Presidential Order 13303: Allows US Citizens to buy and invest in the New Iraq . Under this Order and the Coalition Provisional Government Order 39, a US citizen has the same rights to investments as an Iraqi citizen.
- (05-07-2007) Iraq intends to automate its general banking sector
He pointed out to the establishment of special training centers of the sector, in addition to external courses and preparation of studies to evaluate the annual performance, using research centers and specialists.
He stressed that human resource development is a human long-term investment, leading to upgrade the performance of the banking sector, in addition to the importance of opening branches and offices to provide better banking services for the citizen, in all available areas, pointing out that “Rafidain” (founded in 1941) in about to implement a comprehensive process of development, includes linking all its branches with new
techniques that enhance its competitiveness with foreign banks which are expected to open branches in Iraq.
He explained that the role of the banking sector in economic development lies in its ability to mobilize savings and invest them in economic sectors, expanding monetary credit and long-term finance to projects serving the overall development; he added that the investment in this area is the most important factor in the development of the stock market.
He pointed to the success of the Central Bank in raising the price of the iraqi dinar against the dollar, pointing out that the prices of goods and services remains high, which are reflected negatively on the cost of production.
He explained that the process of controlling interest rates have become vested to the banks since 2004, after being confined to the “Central”, and raising interest rates would cut down the lending rates.
(04-08-2007)Iraqi Stock Exchange offering guarantees to foreign dealers.Observers speculated that the invigoration of the stock market in the Iraqi Stock Exchange during the recent circulation sessions, particularly after the announcement of adopting guarantee mechanisms for the circulation of non-Iraqi investors in the market, may be the beginning of good reception for future transactions compensating the massive losses incurred by stockholders last year, and which resulted from the implications of the security situation, absence of the mechanisms that enhance investment activity and respond to the requirements of the economy market.
Executive Director of the Iraqi Investment Bank, Hamza Hilboon, said that circulation indicators will reach high levels with the start of operating the electronic transaction, early next September, expecting a qualitative development in the circulation, with the entry of non-Iraqi investors.
He pointed out that the recent sessions of the Stock Exchange recorded an encouraging start to various sectors, especially the banks’ shares which maintained the top circulation by very high percentage for a long period.
Executive Director of Ashour International Bank, Zuhair Al-Hafiz, expected that the anticipated positive shifts in the Iraqi Stock Exchange will possess an important part of the Arab and international bourses observations, in light of the desire of Arab and foreign investors to circulate in the Iraqi market of securities, reflecting the increased interest in this promising field.(Source)AlSabah
(01-01-2007) Iraqi Central Bank expecting budget deficit in 2007.
An official at the Iraqi Central Bank expected a deficit in the next-year budget due to pumping dollars into the local market, to preserve the stability of the iraqi dinar exchange rate.
Head of the Department of Statistics and Research at the "Central", Madhar Mohamed Salih, declared that the new budget will exchange allocations by the dollar, pointing out that the rise in the value of the iraqi dinar had a positive impact through limiting expenditures, to reduce inflationary pressures in the Iraqi economy and reduce costs on prices.
He pointed out that 95% of the budget incomes depends on oil revenues, as a basic resource for the country, pointing out that the coming conditions will be encouraging for lifting the value of the iraq dinar against the dollar, but could not determine the rate of exchange only after starting the work by the general budget.
The iraqi dinar continued to rise against the dollar during the auction of the "Central", at a sale price of 1352 iraq dinar last Sunday, compared to 1360 iraqi dinar last Thursday. The expert at the "Central", Majid Assuri, expected a remarkable improvement in the rate of the iraqi dinar, due to the low dollar exchange rate, over the next couple of months. The last rise in the rate of the Iraqi dinar against the dollar exchange rate was in 1995, but then the exchange rate stabilized between 1400 and 1700 iraqi dinar to the dollar.
The "Central" attributed the high rate of the iraqi dinar against the dollar, to the stability in the sale of the dollar below its real exchange rate. Assuri explained that the inflation suffered by the economy now is a price inflation, and not a monetary inflation, pointing out that the aim of the "Central" is to limit the effects of the monetary inflation. As for the price inflation, it is due to the lower commodity presentations, and to the greedy who exploit the circumstances through which Iraq is going. He expected a significant improvement in the rate of the iraqi dinar, and the drop in prices according to this improvement.
(12-07-2006) Decline of the dollar against Iraqi dinar after being purchased by the Iraq Central Bank in the auction, which was opened by the Central Bank of Iraq today and attended by seven Iraqi banks.
The Iraqi Central Bank said in a statement that the main sale price today landed with 1430 iraqi dinar and the purchase price was 1428 iraqi dinar to the dollar.
The Iraqi Central Bank sold today, the amount of six million and 500 thousand dollars and bought one million and 930 thousand dollars.
The statement declared that the sold amount as remittances to abroad was six million and 500 thousand dollars, which reveals the reluctance of local market for the purchase of the dollar and the sufficiency of banks to buy it for the purpose of transfer, explaining that the cash sale price today is 1441 iraqi dinars per dollar.
The Bank has adopted a new monetary policy in an attempt to improve the rate of the dinar against the dollar, according to a program prepared by the Ministry of Planning, in conjunction with the Iraqi Central Bank for the purpose of eliminating inflation rates in the local market.
(12-05-2006) Presentations sale of the dollar exceeds the purchase orders for the first time in the Iraq Central Bank Auction
For the first in the Central Bank Auction, last Wednesday, offers to sell the dollar exceeded the purchase orders significantly. A statement by the Bank said that the purchase orders by the four banks participating in the auction stood at 330 thousand dollars in cash for 20 million and 850 thousand dollars in cash yesterday.
