Iraqi Dinar News

Iraq security strategy: So far, so good

April 16, 2007 It has been nearly two months since the Iraqi government and coalition forces launched a new security operation to curb the daily violence in Baghdad.
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Dana Gas signs northern Iraq deal

April 16, 2007 The UAE's Dana Gas has signed an agreement with Iraq's Kurdish regional government (KRG) to evaluate the development of the region's gas reserves, the company said in a statement on Sunday.
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Iraq Conference : Chevron confirmed as key sponsor of Iraq Oil, Gas, Petrochemical and Electricity S

Iraq Conference : Chevron confirmed as key sponsor of Iraq Oil, Gas, Petrochemical and Electricity Summit

April 15, 2007

Chevron has confirmed its role as a sponsor of the upcoming Iraq Oil, Gas, Petrochemical and Electricity Summit on May 28 to 30.

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Appreciation of Iraqi dinar called 'commendable' at IMF meeting

Appreciation of Iraqi dinar called 'commendable' at IMF meeting

March 30, 2007

The Executive Board of the International Monetary Fund (IMF) has completed the third and fourth reviews of Iraq's performance under its economic program supported by a Stand-By Arrangement. The IMF arrangement is being treated as precautionary by the Iraqi authorities, and no purchase is planned.

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New policy at Central Bank auction to sell more dollars

New policy at Central Bank auction to sell more dollars

March 30, 2007

Iraqi Central Bank initiated a new policy to sell more dollars and obtain dinars to cover items from the national budget, which is in Iraqi dinars for the first time since 2003, sending demand for dollar higher in Thursday's auction.

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IMF is not putting pressure on monetary policy

IMF is not putting pressure on monetary policy

March 29, 2007

Iraqi Central Bank governor, Sinan Shabibi, denied that the strict monetary policy, pursued by the Central Bank, being a result of pressure by the International Monetary Fund; he pointed out that the policy falls within the framework of the Central’s monetary reforms currently taking place in Iraq.

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Iraq Investments : Sebastian River Holding's, Inc., purchases 100 million Iraqi dinars; Company says

Iraq Investments : Sebastian River Holding's, Inc., purchases 100 million Iraqi dinars; Company says chance of dinar equaling dollar 'feasible'

March 28 2007

Sebastian River Holding's, Inc., today announced that the company has joined the United States and has invested in the Iraqi economy by purchasing 100,000,000 Iraqi dinars.

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UAE 'closer to revaluation'

UAE 'closer to revaluation' March 27, 2007 Dubai: The chances of the UAE revaluing the dirham this year may have risen. Standard Chartered Bank has raised its estimation of the probability of such an event to 40 per cent. It had previously suggested that the chances were low, perhaps in the region of 20 per cent.
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Baghdad stock exchange welcoming foreign investors

Baghdad stock exchange welcoming foreign investors

March 26, 2007

50 mediators in the Iraqi market for securities are examining the measures and instructions for activating the resolution, which allows non-Iraqis to circulate shares and bonds on the Stock Exchange of Iraq, and the requirements of starting the work by it, amid investors’ expectations of significant shifts; the most important of which are the positive high returns in relation to investment in general, and the raise of the level of stock prices and transactions volume on the stock market in particular.

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Iraqi Stock Exchange joining International Federation of Bourses

Iraqi Stock Exchange joining International Federation of Bourses

March 26, 2007

It is expected that Iraqi market for securities will witness important developments during the coming period, when it is hoped that it will join the International Federation of Bourses, as well as completing rules and procedures of circulation for the non-Iraqi, Arabs and foreigners, after the government agreed to that, and authorized the concerned bodies to prepare instructions in this regard. Also, the market continued to take measures to complete the project of electronic transaction and central depository, since it means achieving connectivity with Arab and international stock exchanges and guarantees the continuity of mutual investment and stock circulation.

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Iraq inflation battle 'top priority'

Iraq inflation battle 'top priority'

March 25, 2007

Iraq

promised to make tackling high inflation one of its priorities and said it will gradually keep raising domestic prices of fuel products to curb a thriving black market, according to a letter by Iraq's top finance officials to the International Monetary Fund (IMF)."Inflation has risen to an unacceptable level," the letter, signed by

Iraq

's central banker Sinan Al Shabibi and Finance Minister Bayan Jabor, told the IMF.

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Ministry to build two 10,000 barrel refineries

Ministry to build two 10,000 barrel refineries

March 24, 2007

Plans are in place to construct two 10,000 barrel refineries in northern Iraq.

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An Iraqi-American "partnership" to move the Iraqi economy

An Iraqi-American "partnership" to move the Iraqi economy

March 23, 2007

Jabr added in a press conference in Baghdad attended by the Iraqi Minister of Industry, Fawzi Hariri, and Deputy of the Under Secretary of the American Minister of Defense for economic transfers, Brinkli Powell, that "expanding and increasing the production capacity of these plants will develop the Iraqi economy and contribute in solving the crisis of unemployment in Iraq".

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Iraq’s Kurds to go it alone on oil deals

Iraq’s Kurds to go it alone on oil deals

March 22 2007

The Kurdistan regional government plans to triple the number of foreign oil companies operating in its region by the end of the year regardless of whether Iraq’s parliament passes a politically sensitive hydrocarbon law.

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CBI adopts fixed ID exchange rate

CBI adopts fixed ID exchange rate

March 19, 2007

Baghdad (NINA)- The Central Bank of Iraq CBI has announced adopting the exchange rate of Iraqi Dinar against the US Dollar, settled on last Thursdays auction until March 19. A CBI statement said Saturday that the measure came within the previously adopted measures, aiming at boosting Iraqi Dinar.

