Iraqi News & Iraqi dinar Updates
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Parliamentary Finance committee: Iraqi Central Bank lingered in presenting the Zero loping iraqi dinarbill
January 31, 2012
The Parliamentary Finance Committee confirmed, on Sunday that the Central Bank, loiter in to introduce a bill to delete the zeros from the dinar currency to the Committee for the purpose of a study, saying the law was passed that would give Iraq an opportunity to address inflation.
Iraq Central Bank confirms its ability to meet the high demand on foreign currency
January 31, 2012
Central Bank of Iraq announced its ability to meet any high risk caused by the growing demand for foreign currency as it has large reserves of hard currency.
Decline in Iranian currency affects Kurdistan market and the major setback and losers are traders
January 31, 2012
The low value of the Iranian currency against the U.S. dollar set large financial losses to number of Kurd traders in the province of Kurdistan. The chairman of the Federation of Exporters and Importers in the Iraqi province of Kurdistan, Mustafa Abdul Rahman, said on Sunday that the "low value of Iran Rial against the U.S. dollar hit the market in Kurdistan with a major setback."
Claims for cancellation or reducing fees for issuing credit cards
January 31, 2012
Economic figures called to cancel fees imposed on the issuance of credit cards in Iraq, such as Visa Card, because it does not cause an attraction for citizens to deposit their money in banks, and therefore, efforts to develop the economy and the Iraqi banking system will be delayed for a long time.
U.S. business delegation stands ready to build an international airport in Diyala
January 31, 2012
The investment Authority in Diyala announced, Friday, on the arrival of a U.S. trade delegation to the province to invest in several areas, while confirming that the delegation expressed its readiness to build an international airport east of Baquba.
Enka inks $236 million power deal with Iraq
January 19, 2012
Enka, a Turkish construction conglomerate, has signed a $236 million deal to build a natural gas plant in Iraq, a step toward making the war-ridden country self-sufficient in power generation
flydubai scores a hat trick in Iraq with start of flights to Baghdad, Iraq
January 19, 2012
flydubai, Dubai's pioneering low cost airline, added to its expanding network yesterday with the start of flights to Baghdad, Iraq. flydubai’s inaugural flight, FZ215, took off from Dubai Terminal 2 at 1355hrs yesterday, landing at Baghdad International Airport at 1545hrs. In addition to Erbil and Sulaimaniyah, the four-times weekly flight to Baghdad increases flydubai’s presence in Iraq to three cities. Flights to Najaf, flydubai’s fourth Iraqi point, will start on Sunday January 29.
Undersea link boosts Iraq internet
January 19, 2012
The connection of the first undersea internet cable serving Iraq promises faster and more reliable broadband in the war-torn nation, says the company behind the project. Gulf Bridge International (GBI), which recently completed a US$445 million (Dh1.63 billion) undersea cable connecting India with Italy via the Gulf and Egypt, said its cable was successfully linked to Iraq this week.
Zain drafts in M:Communications to support Iraq Stock Exchange listing
January 19, 2012
The Iraqi unit of Kuwaiti telecoms company Zain has hired agency support in advance of its listing on the Iraq Stock Exchange. Zain is Iraq’s leading mobile telecoms operator, with a market share of more than 50 per cent. The firm has been planning an initial public offering in Iraq since the summer and has asked M:Communications to support comms around the listing process.
Zain drafts in M:Communications to support Iraq Stock Exchange listing
January 19, 2012
The Iraqi unit of Kuwaiti telecoms company Zain has hired agency support in advance of its listing on the Iraq Stock Exchange. Zain is Iraq’s leading mobile telecoms operator, with a market share of more than 50 per cent. The firm has been planning an initial public offering in Iraq since the summer and has asked M:Communications to support comms around the listing process.
Freeing the national currency dinar of the dominance of neighboring countries currencies to achieve economic stability
January 19, 2012
Iraq's economy has become vulnerable to regional shocks and fluctuations in exchange rates of currencies of neighboring countries like Iran and Syria against the U.S. dollar because it will reflect negatively on the economy of the local market in terms of commodity prices, because most of them are imported. Economists advised the need to work on the development of all economic sectors to spare the Iraqi economy, regional and external variables.
