The Iraqi dinar exchange globally on Tuesday
7/10/2018

Knozemedia – Foreign Currencies

– USD 1 USD = 1,190.0000 Iraqi Dinar

1 Iraqi Dinar = 0.0008 USD

– Euro 1 Euro = 1,397.8293 Iraqi Dinar

1 Iraqi Dinar = 0.0007 Euro

– Pound sterling = £ 1,576.7792 Iraqi dinars

1 Iraqi Dinar = 0.0006 £

– Canadian Dollar 1 Canadian Dollar = 907.2750 Iraqi Dinar

Iraqi Dinar = 0.0011 Canadian Dollars

Australian Dollar 1 Australian Dollar = 888.1127 Iraqi Dinar

1 Iraqi Dinar = 0.0011 Australian Dollars

– Japanese Yen = JPY = 10.7364 Iraqi Dinar

Iraqi Dinar =

Swiss Franc 1 Swiss Franc = 1,199.5968 Iraqi Dinars

1 Iraqi Dinar = 0.0008 Swiss Franc

Turkish Lira 1 Turkish Lira = 254.0200 Iraqi Dinar

Iraqi Dinar = 0.0039 Turkish Lira

– Chinese Yuan 1 Chinese Yuan = 179.7732 Iraqi Dinars

1 IQD = 0.0056 Chinese Yuan

– Thai Baht 1 Thai Baht = 35.9739 Iraqi Dinars

1 Iraqi Dinar = 0.0278 Thai Baht

– Ringit Malaysia 1 Ringit Malaysia = 295.3220 Iraqi Dinar

Ringtone Malaysia

– Indian Rupee 1 Indian Rupee = 17,330 Iraqi Dinars

Indian Rupee

The Iranian Rial 1 Iranian Rial = 0.0277 Iraqi Dinar

1 Iraqi dinar = 36.0716 Iranian riyal

Arab currencies

Egyptian Pound. Egyptian Pound

1 Iraqi Dinar = 0.0151 Egyptian Pounds

Saudi Riyal 1 Saudi Riyal = 316,1992 Iraqi Dinars

1 Iraqi Dinar = 0.0032 SAR

– The UAE Dirham (AED) = 323.9700 Iraqi Dinar

1 ID = 0.0031 AED

– Sudanese Pound 1 Sudanese Pound = 66.1111 Iraqi Dinars

Iraqi Dinar = 0.0151 Sudanese pounds

– The Algerian Dinar 1 Algerian Dinar = 10.1435 Iraqi Dinar

1 Iraqi Dinar = 0.0986 Algerian Dinars

– Bahraini Dinar = BD 3,134,6971

1 Iraqi Dinars = BD 0.0003

– Jordanian Dinar 1 JD = 1,676,0351 Iraqi Dinars

Iraqi Dinar = 0.0006 JD

– Kuwaiti Dinar = KD 3,934,3525

IQD = KD 0.0003

Lebanese Pound = LBP = 0.7851 Iraqi Dinar

1 Iraqi Dinar = LBP 1.2737

– Libyan Dinar 1 Libyan Dinar = 868.6131 Iraqi Dinar

1 Iraqi Dinars = 0.0012 Libyan Dinars

– Moroccan Dirham 1 Moroccan Dirham = 126.1194 Iraqi Dinars

1 Iraqi Dinar = 0.0079 Moroccan Dirham

Mauritanian Ouguiya 1 Mauritanian ouguiya = 3.3474 Iraqi Dinar

1 Iraqi Dinar = 0.2987 Mauritanian ouguiya

Syrian Pound 1 Syrian Pound = 2.3107 Iraqi Dinar

1 Iraqi Dinar = 0.4328 Syrian Pounds

Somali Shilling 1 Somali Shilling = 2.0570 Iraqi Dinar

Somali Shillings

Omani Rials Omani Rial = 3,090,6281 Iraqi Dinars

1 Iraqi Dinars = RO 0.0003

Qatari Riyal 1 Qatari Riyal = 326.8333 Iraqi Dinars

1 IQD = 0.0031 QAR

– The Tunisian Dinar 1 Tunisian Dinar = 455.3630 Iraqi Dinar

Iraqi Dinar = 0.0022 Tunisian Dinars

– Yemeni Riyal 1 Yemeni Riyal = 4.7534 Iraqi Dinars

Iraqi Dinar = 0.2104 Yemeni Riyals

– Djibouti Franc 1 Djibouti Franc = 6.6835 Iraqi Dinars

1 Iraqi Dinar = 0.1496 Djibouti Franc

http://www.knoozmedia.com/352775/%D8…-%D8%A7%D9%84/

Iraq ranks first in the ranking of Arab countries in gold reserves
5/27/2018

Iraq ranks first in the ranking of Arab countries with gold reserves to rank fourth after fifth, according to the World Gold Council.

