Iraqi Dinar 123

The recent visit of IMF delegation during election has its significant importance related to value of Iraqi dinar. The delegation of IMF ensured the value of available reserves at central bank of Iraq. The delegation showed satisfaction for these reserves and gave positive signal to the central bank of Iraq to enhance the rate of Iraqi dinar.

Many foreign banks are already operating in the country and number of new banks is applying for new branches on daily basis. Recently two Lebanon banks applied for new branches in Iraq and the procedure is under operation. Central bank of Iraq is trying to enhance the banking activities in the country that's why third party contract is made with different money transfer companies for the expansion of dollar trade in the country.

Abdel Basat Turki the governor of central bank of Iraq said that it will not be possible for central bank of Iraq to delete the zeroes from currency of Iraq unless the economic development of Iraq. He said that country is not in a position to take this decision without a stable economy. He denied the statement of Maliki for revaluation before election 2014.

The Central bank of Iraq issued new Iraqi dinars with new codes, images and many other security measures to avoid forgery and forfeited issues. Central bank of Iraq was monitoring the complaints about forgery in 250, 500 and 1000 IQD notes and tried to control it for some time. More than 70 trillion Iraqi dinars with this value are in the circulation. It was so difficult to control the whole currency and the problem it was facing in the trade market.

With the aim to stabilize the currency of Iraq, the central bank of Iraq allowed money exchange companies to open bank accounts in Iraqi dinar and US dollar directly in central bank. The purpose of these accounts to expand the sales of US dollars and other foreign currencies so that dinar could be stabilized in the country. More than 34 local and international companies instantly accepted the offer of central bank for opening accounts.

Iraq has never come out of its war state, although troops appear to be withdrawn from the country. The world war is over in Iraq, but there are other ways of hidden wars that Iraq is still facing. Those problems include uncertain conditions of security, weak government, dwindling state of elections, imbalanced budget and many such problems. Recently, Iraq faced several suicide attacks in various parts of the country. This is going to impact badly the current condition of the country.

We have seen few sudden changes in the economy of Iraq after the meeting between central bank of Iraq, International Monetary Fund and World Bank. The central bank of Iraq decided to reprint the notes of different denomination, decided to purchase more gold to increase the value of dinar in the local and international market and then invited different money exchange companies to sell dollars in the auction of central bank.

The present government of Iraq contributed much in the economic development of the country. The government made five years economic plan for major economic factors of Iraq. These five years proved so productive for Iraq because government followed the five years policy as it should be followed by Iraq.

After the recent statement of Noor Al Maliki, the revaluation has become an important issue to discuss no a day. The BGG reported two days ago that revaluation of Iraqi dinar will happen before the election 2014 that are going to hold in the May 2014.

After purchase of 36 tons of gold, the worth of dinar increased in local market of Iraq. That's why the deposits in government and private bank are increasing with the every passing day. The private association executive director Abdul Aziz al Hasoon told that the volume of cash deposited has grown this year to about 70 trillion Iraqi dinars.

The BGG in its latest news post announced that revaluation can happen before general elections of Iraq. The revaluation will not be effected by any of the change in the government as it is national issue. Every government will have to resolve this issue for national interest.

The member of finance committee of Iraq, Mustafa Jamal said yesterday that continuous borrowing from central bank of Iraq for the investments needs is not in the favor of Iraq and its economy. The borrowing will be conflicted with the predefined rules of state budget in the country.

The different sources were confirming revaluation of Iraqi dinar few days ago. Most of these sources emphasized on revaluation before general elections of Iraq. BGG announced so confidently that revaluation of Iraqi dinar will happen before general elections. Noor Al Maliki's statement about revaluation matters a lot.

We all know about the war in Iraq. When America led war in Iraq, it spread destruction on a large scale of the country. After that it was a difficult task for the new government to reconstruct it. The economy was down at its low. By the time passing, the g...

While concerns over tensions in Ukraine due to Russia and United States conflict as sentiment on the green back remained fragile, the dollar was steady to lower against other major currencies of the world.

Experts: Transfer Companies Entry in CBI Auction Can Trigger Dollar Smuggling Central bank of Iraq signed a contract with money exchanger companies to take part in the auction sales at central bank of Iraq. The purpose is to expand the auction of dollars at central bank.

The economic world is looking for currency reforms in Iraq and monitoring their plan for economic development of Iraq. The recent actions taken by central bank and the government of Iraq for economic and currency reforms in the country, shows that both of these institutions are so serious and looking for prompt positive results from these reforms.

The new Iraqi dinars with the value of 250, 500 and 1000 has been printed and ready for circulation as announced by central bank of Iraq. The purpose of these new notes is to maintain the security of currency in circulation.

The Financial Commission of Iraqi Parliament has given an expected figure of 8 to 11% increase in budget. This figure is quite much more than last year's budget. Many new points of prosperity are also under consideration. These include the National Projects, and oil exploration project, etc.

The central bank of Iraq invited money exchange companies to do business with central bank by selling US dollars and other foreign currencies in the country. Central bank offered this business opportunity to the money exchange companies after meeting with World Bank and IMF in Washington DC.