Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
By John Lee. The US State Department issued its 2024 Investment Climate Statement for Iraq earlier this year. The report covers the following key areas: Openness To, and Restrictions Upon, Foreign Investment Bilateral Investment and Taxation Treaties Legal Regime Industrial Policies Protection of Property Rights Financial Sector State-Owned Enterprises Responsible Business Conduct Corruption Political and Security Environment […]
From the United Nations Development Programme (UNDP): The Turning Point: Iraq's Leap into the Digital Economy In a world increasingly defined by digital finance, Iraq has taken a transformative step with the Digital Payment Regulation No.2 of 2024. This landmark policy marks more than just regulatory progress; it signifies a realignment of Iraq's financial infrastructure with […]
By John Lee. The Iraqi Private Banks League (IPBL) has reported a significant rise in banking sector deposits over the past two years, crediting the government's focus on digital transformation and electronic payment systems. However, IPBL Executive Director Ali Tariq told the state-run Iraqi News Agency (INA) that 75% of Iraq's money supply remains outside […]
By John Lee. Fitch Ratings has affirmed Iraq's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-' with a Stable Outlook.. More details here. (Source: Fitch Ratings)
By John Lee. Karkh Criminal Court in Baghdad has sentenced three defendents in the "tax deposit" scandal, often referred to as the "heist of the century." The case involves the theft of 3.7 trillion Iraqi dinars ($2.5 billion) from the General Tax Authority's account at the state-run Rafidain Bank. According to a brief statement from […]
By John Lee. The Japan International Cooperation Agency (JICA) signed a $388-million loan agreement with Iraq on Sunday, to provide Japanese ODA loan for the sixth phase of the Basrah Refinery Upgrading Project. In a statement, JICA said: "This project aims to improve the quality and productivity of petroleum products, reduce the supply-demand gap, decrease […]
By John Lee. Iraqi Prime Minister Mohammed S. Al-Sudani announced series of banking sector reforms on Friday. The main changes include increasing the number of bank branches, more adoption of new technology, and a campaign to educate the public about banking and financial services. Full statement from the Media Office of the Prime Minister: As […]
By John Lee. Dr. Haider Mohammed Makiyya, Chairman of Iraq's National Investment Commission (NIC), announced the commission's active role in sustainable development projects, particularly in reclaiming millions of dunams of agricultural land stretching from southern Iraq to Anbar. According to an NIC statement, this initiative aims to foster partnerships with international organizations that can provide […]
By John Lee. Iraqi Prime Minister Mohammed Shia Al-Sudani has directed new measures to develop electronic payment systems. The initiative includes expanding salary payments to private sector employees through digital channels, similar to government payroll, with the Ministry of Labor and the Central Bank of Iraq (CBI) collaborating on the framework. Additionally, all ministries and […]
By John Lee. Iraqi Prime Minister Mohammed S. Al-Sudani chaired a meeting focused on the reform of Iraq's banking sector, particularly Rafidain Bank, with representatives from Ernst & Young (EY) presenting recommendations. Key proposals included updating the bank's legal status, capital structure, and strategy to align with global banking standards. The recommendations will be submitted […]
By John Lee. Makers of Baghdad, an innovation hub and maker space, has produced a report exploring the impact of financial technology on economic growth, inclusion, and innovation in Iraq. Mapping the Role of FinTech in Iraq finds that the financial landscape in Iraq is undergoing a significant transformation, largely driven by the rise of […]
From the Iraq Britain Business Council (IBBC): Iraq is making a significant comeback, presenting the private sector with an increasing array of opportunities to invest and contribute to its ongoing development. The Sudani government has not only introduced stability and reforms but is also investing in a wide range of infrastructure projects that promise growth […]