The figures showed that Saudi Arabia tops the Arab countries with reserves of 323 tons, followed by Algeria with 174 tons.

Libya comes in third with a reserve of 117 tons.

Iraq has about 90 tons of gold, Kuwait 79 tons, followed by Egypt with a reserve of 77 tons.

The gold reserves in Jordan are estimated at 44 tons, 27 tons in Qatar and 26 tons in Syria. Morocco is ranked 10th in the Arab world with a gold reserve of 22 tons.

According to the data, the United Arab Emirates has 8 tons of gold, while the distribution of 14 tons of gold between Tunisia, Bahrain, Yemen and Oman.

The world’s gold reserves remain at 8133 tonnes, and the total global gold supply rose slightly to 1,063.5 tons in the first quarter of 2018, while the production of mines was 770 tons. Precious metal by 27% to about 287 tons.

http://alghadeer.tv/news/detail/75051/

By John Lee.

Iraq’s Heavy Engineering Equipment State Company (HEESCO) has signed deals with three international companies in the oil, petrochemical and the marine industries:

  • UK-based Weir Engineering Services;
  • Czech-based KPS;
  • Egyptian-based Petrojet.

The company, established in 1963, has technological capabilities in the design, manufacturing and installation of the engineering equipment, such as the tanks, boilers, heat exchangers, pressure tanks, refining towers, bridge pillars, river boats and engineering inspection.

Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] (pictured) said that the Ministry aims to increase cooperation with international companies.

(Source: Ministry of Oil)

The growth of Islamic banks in Iraq

5/9/2018

The development of the banking system in any country is one of the signs of the development of the economy in that country. Although some believe that the rapid development of the financial sector in general has become a generator of the financial crises, we find that banks are still the engine of advanced economies even after the global financial crisis But with an urgent need to regulate and control more banks, which is one of the lessons produced by the crisis.

In this context, some views have emerged regarding Islamic banking, which believes that Islamic banks were the most prominent survivors of the crisis among banks due to the nature of the work of these banks, which makes them converge with the real economy and are in line with the trend of its trading up and down to bear the bank and its customers jointly the results of investment according to the rule of sheep
Fined.

Islamic banks have been thinking about Islamic banks since the 1930s. The first attempt was in Pakistan to establish an institution that would collect and lend money to needy farmers without money, followed by a second experiment in Egypt in the 1960s by establishing
Islamic savings banks .

In 1975, the Islamic Development Bank was opened in Jeddah.

In Iraq, the start of the Islamic banking business with the establishment of the Islamic Bank of Iraq for investment in 1993, then develop the work of Islamic banks and increase their number, especially after the legislation of the Islamic Banks Law No. 43 of 2015, where the number today to 25 banks, which constitute 33% of the total number Banks


in Iraq.

This increase comes in line with the great development witnessed by Islamic banking at the international level. Many international conventional banks have opened Islamic windows to match the increasing demand for this type of product.

The value of Islamic banks’ assets globally is expected to exceed this year. Three trillions and a half trillion dollars, and in turn we expect the Islamic banks in Iraq to have an important developmental role, especially with the great potential available to these banks, but this role remains contingent on the ability to overcome the challenges that guide them both in the field of gaining practical experience but Lean or in the field of competitiveness with

U.S. Immigration and Customs Enforcement (ICE) returned 3,800 ancient artifacts, including cuneiform tablets, cylinder seals, and clay bullae, to the Republic of Iraq. The artifacts were smuggled into the United States in violation of federal law and shipped to Hobby Lobby Stores, Inc, a nationwide arts-and-crafts retailer.