Iraq Central Bank plans to issue three large banknotes after deletion of zeros from Dinar
January 16, 2012
The central bank of Iraq intended on Saturday to put all three types of banknotes after the deletion of three zeros from the Iraqi dinar, pointing out that the process of replacing the currency will take two years. The deputy governor of the Central Bank Mudher Mohammed Saleh in an interview said that "the Bank will present three large banknotes in addition to coins, after the deletion of three zeros from the Iraqi dinar," noting that "the process of switching would reform the system of currency management and ease of use."
Rasheed Bank: Iraqi banking suffering technical Retreat and lack of Citizens' confidence
January 16, 2012
The member of the Rasheed Board Bank, Hussein Kazaz called the government to work on bringing advanced financial systems technologies and gain the trust of Iraqi citizens to avoid the obstacles facing them. Al- Kazaz said that the Iraqi banks now suffer from difficulty of transportation technology due to complete lack of knowledge of banking techniques working in the countries of the advanced world, and the lack of trust between the Iraqi banks and the public has a role in blocking banking that citizens fear to deal with Iraqi banks.
Credit card handling is necessary and civilized in Iraqi banks
January 11, 2012
Abdul Aziz Hassoun, Director of the Association of private banks called on the spread of credit cards work in Iraq for easy handling in all Iraqi banks. Hasson said: The process of using credit cards "Visa, MasterCard" is very necessary at the present time they dispense with the use of mass moving day in the iraqi dinar cash handling. He noted that the initiative of the Trade Bank of Iraq to distribute credit cards to customers is good and civilized, and must be circulated to all Iraqi banks.
Central government supports the opening of banks in Kurdistan
January 11, 2012
The Central Bank said it will support the opening of branches of the Rafidain and Rasheed in the Kurdistan region, stressing that it had not received any official request so far on the subject of the administrations of the two banks.
Iraq needs no financial assistance - Planning Minister
January 11, 2012
he Iraqi Planning Minister disclosed that Iraq does not need any financial assistance, praising the desire of the Iranian government to support reconstructing Iraq, according to IRNA news agency today. IRNA quoted Minister Ali Yousif al-Shukri, during the signing of a memorandum, saying that "we noticed that the Iranian officials want to extend support to Iraq, which is in need of rehabilitating human resources and specialized cadres, due to a thirty year blockade to the outside world".
Iraqis’ per capita income will double in three years, the Iraqi Central Bank said.
January 11, 2012
he bank’s deputy governor, Mohammed Saleh, said the per capita income in the country will shoot to $10,000 from the current $5,000. “Iraq’s GNP will be between $300 to $350 billion in 2015 with average per capita income reaching $10,000,” he said Saleh said Central Bank’s holdings of hard cash have never been so high in the country’s history “The bank enjoys strong foreign cash reserves of about $60 billionwhich are the highest in Iraq’s history,” he said. The hard cash reserves have enabled the bank to keep the national currency, the iraqi dinar, stable.
Kurdistan region allocates 67 billion iraqi dinar for services projects in Khaniqin
January 10, 2012
The Iraq Kurdistan government is planning to implement services projects in Khaniqin, Jalawla' and Sadiya areas for a total cost of 67 billion dinars, within this year's budget, according the region's website.
Iraq’s Warka Bank enters Djibouti Market
January 10, 2012
President Ismail Omar Guelleh recently inaugurated the first subsidiary of Iraq-based Warka Bank for Investment and Finance (BWAI) in Djibouti to offer full range of banking services. The ceremony was attended by the Prime Minister Dileita Mohamed Dileita, Mr. Hichem Ben Turkia, who is Warka Bank representative, several members of government, as well as ambassadors and representatives of diplomatic corps accredited to Djibouti and representatives of international organizations.
Trade Bank of Iraq lowers the interest rate on loans
January 10, 2012
The Trade Bank of Iraq revealed the volume of credits and loans granted by the bank for the public and private, over the past year, reached about one billion three hundred million dollars, while the size of local currency credits granted exceeding 200 billion Iraqi dinars.
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