Archive | Iraq Banking & Finance News

Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.

IBBC holds annual Cumberland Lodge Conference

IBBC holds annual Cumberland Lodge Conference with Political, Academic, Education and Business Experts, 6-8 July The Iraq Britain Business Council hosted its annual Cumberland Lodge Retreat on 6-8 July, inviting a host of political, business, academic and education experts to discuss the most pertinent issues relating to Iraq and its future. The title of the […]

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GKP Completes $100m Bond Issue

Gulf Keystone Petroleum Ltd., operator of the Shaikan Field in the Kurdistan Region of Iraq, has announced the successful completion of the private placement of a 5-year senior unsecured $100 million bond issue (the “New Notes”). The New Notes will be issued at 100 percent of par and carry a 10 percent fixed semi-annual coupon. […]

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“Steady Increase” in the Iraqi Dinar

By John Lee. There has been a steady increase in the market price of the Iraqi Dinar (IQD) versus the USD, according to an Iraq Business News Expert Blogger. In his market report for the month of June, Ahmed Tabaqchali said the premium over the official exchange rate has fallen to 1.2 percent, the lowest […]

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Iraq no longer subject to FATF Monitoring

By John Lee. The Financial Action Task Force (FATF) has congratulated Iraq for the significant progress made in addressing the strategic deficiencies in the areas of anti money laundering (AML) and countering the financing of terrorism (CFT) identified earlier by the FATF and included in its action plan. Iraq will no longer be subject to […]

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IFC arranges $269m Financing for Zain Iraq

The International Finance Corporation (IFC), a member of the World Bank Group, is providing a financing package of $269 million to Zain Iraq, a leading mobile network operator, to help reconstruct the country’s telecom operations and spur economic growth. IFC arranged a $269 million debt package including $100 million from IFC’s own account, and $169 […]

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GKP may issue $100m Bond

Gulf Keystone Petroleum (GKP) has mandated Pareto Securities to arrange fixed income investor meetings in conjunction with a potential bond issue. Following these meetings, and subject to market conditions and acceptable terms, a 5-year senior unsecured bond issue of $100 million (the “New Notes”) may take place. The proceeds from the New Notes will be […]

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National Bank of Iraq joins IBBC

The National Bank of Iraq (NBI) has become the latest member of the Iraq Britain Business Council (IBBC). In a statement, the IBBC said it is delighted to welcome one of Iraq’s preeminent private sector banking organisations to join its growing financial and professional services sector table. NBI was founded in 1995 as a publicly […]

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Iraqi Depositors ‘Trapped’ In Iranian Banking System

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 Abbas Sarhan. The Iranian banking system was seen as an attractive alternative to Iraq’s shaky financial institutions. But a recent, drastic devaluation in the Iranian rial means Iraqi money […]

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US in ‘Wait and See’ Position After Iraq Election

The victory of Shiite cleric Moqtada al-Sadr’s party in Iraq’s recent election has put the United States in a wait-and-see position, Defense Secretary James N. Mattis told reporters yesterday in Colorado Springs, Colorado. The secretary was in Colorado to preside at the change-of-command ceremony for North American Aerospace Defense Command and U.S. Northern Command. “History […]

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