Archive | Iraq Banking & Finance News

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

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Iranian Bank Branches in Iraq

Iran’s Parsian and Karafarin banks have been granted permits by the Iraqi government to open branches in Baghdad – Iran is the main trading partner of Iraq and has been one of the largest investors in Iraq since the fall of Saddam.

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Breakdown of Iraq’s 2010 Budget

The 2010 budget is for $71.29 billion and the second largest amount since Iraq regained its sovereignty in 2005. A breakdown of spending shows that operational spending, which goes towards salaries, pensions, and the food ration system is – again – almost ¾ of the budget, and that electricity appears to be the priority of […]

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Iraq Central Bank Cuts Key Rate to 6%

Bloomberg reports that the Iraqi Central Bank cut its key interest rate by one percentage point to 6%, to boost economic growth as inflation slows, according to figures posted on the bank’s website. The country’s real growth in gross domestic product probably slowed to 4.3 percent in 2009, from 9.5 percent the previous year, as […]

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Bank Doubles Credit Limit

The Trade Bank of Iraq (TBI) has doubled the maximum value of Letters of Credit it allocates to the private banking sector in Iraq. Last year alone 945 Letters of Credit were allocated to private banks, at a value of approximately $500m. The total number allocated to private banks by TBI is 2,446, at a […]

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Turkish interest in Basra

The governor of Basra has met with the Turkish consul to discuss possible investment opportunities in the province, an official statement said on Tuesday. The meeting was also attended by members of a Turkish association, according to a statement released by the governor’s office and received by Aswat al-Iraq news agency. The visit aims to […]

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