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The Iraqi Bourse is active again

The Iraqi Bourse is active again

March 19, 2007

After the decision of allowing Arabs and foreigners to circulate in the Iraqi bourse, activity started to crawl back into various sectors of the stock exchange, and especially banks and industry; the main indicators rose and the number of companies whose shares are being circulated increased, following a stage of decline in the bourse during the months of January and February.

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The application of the new Iraqi Investment Law

The application of the new Iraqi Investment Law

March 15, 2007

The application of the new Iraqi investment law has actually started after announcing the formation of the National Investment Institution which will be responsible for designing investment policies, drafting regulations and monitor their application.

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Iraqi vice president meets with U.S. treasury official

Iraqi vice president meets with U.S. treasury official

March 15, 2007

Iraqi Vice President Adel Abdul-Mahdi will update U.N. member states and other potential donors Friday on the war-torn country's plan for economic development and ask for international support, the United Nations said.

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IMF Extends Iraq Loan Another Six Months

IMF Extends Iraq Loan Another Six Months

"Despite...Circumstances, Iraqi Authorities Have Taken Important Measures"

March 13, 2007

The IMF Executive Board on Tuesday approved a 6-month extension for Iraq's $700 million+ "Stand-By Arrangement"--the term for an IMF line of credit.

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Byblos Bank to open Irbil branch in early May

Byblos Bank to open Irbil branch in early May

March 13, 2007

Byblos Bank says it will open a branch in the northern Iraqi city of Irbil in early May, becoming the first Lebanese financial institution to operate in the country. Byblos officials refused to say how much they invested in the Irbil offices, which will be staffed by 15-20 Lebanese and Iraqi nationals. About nine months ago the Iraqi Central Bank granted Byblos a banking license, which does not come with minimum reserve requirements for the Irbil branch.

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The International Compact with Iraq - A Shared Vision, A mutual Commitment

The International Compact with Iraq - A Shared Vision, A mutual Commitment

March 13, 2007

The International Compact is an initiative of the Government of Iraq for a new partnership with the international community. Its purpose is to achieve a National Vision for Iraq which aims to consolidate peace and pursue political, economic and social development over the next five years.

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Baghdad conference a chance to stabilize Iraq - British ambassador

Baghdad conference a chance to stabilize Iraq - British ambassador

March 9, 2007

The British ambassador to Iraq said on Thursday that the upcoming conference in Baghdad, next Saturday, will be a chance for Iraq's neighboring countries to end their support of armed groups, which aim to foil the ongoing political process.

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Wall Street drools over prospect of capturing Iraq oil wealth

Wall Street drools over prospect of capturing Iraq oil wealth

March 8, 2007

The Iraqi cabinet’s adoption last week of a law creating the legal framework for turning over the country’s oil wealth to American corporations has touched off a chorus of salutes from the Bush administration, congressional Democrats and the corporate-controlled American media.

Perhaps the crassest expression of money-grubbing glee came in the Wall Street Journal, which published an article March 4 celebrating the unlocking of untold riches, including “dozens of untouched oil fields loaded with proven reserves and scores of exploration blocks that may prove a magnet to international oil companies.”

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Iraqi Minister of Finance authorized to sign agreements

Iraqi Minister of Finance authorized to sign agreements

March 8, 2007

The government’s official spokesman, Ali Addabagh, said that the Cabinet decided to ratify the Convention of debt reduction signed with Paris Club during its tenth regular session.

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A Shared Stake in Iraq's Future: How the Oil Agreement Points the Way Forward

A Shared Stake in Iraq's Future: How the Oil Agreement Points the Way Forward

By Zalmay Khalilzad

March 3, 2007

Under the national hydrocarbon law approved this week by Iraq's Council of Ministers, oil will serve as a vehicle to unify Iraq and will give all Iraqis a shared stake in their country's future. This is a significant achievement for Iraqis' national reconciliation. It demonstrates that the leaders of Iraq's principal communities can pull together to peacefully resolve difficult issues of national importance.

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Iraq joins the World Trade Organization

Iraq joins the World Trade Organization

March 3, 2007

Greg Howell, official in charge of developing the private sector in the American Agency for International Development in Baghdad, said on Saturday that the Iraqi government has completed the procedures to request membership in the World Trade Organization.

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World Bank to boost Iraq presence despite shooting

World Bank to boost Iraq presence despite shooting

March 2, 2007

The World Bank's No. 2 official on Friday defended the lender's decision to ramp up its presence in Iraq after a staff driver was caught in cross-fire and wounded at a checkpoint in Baghdad last month.

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Iraqi Business Restoration Progressing

Iraqi Business Restoration Progressing

March 1, 2007

Defense Department official Monday discussed the ongoing work to improve Iraq's business and economic stability during at press conference at the Combined Press Information Center here.

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The Iraqi debt burden has become little

The Iraqi debt burden has become little

February 27, 2007

The efforts of creative Financial minds, the fine Iraqi diplomacy and the support of friends had a great role in reaching the Paris Club agreement to drop 80% of Iraq's debts to the (19) States of the Club, in addition to (56) States outside the Club.

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To modernize the Iraqi Central Bank

To modernize the Iraqi Central Bank

February 27, 2006

An expert in the Iraqi Central Bank expected that positive effects, in the long perspective, will result from the monetary policy of the Bank in fighting inflation through raising the exchange rate of the Iraqi dinar. The Director-General of the Statistics and Research Center in the Iraqi Central Bank, Madhar Muhammad Salih, said that the Bank seeks within its reforms to establish a modern and developed infrastructure for the central banking in Iraq through strengthening the payment systems that link the Central Bank to the banks working with automatic systems. He pointed out that this mechanism will enable the Central Bank to lend banks daily, when they are exposed to some of problems in the availability of liquidity, as well as reducing the risk of manipulation and fraud since this mechanism contains a high level of secrecy and confidentiality.

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