Many of the tablets can be shown to come from the ancient city of Irisagrig. The tablets, primarily from the Ur III and Old Babylonian period (2100-1600 BCE), are mostly legal and administrative documents, but also include an important collection of Early Dynastic incantations and a bilingual religious text from the Neo-Babylonian period. Two clay cones are inscribed with royal inscriptions from the Early Dynastic Lagash II periods (mid-third millennium BCE). The clay bullae include artifacts believed to be of Parthian or Sasanian date (late 2nd cent. BCE – early 7th cent. AD).

“These pieces are very important to us and they should be returned home to Iraq, to the rightful owner of these pieces,” said Ambassador of Iraq to the United States Fareed Yasseen.

The artifacts returned were initially intercepted by U.S. Customs and Border Protection (CBP). The shipping labels on these packages falsely described the cuneiform tablets as tile samples.

“CBP is honored to have played a role, together with ICE, in the return of these national treasures to their rightful owner, the Republic of Iraq.  In doing so, we ensure the protection of this priceless cultural heritage and secure a precious, tangible link to the past for future generations,” said U.S. Customs and Border Protection Assistant Commissioner Ian Saunders.

After a review of the items and their documentation, ICE Homeland Security Investigations (HSI) Special Agents, in conjunction with Assistant U.S. Attorneys at United States District Court for the Eastern District of New York (EDNY) conducted interviews of a number of Hobby Lobby employees between January and June of 2016 which led to the discovery of a deliberate intent by employees of the company to avoid using a customs broker for the artifacts related to this transaction.

“The Republic of Iraq, standing on the land that was once home to the storied city-states and kingdoms of Mesopotamia, has a celebrated heritage as a cradle of civilization,” stated U.S. Attorney Richard P. Donoghue.  “We are proud to have played a role in removing these pieces of Iraq’s history from the black market of illegally obtained antiquities and restoring them to the Iraqi people.”

Wednesday’s event was the first repatriation of cultural property to Iraq since March 2015, when ICE returned ancient antiquities and Saddam Hussein-era objects, including the Head of Assyrian King Sargon II, a limestone fragmentary head of Lamassu, the winged bull, from the Palace of Sargon II. ICE has returned more than 1200 items to Iraq in five repatriations since 2008.

ICE has returned over 8,000 artifacts to over 30 countries since 2007, including paintings from France, Germany, Poland and Austria, 15th-18th century manuscripts from Italy and Peru, cultural artifacts from China, Cambodia, and two Baatar dinosaur fossils to Mongolia, antiquities and Saddam Hussein-era objects returned to Iraq, ancient artifacts, including a mummy’s hand, to Egypt, and most recently royal seals valued at $1,500,000 to the Republic of Korea.

Learn more about ICE’s cultural property, art and antiquities investigations. Members of the public who have information about suspected stolen cultural property are urged to call the toll-free tip line at 1-866-DHS-2-ICE or to complete the online tip form.

(Source: ICE)

By John Lee.

Kuwait Energy has started producing natural gas from the Siba field, south of Basra, on Wednesday.

Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] (pictured) announced an inital production rate of 25 million cubic feet a day (mcf/d), increasing to 100 mcf/d by the end of the year.

Kuwait Energy was awarded a 20 year Gas Development and Production Service Contract (GDPSC) for the Siba field in June 2011, granting the company operatorship and 45 percent revenue interest, but it farmed out a 20 percent stake to the Egyptian General Petroleum Corporation (EGPC) in October 2016.

(Source: Ministry of Oil)


The Central Bank of Iraq and the Association of Private Banks participate in the World Forum of Islamic Banks
4/19/2018


The General Council of Islamic Banks announced the participation of Iraq in the third global forum to be held in Turkey at the beginning of next month under the title ‘The new face of financial services: disturbances, opportunities and challenges renewed’.

The General Council of Islamic Banks said in a statement posted on its Facebook page that the General Council of Islamic Banks and Financial Institutions, the official umbrella of Islamic financial institutions, is organizing the third Global Forum under the title: ‘The New Face of Financial Services: Disturbances and Opportunities’ And renewed challenges ‘, which will be held in cooperation with the Turkish Banking Supervision and Supervision Authority for the period from 2 to 3 May 2018, in Istanbul, Turkey’.

He added that ‘the forum will see the participation of Iraqi Governor of the Central Bank, Ali Alaq, and the President of the Association of Iraqi private banks, Wadih al-Hanal.

