Iraq
Iraq to get central bank - free from interference
Iraq will soon have an independent central bank for the first time, free from political interference the New York Times reports.
New Iraq banknotes will replace 'Saddam dinar'
The US-led coalition authority in Iraq plans to print and circulate new Iraqi dinars later this year. The new notes will be swapped for both the "Saddam dinar", which circulates in most of the country, and the older, so-called "Swiss dinar", which is…
Iraqi banks want to rejoin banking system
Faleh Salman, acting Iraqi central bank governor, said at the weekend that the Security Council's decision in May to lift sanctions meant "here is no impediment now" for the resumption of relationships across the world for Iraq's banks, according to a…
Deutsche Bundesbank Monthly Report, May 2003
The Bundesbank said in its May 2003 monthly report that major uncertainty in the global economy and on the international financial markets, which peaked in the first quarter as the Iraq war was approaching, has since receded. This is reflected mainly by…
Iraqi governor faces the mob
A central banker's lot doesn't really get much less appealing than that of Faleh Salman, the man now shouldered with the responsibility of running Iraq's sickly central bank. To avert total meltdown of what little remains of the Iraqi financial system,…
Cash crisis forces U.S. to print Saddam banknotes
The acting central bank governor of Iraq, Faleh Salman, says the Bank has been forced to print millions of 250 dinar bank notes with Saddam Hussain's face on them. Presses started up last week, Reuters reported, after Iraqi workers refused to accept the…
Should Iraq dollarize or float? A policy analysis
This article from Stern Business School asks 'Should Iraq dollarize, adopt a currency board or let its currency float? A policy analysis.' It says there are good reasons to think that the dollar or euro would not make an ideal currency for a major oil…
Gold bars worth $500m seized at Syrian border
A haul of 2000 gold bars was found during the routine inspection of a truck near the Syrian border, according to Reuters. The gold was estimated to be worth about $500 million and may have come from the Iraq central bank's reserves.
Security fears keep IMF, World Bank out of Iraq
Speaking on Thursday 22 May, officials from the IMF and World Bank said they had not yet sent teams to Iraq as security concerns remain, according to Reuters. Teams are currently based in Jordan but aren't quite ready to move into Iraq, the World Bank…
US traces bulk of Iraqi central bank funds
Agence France-Presse reports that senior US Treasury official John Taylor said on Thursday 15 May,that the United States had identified most of the close to $ 1 billion, "We are getting more and more confirmation that the large bulk of those funds have…
Iraq central bank appears unlooted
Contrary to many early reports it seems the central bank of Iraq's main vaults have escaped looting and still contain U-S dollars, Iraqi dinars, gold and items from the museum put there for safekeeping.
US forces recover $800m of 'stolen' Iraqi cash
The US state department said Tuesday that about $800m that was stolen from the central bank of Iraq has been recovered.
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…
Iraq war effect on Mideast less severe - IMF
An IMF official told Reuters on Thursday 1 May that the Iraq war was unlikely to have as severe an effect as expected on the Middle East economy because the conflict was relatively short.
Snow outlines US Iraq help with new central bank
US Treasury Secretary John Snow said on Wednesday 30 April that priorities in Iraq will include restoring the Finance Ministry and central bank and establishing a sound national currency, according to Associated Press.
Iraq central bank staff ready for return to work
Al Jazeera reports that staff of the looted and destroyed central bank of Iraq are ready to return to work - if there is security and another location can be found.
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…
Iraq central bank described as a 'burned out husk'
A short report from Associated Press included details of the current state of the Central Bank of Iraq. The report said all nine floors of the central bank have collapsed.
The euro could help Iraq's economic recovery
In an article in the Financial Times Professor Steve Hanke says that to be successful, a currency reform plan in Iraq must be informed by the country's history, well crafted and available fast.
Looters strip Baghdad's banks of cash
Iraq's battered central bank has been ransacked many times by mobs of looters who hunt for any banknote not incinerated, reported Middle East Online.
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…
Gordon Brown on current challenges to the IMF
Statement by Rt Hon Gordon Brown, United Kingdom International Monetary and Financial Committee, Washington D.C., 12 April 2003.
Central Bank of Iraq - Looters try vault break in
British television on Thursday April 10 broadcast a report from inside the Central Bank of Iraq. A reporter was shown walking amongst upturned desks and debris with papers scattered everywhere and no sign of any staff.
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…