Archive | Iraq Banking & Finance News

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

Baghdad’s Investment Budget to Reach $1bn in 2010

The investment budget of the capital Baghdad will reach $1 billion U.S. dollars in 2010, Baghdad’s governor said on Tuesday. “Forty percent of this budget will be used to cover the projects that were implemented in the province in 2008 and 2009,” a statement received by Aswat al-Iraq news agency quoted Governor Salah Abdulrazzaq as […]

Kurdistan Postpones Budget

The Kurdistan parliament’s chairmanship decided on Tuesday to postpone discussing the region’s 2010 budget until the end of the coming parliamentary elections. “The parliament decided today (March 2) to resume discussing the 2010 budget after the end of the coming elections,” Ismail Kalali told Aswat al-Iraq news agency. (Aswat Al Iraq)

2 More Years of Budget Shortfalls’

Iraq will likely have two more years of budget shortfalls before stronger oil prices and production lift it back into surplus in 2012, the International Monetary Fund said. In its regular review of Iraq’s economy, the IMF said Iraq’s economic growth in 2010 will probably be significantly stronger than it was last year, but the […]

Exchange Rate Reasonable

The governor of the Central Bank of Iraq (CBI) on Monday said that the current exchange rate (1,170 Iraqi dinars per dollar) is reasonable, adding that the bank has enough foreign reserves, totaling $43 billion U.S. dollars, to defend the exchange rate. “The CBI is adopting a managed floating policy of exchange rate, through which […]

PM on Iraqi Dinar Re-evaluation

Iraqi Prime Minister Nouri al-Maliki said on Sunday that the process to re-evaluate the Iraqi dinar has to do with economic conditions that have to be strengthened. “The Iraqi dinar has every reason to grow stronger thanks to an increase in revenues and development of the economy,” Maliki said in response to questions through the […]

Credit Fundamentals of Mideast Resilient: Moody’s

There were no downgrades in any sovereign ratings in the Middle East in 2009 by Moody’s, which indicates the comparative resilience of the region’s credit fundamentals and the sovereign ratings should “stay the course” this year, Moody’s said in its first annual “Middle East Sovereign Outlook” report. According to the rating agency, 2010 should be […]

Iranian Bank in Basra

The Iranian consul in Basrah province, on Monday, said there will soon be an Iranian bank in the province to develop trade between the two countries. According to Mohammad Reza, “the Islamic Republic is currently working to open a bank in the province of Basrah as a movement to develop trade and economic relations between […]

China is willing to Invest in Karbala

First Deputy Governor of Karbala, Abbas al-Musawi said that an investment Chinese delegation arrived in the city of Karbala for the observation of the economic and security situation in order to implement various projects. Musawi said for Al Sabah: The Chinese delegation showed keen interest during the discussions that took place in the province for […]

Initial Agreements Inked with Iranian Companies on Projects in Diwaniya

Chairman of the Diwaniya council on Monday signed a number of initial agreements with a group of Iranian companies to carry out services projects in Diwaniya, the media advisor of the council’s chairman said. “Jubeir al-Juburi held a meeting with an Iranian delegation representing the union of engineers and exporters of the technical services,” Muayad […]

Iranian Bank in Basra Soon, Says Consul

The Iranian consul in Basra said on Monday that an Iranian bank will be opened soon in the province to develop the commercial movements between the two sides. “Iran is working to open a bank in Basra as a step toward the development of the commercial and economic movement between Iran and Basra,” Mohammad Reda […]

UAE Top Investor in Iraq’s Kurdistan

The UAE is the leading investor in Iraq’s Kurdistan region and has registered a 28 per cent increase in investment inflows in the period 2006 to 2008, according to the Minister of Foreign Trade. Speaking at a forum called “Investment in Iraq’s Kurdistan” Sheikha Lubna Al Qasimi, UAE Minister of Foreign Trade, said yesterday that […]

CBI Sells $185m on Monday

The Central Bank of Iraq’s (CBI) dollar sales reached $185.485 million in its daily auction on Monday, compared to $130.669 million in the previous session. “Demand hit $14.08 million in cash, covered at an exchange rate of 1,170 Iraqi dinars per dollar, and $171.405 million in foreign transfers outside the country, covered at an exchange […]