Iraq

Saddam's son took $1bn from central bank pre war

A report in the New York Times said that just before the war in Iraq began US$1bn in cash was removed from the central bank by one of Saddam Hussein's sons. Three tractor-trailers were needed to cart the money off, an Iraqi official said and it took a…

Decision looming on Iraqi currency

The Iraqi currency has collapsed along with the government. In an article published by Associated Press, Professor Steve Hanke says the currency issue is an urgent one and should be a high priority for Jay Garner and his team of U.S. administrators in…

Value of Iraqi currency takes nose dive

An article from the Wall Street Journal asks What will happen to the Iraqi currency? The article suggests a lot of work has to be done, particularly as the 250 dinar note is now worth more than the 10,000 note due to the possible cancellation of notes…

ECB says 2003 growth rate hard to predict

The European Central Bank published its April 2003 Monthly Bulletin on 10 April. In the report the ECB said while a modest rate of growth should be expected this year, "the specific evolution of economic growth for the rest of this year is particularly…

Inside the Central Bank of Iraq

A website ArchNet, intended for architects interested in the Islamic world, contains photographs of the Central Bank of Iraq. The site says "The bank is housed in a cubical building with few exterior openings, and is organised around an inner courtyard…

Guess who's coming for dinars?

An article from Bloomberg News says that the Iraqi dinar is in great demand and that coalition success in the war is likely to boost its value considerably. Apparently investors are snapping up the Saddam Hussein decorated notes, with one Pakistan based…

Iraqi central bank looted by residents

A report from Associated Press on the war in Iraq contained details of what was described as looting at the central bank in Baghdad. The looting apparently included the removal of carpets, chairs and other fixtures from the Bank.

Iraq's central bank unveils new banknote

The Iraqi central bank has issued a new banknote for 10000 dinar. The note contains various security features as well as the same portrait of President Saddam Hussein used on all other banknotes in Iraq, according to the LBMRC.

Iraq conflict 'likely to hit global growth'

In a regular report the World Bank said the Iraq conflict will probably have about the same effect on the global economy as the September 11 attack the Financial Times reports. The report also said the huge accumulation of reserve assets means the…

Boston Fed's Minehan urges vigilance on US economy

Cathy Minehan, President of Boston Federal Reserve, said in a speech on Monday 31 March that vigilance will be necessary following a raft of negative economic data, according to a report by Reuters. She also described the risks to the economy from war…

Fed's Bies - Gauging war impact may take some time

Fed board member Susan Bies said on Monday 31 March thatit was difficult to separate out the effect of war on the economy compared to other fundamental economic issues, Reuters reports. It could take a few months for a clear picture to emerge as to what…

Mexico tightens monetary policy

Mexico's central bank tightened monetary policy on Friday March 28, according to a report in the Financial Times. The bank does not change interest rates but uses a mechanism known as the "corto" which limits the amount of liquidity available to the…

CentralBankNet Monday Special Feature

SPECIAL FEATURE - In an exclusive interview with CentralBankNet.com, Professor Fatih Ozatay, the vice-governor of the Central Bank of the Republic of Turkey, explains how the war in Iraq is affecting the central bank, and what it is doing to mitigate…

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