By John Lee. Moody's Investors Service has affirmed the Iraqi Government's long-term issuer and foreign currency senior unsecured ratings at Caa1, and maintained the stable outlook. It notes Iraq's exceptionally high reliance on oil, and "very weak institutions and governance", while adding that ongoing discussions with the IMF indicate a possibility of a supported adjustment […]
Archive | Iraq Banking & Finance News
Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
New Program to Counteract Financial Crime in Iraq
New program to help counteract serious financial crimes in Iraq The United Nations Development Programme (UNDP) in Iraq, in partnership with the United States Government and the Supreme Judicial Council of Iraq has launched a multi-year training initiative today, to strengthen and improve complex organized and financial crime investigations in Iraq. The training program, called […]
Tags: anti money laundering (AML), Corruption, extortion, featured, fraud, money laundering, UN Development Programme (UNDP), United Nations (UN)
PM asks EU to Remove Iraq from Money Laundering List
By John Lee. At a meeting in Brussels on Wednesday, Iraqi Prime Minister Mustafa Al-Kadhimi asked the President of the European Commission, Ursula von der Leyen, to remove Iraq from its list of countries considered to have a high risk of money laundering. Earlier this year, the United Kingdom removed Iraq from its list of […]
Iraq Borrows $360m to Reduce Gas Flaring
The International Finance Corporation (IFC), a member of the World Bank Group, is investing in Basrah Gas Company (BGC) to support one of the largest gas flaring reduction projects in the world, helping to improve energy access, prevent associated greenhouse gas (GHG) emissions and support a more resilient, sustainable energy sector in Iraq. BGC is […]
Tags: Bank of China, Basra Gas Company, BGC, China, Citibank, Citigroup, Deutsche Bank, featured, flaring, France, germany, Industrial Commercial Bank of China, International Finance Corporation (IFC), Japan, Mitsui, mn, Natixis, Societe General, Standard Chartered, Standard Chartered Bank, Sumitomo, Sumitomo Mitsui Banking, United Kingdom, World Bank
Iraq Parliament warns of "Collapse" of Iraqi Dinar
By John Lee. Iraq's Parliamentary Finance Committee has reportedly warned the Central Bank of Iraq (CBI) of a possible collapse in the value of the Iraqi dinar (IQD) against the US dollar. Committee member Muhammad Al-Shabki told Shafaq News Agency that there are fears of the collapse of the Iraqi currency "in the coming period" […]
Tags: Central Bank of Iraq (CBI), devaluation, dinar, Dinar Exchange Rate News, Dinar Revaluation News, featured, forex, IQD, Iraqi Dinar News, mn, re-denomination, re-valuation, Redenomination
Five One Labs announces Recipients of Growth Funding
Five One Labs, a start-up incubator for entrepreneurs based in the Kurdistan Region of Iraq (KRI), has announced the grant recipients of its Growth Funding Project (GFP). The program aims to support early- and later-stage startups that were impacted by COVID-19 with seed funding grants to grow their businesses, as well as business advisory from […]
Tags: 3D Print Iraq, 51Labs, Bareo Adventure, Bedayat Platform, coronavirus, covid19, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), Entrepreneurship, featured, Five One Labs, germany, Ihgiz Tabbebak, IOT Kids, KESK, Kurdistan News, Lala Candles, mn, Nakhsh, Seven Professions, ShopAsar, start-ups, Techgigz
Iraq "Cancels Interest" on Housing Loans; Increases Funding
By John Lee. The Central Bank of Iraq (CBI) has announced increased funding for the housing sector, and the cancellation of interest on "old and current" loans. It said it has allocated 1 trillion dinars [$685 million] to the Real Estate Bank and about 900 billion dinars [$616 million] to the Housing Fund. (Source: CBI)
Central Bank Warns Against Speculation in Iraqi Dinar
By John Lee. The Central Bank of Iraq (CBI) has confirmed its commitment to a stable foreign exchange rate for the Iraqi dinar. According to a statement from the bank, "the dollar exchange rate is fixed and there are no intentions to change." It added that the rate chosen at the end of 2020 was […]
Tags: Central Bank of Iraq (CBI), dinar, Dinar Exchange Rate News, Dinar Revaluation News, featured, IQD, Iraqi Dinar News, mn, re-denomination, re-valuation, Redenomination
Saudi signs $10m Export Financing Deal with NBI
SFD signs a $10 million export financing agreement with the National Bank of Iraq The Saudi Fund for Development (SFD) has signed an export financing agreement with the National Bank of Iraq (NBI), a subsidiary of the Capital Bank Group, to provide credit facilities worth $10 million to Iraqi importers who seek to import Saudi […]
Tags: Capital Bank, Export credit, featured, Jordan, mn, National Bank of Iraq, National Bank of Iraq (NBIRQ), Saudi Arabia, Saudi Fund for Development (SFD)
ADIB launches Digital Banking Platform in Iraq
Abu Dhabi Islamic Bank (ADIB) has said it will strengthen its presence in Iraqi market by launching "ADIB Direct", a digital platform that meets the growing business demands in Iraq. ADIB Direct is an intuitive digital banking platform that integrates a suite of corporate banking solutions into a single, streamlined interface. The platform offers cash […]
The Dutch Disease and Iraq's Foreign Exchange Rate
By Editor on 18th May 2021 in Investment, Iraq Banking & Finance News, Iraq Industry & Trade News, Iraq Oil & Gas News, Politics
By Dr. Zeki Fattah, for The Iraqi Economists Network (IEN). Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. The Dutch Disease and Iraq's Foreign Exchange Rate Economists who studied the reasons for the low per capita growth of GDP in developing countries that rely […]
Tags: Central Bank of Iraq (CBI), devaluation, dinar, Dinar Exchange Rate News, Dinar Revaluation News, Dutch Disease, featured, foreign exchange, forex, gdp, IQD, Iraqi Dinar News, Iraqi Economists Network (IEN), mn, re-denomination, re-valuation, Redenomination, rentier state, resource curse, Zeki Fattah
30 Years Jail for Bank Fraud in Amara
By John Lee. Iraq's Commission of Integrity (COI) has announced that an accountant at the Al-Amara branch of the Agricultural Cooperative Bank has been given a 30-year prison sentence for the embezzlement of 996 million Iraqi dinars ($680,000). Her assets were also seized, and she will be required to repay the amount. A former director […]