According to the General Council, the forum will also include the participation of leading industry experts from within and outside the Islamic finance industry, multilateral development institutions, international and national regulatory bodies, policy makers, leading technocrats and women who bring the industry to share their experiences on global issues affecting the economy and the future of the Islamic financial services industry .

"It will be organized in a strategic partnership with Turkey’s Al Baraka Turkish Bank and Kuwait Finance House. Bank of Khartoum also supports the Global Forum as an Islamic retail banking partner, as well as in cooperation with Faisal Islamic Bank of Egypt and Jordan Islamic Bank. This global forum is supported by Turkish Airlines as a global aviation partner. ‘

http://www.ikhnews.com/index.php?page=article&id=167468

This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

By Ghazwan Hassan al-Jibouri.

The despised ex-leader of Iraq built luxurious palaces with hundreds of rooms in Tikrit, near his hometown. Now the local council wants them turned into money-making museums.

Some might say the formerly-luxurious palaces built by Iraqi autocrat, Saddam Hussein, in Tikrit are a metaphor for how things have developed since 2003.

Tikrit is often known as the “city of palaces” due to the fact that Saddam Hussein, who came from a nearby village, built dozens of luxurious residences and halls, often along the banks of the Tigris river here. It has been suggested there are anywhere between 60 and 136 such mansions in the area. The largest are well known and often hark back to ancient Iraqi or religious history. For example, one, which has 360 rooms, is called Dhu Al Fiqar, after a mythical sword in Islamic history and the buildings are sword-shaped.

The gardens are planted with trees brought from all over Iraq and there are miniature lakes and swimming pools galore.

But today, many of the palaces and their facilities stand in ruins. They’ve been occupied by different military forces and put up for sale. Local authorities and the federal government have both failed to preserve them even though public interest in them is high. Today they are more like ruins or rubbish dumps, and their state of repair has only worsened since the city was occupied by the extremist group known as the Islamic State in 2014.

“The presidential palaces have been offered for sale more than once,” explains Tami Saab, deputy director of the Salahaddin Investment Commission. “But the main reason that investors are scared to put money into them is because they are occupied by militia groups and security forces, many of whom have refused to leave the buildings, both before and after the Islamic State group was here.”

Because the palaces are isolated and easy to defend, they are still often used by security forces. And, as Saab says, the military men are refusing to vacate the premises even though the local government has asked them to.

The parliamentary committee on economics in Baghdad has said they would put the development of the palaces out to tender, inviting bids much as they do for Iraq’s oilfields. The bidding would include former palaces of the Iraqi dictator right around the country, not just in Tikrit.

In announcing this plan, the committee noted that there were 136 palaces in and around Tikrit itself, some of them designed by international architects, boasting everything from unique security features such as walls made to resist heavy weapons, to rare marble, pools and vast interior spaces.

Unfortunately, the Iraqi security forces and militias have been in the presidential palace complexes since April 2015, Fadhil al-Dujaili, a member of Salahaddin’s provincial council, told NIQASH. “The complex is now closed and most of the palaces were destroyed either by the Islamic State group or by air strikes against them.”

But he still has hope for the palaces. They “could be used to generate tourist dollars for Tikrit,” he argues. “Especially as this area has further important sites, including the ‘Green Church’, one of the oldest churches in the Middle East, and the house where Salahaddin al-Ayubi [the first sultan of Egypt and Syria] was born. Many tourists also want to visit Saddam’s places to see how he lived. This could provide our people with hundreds of job opportunities,” he argues.

Even today there are dozens of visitors to certain sites within the palace complex and not all of them are for pleasant reasons. Many journalists, mourners and delegations come to visit one particular palace courtyard overlooking the Tigris. It was here that in June 2014, the extremists of the Islamic State executed an estimated 1,700 air force cadets in cold blood and threw some of their bodies into the river in what would come to be known as the Camp Speicher massacre. Other victims were buried in the palace grounds and search teams are still trying to excavate their bodies.

Dozens of families come here to mourn their lost sons. They leave flowers, paint the walls with henna and pray and cry on the site. The Iraqi government has made special arrangements to host the mourners here and has declared a special memorial day too.

While some locals believe the palaces of Saddam Hussein should be restored as part of Iraq’s chequered recent history, others believe that they should be left to their own disintegration, taking the bad memories with them.