December 31, 2007

Demand for the dollar significantly increased in the Iraqi Central Bank's auction on Monday, registering at $119.535 million compared to $55.960 million on Sunday.

December 28, 2007

Exploits the Iraqi market long holidays, stopping auction currency official at the Central Bank of Iraq to restore its control of the currency exchange market and to complete all dealings according to exchange rates similar to those that were adopted before the start of bank's plan to strengthen the value of the dinar against the dollar, which had greatly affected the transactions commercial for the local market, in the best season, which precedes the holidays.

December 27, 2007

It's no front-page news that Iraq is a dangerous place. But a capital magnet? The presses have stopped for less. According to the not-quite-closed record book for 2007, Iraqi sovereign bonds, the Iraqi currency, and the Iraqi stock market have each logged astounding, not to mention politically provocative, gains.

December 23, 2007

Norwegian independent oil producer DNO said on Friday that its share of production from a oilfield in northern Iraq rose to 5,882 barrels per day from 2,632 barrels in October.

December 20, 2007

The International Monetary Fund on Thursday approved a $744 million loan agreement to Iraq through March 2009 designed to support the country's economic program.

December 20, 2007

Official spokesman for the Ministry of Oil said that the public company for Iraqi oil tankers will inaugurate the first Iraqi tanker within its fleet on Monday in an official ceremony.

December 18, 2007

Iraq’s first post-conflict permanent government passed a new investment law in October 2006, opening up its economy to foreign investment. While Iraq is making great strides to develop a more investor-friendly business environment, much work remains. Inflation and stagnant economic growth will be challenges that Iraq will need to overcome in 2007, but the Government of Iraq (GOI) is in the process of making the necessary economic reforms to lead the country in a new direction. Pension reform and further reductions of the refined oil price subsidy are just a few of these economic policies. In addition to passing a new investment law, Iraq’s commitment to rejoin the international community can also be seen in its progress towards World Trade Organization (WTO) accession.

December 15, 2007

Armed with a plastic bag of cash, the Iraqi businessman walked into an estate agency in Baghdad to buy a new house with his savings.

December 14, 2007

On December 12, 2007, Iraq completed the early repayment of its entire outstanding obligations to the International Monetary Fund (IMF) amounting to SDR 297.1 million (about US$470.5 million). The outstanding obligations of Iraq had been contracted under the Emergency Post-Conflict Assistance that was approved by the Executive Board on September 29, 2004.

December 8, 2007

Head of the parliament's economic committee said on Saturday that the monetary policy pursued by the Iraqi Central Bank (ICB) over 2007 had contributed to driving the country's inflation rate down.

December 7, 2007

Iraqi Prime Minister Nouri Maliki said on Thursday the International Compact for Iraq (ICI) initiative basically aims at building a federal, democratic and united Iraq where all Iraqis are equally treated regardless of their belongings.

December 6, 2007

Defense Secretary Robert Gates said Thursday that "people are getting impatient" for the Iraqi government to take advantage of improved security and move toward needed political reforms.

December 5, 2007

Demand for the dollar was higher in the Iraqi Central Bank’s auction on Wednesday, reaching $88.230 million compared to $22.650 million on Tuesday.

December 5, 2007

A high-level delegation from the electricity ministry headed for the Chinese capital Beijing to sign a contract with a Chinese company to set up the Kut thermal power station in Wassit province, the electricity ministry said on Tuesday.

December 3, 2007

Baghdad - Iraq's main Sunni bloc said on Monday it is ending its boycott of parliament after one of its leaders was freed from effective house arrest imposed after bombs were found near his Baghdad office.

November 29, 2007

Director General of Al-Rafidain Bank said it has a plan to build ten branches in Iraq next year. He also revealed a memorandum of understanding between the bank, the Ministry of Finance and the Central Bank, sponsored by the International Monetary Fund, for rehabilitation of the bank and its organizational structure. The bank is planning as well to reopen loans to employees early next year and reconsider their high interest rates.

November 27, 2007

Like Hamlet, the oil-rich Gulf countries face a dilemma: to peg or not to peg. This dilemma - whether to keep their national currencies pegged to the dollar as a single anchor currency or whether to opt for other alternatives - is profound and has far-reaching monetary implications. Clearly, the single anchor is no longer strong enough to stabilize the monetary system in a deteriorating monetary environment.