S dollars. The Governor of CBI Ali Al-Aalak issued a press statement that the cash reserves at the Central Bank of Iraq are now more than 50 billion U.S dollars. Point to be noted that the above-mentioned figure is related to normal rates according to local currency and standards defined by the International Monetary Fund. Al-Aalak added that the Iraqi Central Bank has continued…

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System of Deposits Adopted by CBI will Boost up Iraqi Economy: Experts

System of Deposits Adopted by CBI will Boost up Iraqi Economy: Experts

The Iraqi Central Bank addressed the system of guarantee in the issuance of bank deposits. The bank issued a practice license as a guarantee for a joint stock company and the company should be established according to the Companies Law. It was a specific system admired by the economic circles in the country. It was due to the deficiency in the mobilization of deposits and funds with banks in taking their way to various channels of investment. The Legal Department…

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Central Bank of Iraq issued a New Circular for Private Banks

Central Bank of Iraq issued a New Circular for Private Banks

The Iraqi Central Bank issued a report and indicated that some commercial banks Iraq don’t have sufficient investment. The report pointed out that some letters of guarantee have shown generosity of relatives and friends. The magnitude of investments among the total assets in the Iraqi commercial banks is just 8%. The report also said that some of the commercial banks operating in Iraq don’t have an essential amount of investment. It was said that the monetary assets of commercial banks…

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Up to $1 Million Differences Found in the CBI Currency Auction: Integrity Commission

Up to $1 Million Differences Found in the CBI Currency Auction: Integrity Commission

The Iraqi Parliamentary Integrity Commission issued huge differences in the sale of currency. Sumer News indicated that approximately 1 million U.S dollars to sell every 10 million of the Iraqi currency. The news agency reported that a member of the Iraqi Integrity Commission, Abdul Karim Abtan informed that significant amount of differences regarding the sale of currency have been recorded by the Integrity Commission. He also said that the recorded differences about the sale of U.S dollar were more than…

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The CBI Governor Issued a Statement about Iraqi Dinar Currency

The CBI Governor Issued a Statement about Iraqi Dinar Currency

The Governor of the Iraqi Central Bank issued a statement that floating of the Iraqi dinar currency is very hard to implement as the monopoly of Iraqi government regarding the distribution of the U.S dollar and other foreign currencies in the country. The CBI Governor Ali Al-Alak said in a press interview that most oil producing and exporting countries rely on a fixed exchange rate or fixed according to flexibility. It doesn’t affect the mechanism of floating the currency and…

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Dealing in Bitcoin Currency will be Considered Money Laundering Crime: CBI

Dealing in Bitcoin Currency will be Considered Money Laundering Crime: CBI

The Iraqi Central Bank issued a statement that the CBI doesn’t deal with the Bitcoin currency. The Bank also warned that currency dealers will be subjected to the cramping of the money laundering law. Point to be noted that Bitcoin has been considered a virtual electronic coin currency and it just trades online. The head of the CBI information office, Isser Jabbar said in a statement that the Bitcoin currency is being traded online without its physical presence. It just…

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CBI Ordered all Iraqi Banks to Close their Branches in Kurdish Region: Reuters

CBI Ordered all Iraqi Banks to Close their Branches in Kurdish Region: Reuters

On Thursday, the Reuters news agency reported that the Iraqi Central Bank has advised all banks to close their entire branches in the Kurdistan region. The agency quoted unnamed banking source and said that the Central Bank of Iraq issued orders to banks to close their branches within a week in the Kurdistan region in order to avoid a ban on the sale of U.S dollar. The source said that Iraqi Central Bank has set a deadline to close the…

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CBI Governor in Washington to Participate the IMF and the World Bank Meetings

CBI Governor in Washington to Participate the IMF and the World Bank Meetings

On Sunday, the Iraqi Central Bank has announced that the Governor of the Central Bank of Iraq left for the United States in order to participate in meetings of the World Bank and the International Monetary Fund. The Iraqi Central Bank issued a press statement that the Iraqi delegation left for the United States headed by the Governor of the Central Bank of Iraq Ali Al-Alaak. The visit of Iraqi delegation took place took place to participate in important meetings…

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