• Protesters wave an Iraqi flag during a protest against the depreciation of the dinar against the US dollar outside the Central Bank of Iraq in Baghdad. AFP
    Protesters wave an Iraqi flag during a protest against the depreciation of the dinar against the US dollar outside the Central Bank of Iraq in Baghdad. AFP
  • Demonstrators gesture during the protest. The Iraqi dinar's official exchange rate is fixed by the government and remains unchanged at one dollar for 1,470 dinars. AFP
    Demonstrators gesture during the protest. The Iraqi dinar's official exchange rate is fixed by the government and remains unchanged at one dollar for 1,470 dinars. AFP
  • A man holds a sign reading in Arabic: 'Depreciate the rate of the [US] dollar, or else!' AFP
    A man holds a sign reading in Arabic: 'Depreciate the rate of the [US] dollar, or else!' AFP
  • Since mid-November, the currency in the oil-rich country has experienced strong market fluctuations against the greenback. AFP
    Since mid-November, the currency in the oil-rich country has experienced strong market fluctuations against the greenback. AFP
  • Security forces stand guard during the demonstration. AP
    Security forces stand guard during the demonstration. AP
  • Security forces stand guard in front of the Iraqi central bank in Baghdad. AP
    Security forces stand guard in front of the Iraqi central bank in Baghdad. AP
  • Iraqi protesters demonstrate against the dinar's slide in value against the US dollar. Reuters
    Iraqi protesters demonstrate against the dinar's slide in value against the US dollar. Reuters
  • The decline of the dinar has fuelled public anger. AFP
    The decline of the dinar has fuelled public anger. AFP
  • Iraqi security forces prepare to face protesters outside the Central Bank of Iraq. AFP
    Iraqi security forces prepare to face protesters outside the Central Bank of Iraq. AFP

Protests at Iraq's Central Bank amid currency crash and economic woes


  • English
  • Arabic

Hundreds of Iraqis gathered in front of the Central Bank's headquarters in Baghdad on Wednesday to protest over the currency inflation crisis.

Security officials were sent to safeguard the headquarters as riot police cordoned off the area as dozens of activists gathered near the Central Bank building.

However, no clashes or arrests were made.

“Our demands are clear: government must intervene to stop the decline of dinar value because we’re suffering from high prices in local markets,” said Asaad Khudhaer, a labourer who came to the protest from the southern city of Najaf.

“Stop the neighbours stealing our dollars,” one banner read, referring to Iran.

Some merchants in the surrounding area also closed down their shops and joined the protesters, some raising placards that read “the politicians are the ones covering up financial corruption for the banks.”

The protesters, mainly young people, rallied amid a heavy security presence in the capital.

Protesters were seen waving Iraqi flags in Baghdad early on Wednesday, and protests then spread to different regions, with people demanding government intervention to stop the decline of the currency.

Activists close to the Sadrist and youth-led Tishreen movement, as well as civil rights groups, had called for gatherings outside the bank on Wednesday after a week-long plunge of the Iraqi dinar that led Prime Minister Mohammed Shia Al Sudani to sack Central Bank chief Mustafa Ghaleb Mukheef.

The demonstrations were expected and a journalist from The National confirmed early on Wednesday that several groups of people had been seen crossing Al Shuhadaa (Martyrs') Bridge that leads to the bank.

The Iraqi dinar hit new lows on Friday, reaching about 1,670 to the dollar on the street. The currency has lost nearly 7 per cent of its value since mid-November. The official rate stands at 1,470 dinars per dollar.

Demonstrators protest outside the Iraqi Central Bank. AP
Demonstrators protest outside the Iraqi Central Bank. AP

Iraq’s Interior Ministry on Wednesday announced the arrest overnight of suspects accused of “manipulating” dollar exchange rates in Kirkuk and Erbil.

Mr Al Sudani is expected to travel to Paris on Thursday where he will meet the French leadership.

He said the drop in the dinar’s value would be top of his agenda as part of discussions with French President Emmanuel Macron.

Mr Al Sudani dismissed the previous bank governor and appointed its former chief Ali Mohsen Al Alaq on Monday to replace him in an attempt to assuage public anger over the currency crisis.

Mr Al Alaq previously led the Central Bank from 2014 to 2020.

The US has been complaining that the dollar is being funnelled to Iran, Syria and Lebanon through a foreign currency auction run by the Central Bank of Iraq. Iran and Syria are under US sanctions.

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Why the Tourist Club?

Originally, The Club (which many people chose to call the “British Club”) was the only place where one could use the beach with changing rooms and a shower, and get refreshments.

In the early 1970s, the Government of Abu Dhabi wanted to give more people a place to get together on the beach, with some facilities for children. The place chosen was where the annual boat race was held, which Sheikh Zayed always attended and which brought crowds of locals and expatriates to the stretch of beach to the left of Le Méridien and the Marina.

It started with a round two-storey building, erected in about two weeks by Orient Contracting for Sheikh Zayed to use at one these races. Soon many facilities were planned and built, and members were invited to join.

Why it was called “Nadi Al Siyahi” is beyond me. But it is likely that one wanted to convey the idea that this was open to all comers. Because there was no danger of encountering alcohol on the premises, unlike at The Club, it was a place in particular for the many Arab expatriate civil servants to join. Initially the fees were very low and membership was offered free to many people, too.

Eventually there was a skating rink, bowling and many other amusements.

Frauke Heard-Bey is a historian and has lived in Abu Dhabi since 1968.

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Updated: January 25, 2023, 5:15 PM