Archive | Iraq Banking & Finance News

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

IMF Concludes Consultation with Iraq

On July 19, 2019, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation [1] with Iraq. An improved security situation and the recovery in oil prices have improved near-term vulnerabilities. Large fiscal and current account surpluses—around 8 and 6 percent of GDP, respectively—were recorded in 2018, allowing the government to […]

US Sanctions Four Iraqis

On Thursday, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two militia figures, Rayan al-Kildani and Waad Qado, and two former Iraqi governors, Nawfal Hammadi al-Sultan and Ahmed al-Jubouri, pursuant to Executive Order (E.O.) 13818, which builds upon and implements the Global Magnitsky Human Rights Accountability Act and targets perpetrators […]

Iraq, Lebanon, keen to Cooperate in Banking

By John Lee. On Wednesday, the Lebanese President, General Michel Aoun, welcomed the Vice President of Iraq, former Iraqi Prime Minister, Dr. Iyad Allawi, with whom he discussed the bolstering of Lebanese-Iraqi relations in all areas, especially on economic matters. Following his meeting with President Aoun, Xinhua quotes Vice President Allawi as saying: “We have […]

Trade Bank of Iraq (TBI) Expanding Abroad

By John Lee. The state-owned Trade Bank of Iraq (TBI) is reported to be planning to expand its operations in China and the Gulf. Chairman Faisal al-Haimus [al-Haimus] told Reuters that the bank want to increase revenues from retail banking and international operations from 25 percent to 30 percent by 2022. He added that it […]

Details of Reconstruction Projects in Liberated Areas

By Padraig O’Hannelly. Iraq’s Deputy Minister at the Ministry of Construction, Housing, Municipalities and General Works has presented details of reconstruction projects underway in areas affected by terrorism. Dr Dara Reshid, who is also Vice President of the Reconstruction Fund for Areas Affected by Terroristic Operations (REFAATO), told CWC‘s Kirkuk & Mosul Megaprojects conference in […]

IBBC hosts Members’ Retreat at Cumberland Lodge

This weekend, the Iraq Britain Business Council (IBBC) hosted its annual members’ retreat at Cumberland Lodge, Windsor Park, which was generously sponsored by Al Burhan Group. As with previous years, it was very well attended by over seventy delegates, and allowed our members to mingle and network with representatives of other businesses, civil servants, and […]

TBI partners with Indian Firm for Fintech Development

By John Lee. The state-owned Trade Bank of Iraq (TBI) has reportedly signed a Memorandum of Understanding with India-based ESDS Software Solution to develop financial technology and a cloud platform in Iraq. According to Zawya, Alpen Capital (ME) Limited acted as the sole advisor for the transaction between the two firms, which aims to “establish […]