This report is part of the Bertelsmann Stiftung’s Transformation Index (BTI) 2018. It covers the period from February 1, 2015 to January 31, 2017. The BTI assesses the transformation toward democracy and a market economy as well as the quality of political management in 129 countries. More on the BTI at http://www.bti-project.org.
Please cite as follows: Bertelsmann Stiftung, BTI 2018 Country Report — Iraq. Gütersloh: Bertelsmann Stiftung, 2018.
This work is licensed under a Creative Commons Attribution 4.0 International License.
8 | Currency and Price Stability
The government’s monetary policy since 2003 has focused on maintaining price stability and exchange rate predictability. The inflation has remained in the low since 2010. According to the CBI, the inflation rate is 1.4% (2015 estimates), while the World Bank estimates 2015 at -1.2%, and the country’s international reserve volume also has decreased due to the sharp decline in oil prices. The independence of the CBI suffered a setback in January 2011 when former Prime Minister al-Maliki won a court ruling that placed independent institutions, including the CBI, under the control of the cabinet. In January 2012, the CBI raised the exchange rate of the Iraqi dinar to $1.19, causing a huge crisis that led the Supreme Judicial Council to issue an arrest warrant for CBI governor Sinan al-Shabibi in October 2012 on charges of corruption. Al-Shabibi received a seven-year prison sentence in absentia 2014, shortly before being acquitted of all charges. The difference between the official and parallel exchange increased from three percent in 2015 to nine percent in May 2016. The CBI introduced a number of policies to keep inflation low. The dinar remained widely stable and was worth $1.71 in early 2017.
It looks like this is the real value of the dinar in early 2017 according to this Bertelsmann Stiftung’s Transformation Index (BTI) 2018
pdf Iraq.pdf (622.42 KB, 23 views)
Last Benchmark - Implement Second Amendments to CBI Law
New Monetary Policies under Article VIII
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Well it's not made up, but it is also one group's estimate, so I don't place a lot of significance on it. If anyone is so inclined the whole section on Iraq can be found here:
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