Ali Al-Yasiri, a dealer with the Iraq Central Bank, attributed the significant drop in demand for the dollar to the decline of trading in the Iraqi market, because of the depressed commercial market due to the deteriorating security situation and the danger of dealing with large amounts of funds.
The statement pointed out that the Iraq Central Bank had covered all procurement requests at 1435 iraqi dinars to the dollar, 2 iraqi dinar lower than the price of yesterday. The dollar, today, dropped 2 iraqi dinar, for the fifth day consecutively, against the iraqi dinar (ID). The participating banks in the auction, today, presented offeres to sell the dollar reaching $ 2 million, bought by the bank in full at the exchange rate 1433 iraqi dinar to the dollar.
(11-25-2006) Iraqi dinar continuing rising against the dollar
The rate of iraqi dinar continued rising against the dollar in the Iraq Central Bank auction last Wednesday; the price was 1444 iraqi dinars to the dollar after being 1446 iraqi dinars to the dollar on Tuesday. The Central Bank of Iraq sales, last Wednesday, slumped to reach 11 million and 435 thousand dollars after being 50 million and 115 thousand dollars the day before. The number of banks participating in the auction last Wednesday was 11 banks from 15 the day before.
Iraq Investment Law at Glance
The Iraqi investment law approved by the Iraqi parliament in its session on 10 October 2006 will come into effect after its approval by the president and its publication in the Iraqi Official Gazette. It will regulate the national and foreign investment process in Iraq.
Judge Dr. Wa'il Abd Al-Latif, legal expert, MP and deputy head of the Legal Committee, outlines for Niqash the most important points in the law.
Privileges and Guarantees Offered to Investors: (to continue reading please follow the link. Iraq Investment Law
New Iraqi Dinar 25,000 Dinar Note
The New Iraqi Dinar 25,000 Dinar Note security features are;
Metallic Ink on Iraqi Dinar Note
Security Strip on side of Iraqi Dinar Note
UV Denomination Idenfication in the middle of Dinar Note
Raised Lettering on new Iraqi Dinar Note
In-threaded Watermark on Iraqi Dinar Note
Iraqi dinar is designed and Printed by the De La Rue Company of the United Kingdom.
The price of the Iraq Dinar was 33 cents a piece before the war and $3.35 before sanctions were imposed on Iraq. It is now legal to own New Iraqi Dinar at this 30-year low price of new iraqi dinar.
Iraq’s position as the second largest oil reserve holder in the world, with 95 percent of Iraq’s revenue coming from exported oil. Iraqi investors have announced the establishment of two new private banks, which are: Al Mansur Investment Bank, with a capital 55 billion iraqi dinars (about 38 million dollars), and Tigris and Euphrates Bank for Development and Investment, with a capital of 25 billion iraqi dinars (about 17 million dollars).
Iraqi Dinar - New Iraq Currency Dinar
On October 15, 2003, the new Iraqi Dinar Banknotes were launched by the Central Bank of Iraq in cooperation with the Coalition Provisional Authority in the denominations of 50 Iraqi Dinar, 250 Iraqi Dinar, 500 Iraq Dinars,1000 Iraq Dinar, 5000 iraqi dinars, 10000 Iraqi Dinar & 25000 Iraqi Dinar Bill. The new Iraq banknotes, printed by De La Rue, boast of the most up-to-date anti-counterfeit features, including watermarks, a security thread, raised letters, an optical variable ink and other variations to thwart counterfeiters. The new Iraq currency will supercede all previous 'Saddam' Dinar, and as of January 15th, 'Saddam' Dinar is considered a collectors item.
Iraqi Dinar Facts
Starting October 15th 2003 a new Iraqi Currency known as the ‘new Iraqi dinar’ began to replace the ‘old Iraqui dinar’, and the currency used in the North of Iraq, the ‘swiss Iraqui dinar’. The new Iraqi dinar created a single unified currency that is used throughout all of Iraq. Since the production of the new Iraq dinar, the international demand for the new Iraqi dinar has continued to rise and as well the value of iraqi dinar.
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The 788 daily iraqi currency auction was held in the Central Bank of Iraq day Thursday 10-12-2006 so the results were as follows :
Detail Notes Bank Central Iraq
Number of banks 14 -----
Auction price sell iraqi dinar exchange rate / US $ 1470 -----
Auction price buy new iraqi dinar exchange rate/ US $ ----- -----
Amount sold at auction price (US $) 58.810.000 -----
Amount purchased at Auction price (US $) -----
Total offers for buying (US $) 58.810.000 -----
Total offers for selling (US $) ----- -----
Cash amounts sold to the bank and its customers were USD(24.750.000) at a rate of(1470+1+10=1481) new Iraqi dinar / US Dollar.
The amount sold to make transfers abroad was US Dollar (34.060.000) at a rate of (1470-2)+ one new iraq dinar as a bank fee and exempt the transferred amount from conversion fee.
D.G. of Investments
Daily price Bulletin buying and selling Thursday 10-12-2006
Selling Price of new Iraqi dinar
Buying Price of Iraqi dinar
1845.664 iraqi dinar selling price
1844.741 iraqi dinar buying price
2731.353 selling iraqi dinar price
2729.987 buying iraqi dinar price
1295.236 new iraq dinar selling price
1294.589 iraqi dinars buying price
1158.085 iraqi dinar selling price
1157.506 new iraqi dinars buying price
199.458 dinar selling price
199.358 dinars buying price
218.788 iraqi currency dinar selling price
218.679 iraqi dinar buying price
247.576 dinar selling price
247.453 iraqi dinar buying price
12.311 new iraq dinar selling price
12.304 dinar buying price
The above iraqi dinar price represent reference exchange rate and does not from any commitment on the Bank Central Iraq.