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Tag: Dinar Revaluation

Today CBI Sold $ 258 million in Daily Auction of Foreign Currencies

Today CBI Sold $ 258 million in Daily Auction of Foreign Currencies

On Tuesday; the Sales of Iraqi Central Bank in the daily auction for foreign currencies have been reached at 258 million U.S dollars, which is against the financial budget law 2015. The 2015 budget law restricted the Iraqi Central Bank not to exceed the maximum limit of 75 million U.S dollar in its daily auction. The Central Bank of Iraq is trying to deal with flood of the U.S dollars which reached more than 1400 Iraqi dinars per U.S dollars….

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Iraqi Cash Reserves Approaching at $ 80 Billion: Finance Committee

Iraqi Cash Reserves Approaching at $ 80 Billion: Finance Committee

The Iraqi Finance Committee refused that Iraqi government used the hard cash reserves to manage the budget deficit problems. It is also said that total cash reserves are 80 billion U.S dollars, in which 69 billion U.S dollars cash reserves and 10 trillion Iraqi dinars. The Finance Committee further said that we are surprised to see the sale of hard cash which is exceeding the predefined limit in the Iraqi budget 2015. It is said that maximum limit for daily…

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Iraq Losing Billion Dollars Per Year to Stabilize the Exchange Rate

Iraq Losing Billion Dollars Per Year to Stabilize the Exchange Rate

Dr. Nabil Jaafar Professor of economics in Basra University said that the current rise in the U.S dollar against the Iraqi dinar is due to one of the wars that faced by the Iraq and most of the experts says that one day the Iraqi dinar will be able to fight against the U.S dollar because the Iraqi Central Bank has handsome reserves. These reserves will be used as a weapon to save the Iraqi dinar currency and to maintain…

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CBI Not to Sell Hard Cash to Private Banks: Al Shammari

CBI Not to Sell Hard Cash to Private Banks: Al Shammari

On Wednesday, a member of the National Coalition in the House of Representative MP Kazem Al Shammari issued a statement that Iraqi Central Bank should stop the hard currency sale to private banks and to turn them into governmental banks. He also warned about the presence of Mafias in picking the U.S dollars from the import bills of fake goods, which caused a burning impact on the market and resulted as the downfall in the Iraqi dinar exchange rate in…

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CBI Approved for Adding 14 Excluded Banks for Foreign Currency Auction

CBI Approved for Adding 14 Excluded Banks for Foreign Currency Auction

On Thursday, the Iraqi Banks Association issued a press statement that the Iraqi Central Bank has approved to bring in all 14 banks which were left out in cold for currency auction. The statement also indicated that the Central Bank of Iraq has implemented most strict terms and conditions. The Executive Director of the Association Dr. Tariq issued a press statement that the Central Bank of Iraq has taken a decision about few days ago and stopped the 14 Iraqi…

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Launching Liquidity to Maintain U.S Dollar Exchange Rate: PM Adviser

Launching Liquidity to Maintain U.S Dollar Exchange Rate: PM Adviser

The Economic Adviser to the Iraqi Prime Minister Muhammad Saleh issued a press statement that Iraqi government needs instability of the U.S dollar exchange rates in the Iraqi domestic market, and to stabilize the Iraqi dinar exchange rate against major currencies. He also added that the high rise of the U.S dollar in the Iraqi local market was due to maximum daily auction sales limit of 75 million dollars, lower oil prices and smuggling problems. The Iraqi Central Bank announced…

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New Iraqi Bank Notes Will Reduce Demand of U.S Dollar: Finance Committee

New Iraqi Bank Notes Will Reduce Demand of U.S Dollar: Finance Committee

A member of the Iraqi Parliamentary Finance Committee Jabbar Al Abadi credited to the Iraqi Central Bank regarding currency strength of characters in the categories of 50 thousand and 100 thousand Iraqi dinars, to decrease the demand of the U.S dollars. Jabbar said in his press statement that the Iraqi Central Bank would issue new Iraqi dinar currency of large categories of 50 thousand and 100 thousand Iraqi dinars to cut back the demand of U.S dollars and foreign currencies,…

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Management and Degradation in Printing of New Iraqi Currency

Management and Degradation in Printing of New Iraqi Currency

The Iraqi Parliamentary Finance Committee has confirmed on Monday that we are ready to implement the project of printing new large amount categories Iraqi dinar currencies, but there are some risks involved in printing new currencies of 100,000 and 50,000 categories banknotes. A member of the Iraqi Parliamentary Finance Committee Majida Al Tamimi said that the Iraqi Central Bank is ready to launch the project of printing two large amount categories of 50 thousand and 100 thousand Iraqi dinars. She…

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