Archive | Iraq Banking & Finance News

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

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 […]

Banks to Offer Loans to Government Personnel

The Iraqi Ministry of Finance has given instructions to the Rasheed and Rafidayn banks to grant loans to full-time government employees. “The amount available is 5 million Iraqi dinars with an interest rate of 6% to be repaid within five years,” an under-secretary of state for banking affairs, Diyaa al-Khayoon, told Aswat al-Iraq news agency.

Gazprom to Offer $10 Bn of Bonds

Russian “Gazprom” plans to issue $ 10 billion bonds 2010 to 2015. The organizer and the Under-guarantor of the bonds to be found by competitive tender. It is expected to raise between $ 167 million and $ 334 million at a  nominal value of $ 33 .33 for a period  of between one and three […]

Iraq to Join EITI

The administrative board of the Extractive Industries Transparency Initiative (EITI) has unanimously agreed to accept Iraq as a member, the Iraqi Ministry of Oil said on Thursday. The administrative board, comprised of 20 members, includes representatives of the permanent states, civil society organizations and extractive companies, according to a ministry statement received by Aswat al-Iraq […]

Iraq Plans to Slice Three Zeros off Currency Notes

Iraq plans to knock three zeros off the nominal value of bank notes to facilitate currency transactions, a central bank official said on Thursday. Iraq is trying to revamp its economy and boost oil production after the effects of the war with crude deals that may vault it to one of the world’s top oil […]

U.S. Military Budget Climbs to $708 Billion

The Obama administration sent Congress its proposed military budget on Monday, requesting $708 billion for fiscal 2011, including $159 billion to support operations in Iraq and Afghanistan. The base budget is a 3.4% increase from the prior fiscal year at $549 billion, or 1.8% real growth after adjusting for inflation. Accompanying the budget proposal is […]

Lawmaker Urges China to Write off Iraq’s Debts

An Iraqi lawmaker on Monday called on China to cancel the debts owed by Iraq to it and to contribute to investment projects in the country. “China has been delaying the cancellation of Iraqi debts until the departure of the United States from the country…,” MP Sami al-Atroushi from the Kurdistan Islamic Union told Aswat […]

British Discuss Iraqi – U.K. Relations

Iraqi Finance Minister Baqir al-Zubaidi and the British ambassador to Iraq discussed Iraqi–U.K. political and economic ties, and methods to reinforce them. “Minister al-Zubaidi called on British firms to participate in rebuilding Iraq,” said a release issued by the Ministry and received by Aswat al-Iraq news agency. For his part, the British ambassador stressed his […]