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The Iraqi dinar's value is strictly controlled by the Iraqi government and does not freely float on global forex markets. This means that even if Iraq's economic conditions improve, the currency may not automatically increase in value.
Dozens of people protested in front of the Central Bank of Iraq in Baghdad and bank owners called for official action to stem a sharp increase in the dollar exchange rate Wednesday, after the ...
Still, Iraqi officials say the measures have led to a dollar shortage, which has led the Iraqi dinar to change hands at more than 1,500 per dollar in the unofficial market in recent months, up to ...
Because of the economic potential of Iraq, a niche market for Iraqi Dinar currency has emerged. Speculators are making investments in the Iraqi Dinar in hopes of receiving a return once Iraq stabilizes as a country. Jim Cramer's October 20, 2009 endorsement of the Iraqi Dinar on CNBC has further piqued interest in the investment. [22]
After the fall of Saddam Hussein's government, the Central Bank of Iraq was established as Iraq's independent central bank by the Central Bank of Iraq Law 2004, with authorised capital of 100 billion dinars. [12] According to the law, 100% of the bank's capital stock would be held by the State and would not be transferable. [13]
Despite a highly uncertain domestic and external environment, Al-Shabibi has held the Iraqi currency, the Iraqi Dinar firm at about US$1 = IQD 1'190 (US$1 equalled IQD 2'214 in December 2002), reduced inflation to single digits (from 64% in 2006 to 5.2% in September 2012), quadrupled the bank's gold reserves to 32 tonnes, and remained a strong ...
However, the Iraqi government requested to extend the expiration date, and the first arrangement actually expired on December 18, 2007. The IMF and Iraq agreed with the amount of $475,360 SDR, which is 40% of the total quota of the Iraqi government. [9] However, Iraq has drawn $0 from that arrangement amount agreed with the IMF.
Executive Order 13303 was issued on May 22, 2003, by United States President George W. Bush to protect the Development Fund for Iraq for the rebuilding of Iraq from any legal attachments or liens. Further, it protects Iraqi oil products and interests and ownership by US persons (defined to include US corporations) from attachment as well.
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