Iraq has once again been hit by US financial restrictions, this time aimed at restricting specific banks and individuals from trading in the Central Bank of Iraq (CBI)’s daily currency auctions. The timing of these economic measures can in part be attributed to increased tensions between the US and Iran, that are once again being played out in Iraq. However, the elites targeted
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As part of a continued collaboration with the Middle East Peace and Security Forum held in Iraqi Kurdistan at the American University of Kurdistan, the Middle East Institute and the Iraq Policy Group held a workshop on Nov. 15, 2022 focusing on challenges of economic diversification, energy transition, and impacts on labor markets in Iraq and the Gulf region. Our one-day worksh
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Attempts to control a monetary crisis have had unintended consequences for a country struggling to get back on its feet By Raya Jalabi in Sulaimaniya, Iraq Iraq is struggling to control a crippling currency crisis that has roiled the country for months, underlining the fragility of its oil-dependent economy 20 years on from the US-led invasion. Ali Mohsen al-All
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Authors: Andrés Arauz, Rami Kiwan, Nihal El Aasar, Mohamed El Dahshan, Barik Schuber In 2021, the IMF issued and distributed $650bn worth of Special Drawing Rights (SDRs) during the COVID-19 pandemic. This study explores the unique characteristics of SDRs and provides an overview of the role of SDRs in the MENA region. Using four countries as case studies (Egypt, Iraq, Leban
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With the rollout of new controls developed by the US Federal Reserve in collaboration with the Central Bank of Iraq to combat currency smuggling, the dollar exchange rate continued to rise in the Iraqi market, pushing up the prices of food and other essential items. The Central Bank of Iraq has asserted that the rise in the dollar-to-dinar exchange rate is a pass
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