💢💢💢IQD RV 💢💢💢
Main news from the Central Bank of Iraq (CBI) until April 2025:
🏦 Restructuring of the banking sector
CBI Governor Ali Mohsen Al-Alaq announced the start of the second phase of the banking sector restructuring plan. This stage focuses on the modernization of state banks, the creation of digital banks and the strengthening of financial inclusion. In addition, the creation of the "Green Bank" was highlighted, aimed at financing renewable energy and sustainability projects.
iraqnewsgazette.com
💵 Issuance of bonds and currency reserves
In April 2024, the CBI launched "Enjaz" bonds worth 1.5 trillion dinars with interest rates of up to 8.5%. These bonds seek to finance the national budget and encourage public investment. Additionally, in January 2025, foreign exchange reserves were reported to have reached an all-time high of over $99 billion.
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🌐 International collaborations
The CBI has strengthened its relations with international institutions. In February 2025, meetings were held with the US Treasury Department and Federal Reserve in Dubai, where Iraq's progress in banking sector reform was praised. The improvement in the distribution of the US dollar and the alignment of foreign transfers with international standards was highlighted.
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🏢 Progress in the new headquarters
The new CBI headquarters, designed by Zaha Hadid, is under construction in Baghdad. With a height of 172 meters and 37 floors, it is expected to be inaugurated in 2025. This skyscraper will become the tallest building in the capital and symbolizes Iraq's commitment to architectural and financial modernization.
💱 Dedollarization policy
Since January 1, 2024, Iraq has implemented a policy prohibiting the cash withdrawal of US dollars. Dollar deposits can only be withdrawn in Iraqi dinars at the official exchange rate. This measure seeks to reduce dependence on the dollar and strengthen the national currency.