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Tag: Iraq Banking sector

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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Inflation Rate is Almost not Present in Iraq: Iraqi Banks Association

Inflation Rate is Almost not Present in Iraq: Iraqi Banks Association

On Saturday, the Iraqi banks association issued a statement that the estimated increase of prices in Iraq is almost not present. It is also indicated in the statement that some unexplained reasons caused fear and tension in the Iraqi domestic market. The head of the Association and the Governor of the Iraqi Central Bank issued a joint statement that the inflation rate in Iraq is amounting at 1.7 percent and they stressed that inflation rate is almost not present in…

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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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Iraqi Delegation to Meet With International Banks in Turkey

Iraqi Delegation to Meet With International Banks in Turkey

The Iraqi Finance Ministry has announced about the meeting of the Iraqi Government and its delegation in the Turkish city Istambul regarding finalizing the process of issuance of dominant government bonds in the financial market worldwide. A press statement issued by the Iraqi Finance Ministry, it is said that some key persons included in this delegation are Finance Minister Hoshyar Zebari, Planning Minister Salman Jumaili, Governor of the Iraqi Central Bank and Iraqi Oil Minister Adel Abdul Mahdi. The Economic…

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Rasheed Bank Announced to Cover Imports for Companies and Individuals

Rasheed Bank Announced to Cover Imports for Companies and Individuals

On Wednesday, Rasheed Bank announced that the launching of imports identifies individuals and companies dealing in foreign currency service. The General Director of Rasheed Bank Abdel Wahab Abdul said in his press statement that this major step has been taken to provide support for our economy by managing the commercial activities of the traders. The Rasheed bank is looking to pay the value of imported goods from foreign countries and their currencies. Rasheed bank’s General Director Abdel Wahab further added…

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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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CBI Formed a Group to Stop Money Laundering Operations

CBI Formed a Group to Stop Money Laundering Operations

A famous economic expert Firas Amer said that terrorist financing and money laundering problems occurs when you physically transfer money instead by using banking systems. Firas Amer issued a press statement that this major problem should be resolved with regional and international coordination in order to decrease the negative effects regarding this phenomenon. He further said that there is a must need in opening up financial organizations and Arabic and International institutions should help in decreasing these operations that badly…

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