Archive | Iraq Banking & Finance News

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

Moody's assigned Credit Ratings for National Bank of Iraq (NBI)

By John Lee. Moody's Investors Service has assigned first time local currency long-term/short-term deposit ratings of B3/NP for National Bank of Iraq (NBI), and foreign currency long-term/short-term deposit rating of Caa1/NP. At the same time, the rating agency has assigned a Baseline Credit Assessment (BCA) of caa2, Adjusted BCA of b3, as well as long-term […]

New Report on Iraqi Banking and Financial Infrastructure

 Iraqi Banking Sector and Financial Infrastructure Overview This report dives deep into the financial sector in Iraq, covering Iraqi banks, government structure and spending, electronic and cashless payments, and recent developments in the Iraqi financial scene, as well as the main issues noted. In terms of banking services and technology, Iraq is getting close to […]

Central Bank of Iraq statement on Financial Stability

By John Lee. The Central Bank of Iraq (CBI) has issued a statement on its annual private financial stability report for 2021, which included a set of financial and monetary indicators that reflect the performance of the Iraqi financial and banking sector, and diagnose challenges and opportunities for this important sector in the economy. The […]

Iraqi Bank to open branch in Saudi Arabia

By John Lee. The National Bank of Iraq (NBI) has opened its first branch in Saudi Arabia. The bank, which is a subsidiary of Jordan's Capital Bank Group, said the new branch in Riyadh will encourage and facilitate trade between Iraq and Saudi Arabia. In June 2022, Capital Bank Group took in the Saudi Public […]

CBI tries to find way to pay Russian Oil Companies

By John Lee. Mustafa Ghaleb Mokhif, the Governor of the Central Bank of Iraq (CBI) has met with the Russian Ambassador to Iraq, Elbrus Kutrashev, to discuss the payments due to Russian companies operating in Iraq. In a statement after the meeting, both parties expressed the need to find appropriate solutions to this issue. Payments […]

US Ambassador discusses Money Laundering, Terror Financing

By John Lee. The Governor of the Central Bank of Iraq (CBI), Mustafa Ghaleb Mokhif, received the US Ambassador to Iraq, Alina Romanowski and her accompanying delegation on Monday. He reviewed the efforts of the CBI to support development through monetary policy tools and the direct impact of its initiatives on the real sector progress, […]

Fitch Rates Iraq's Sumer Commercial Bank 'CCC+'

By John Lee. Fitch Ratings has assigned the Sumer Commercial Bank (SCB) a Long-Term Issuer Default Rating (IDR) of 'CCC+', and Viability Rating (VR) at 'ccc+'. It says the rating reflects the bank's "weak operating environment, limited franchise, unstable business model and weak profitability". More here. (Source: Fitch Ratings)

Al Sanam Islamic Bank selects ICSFS banking software

By John Lee. Al Sanam Islamic Bank, a newly-established Islamic bank in Iraq, has selected ICS BANKS Islamic Banking software solution from ICS Financial Systems (ICSFS). The signing ceremony took place at ICSFS' centre of excellence, Amman, Jordan. According to a press release, Al Sanam Islamic Bank will provide comprehensive, Shari'a-compliant financing products and services […]