By Ahmed Tabaqchali, CIO of Asia Frontier Capital (AFC) Iraq Fund, for the London School of Economics (LSE) Middle East Centre. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Accounts that Didn't Bark: Iraq's Hidden State Balances Iraq's new prime minister, soon after […]
Archive | Iraq Banking & Finance News
Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
US squeezes IS Cash Flow with New Sanctions
By Editor on 19th July 2020 in Iraq Banking & Finance News, Iraq Industry & Trade News, Politics, Security
By Elizabeth Hagedorn for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. US squeezes Islamic State's cash flow with new sanctions The United States and six other countries imposed fresh sanctions today on half a dozen targets accused of helping fund […]
Tags: caliphate, Daesh, featured, ISIL, ISIS, Islamic State, mn, sanctions, terrorism, United States
Iraq asks Germany to Help with Removal from EU Blacklist
Foreign Minister Calls on his German Counterpart to Support the Removal of Iraq from List of High-risk Countries in Money Laundering and Terrorist Financing Iraqi Foreign Minister Mr. Fuad Hussein received a phone call from German Foreign Minister Mr. Heiko Maas. The two Ministers discussed bilateral relations between the two countries, and the prospects for […]
Tags: anti money laundering (AML), European Union (EU), featured, germany, mn, money laundering, terror financing
Türk Eximbank gives $79m Reinsurance to UKEF
By John Lee. Turkey's official export credit agency has reportedy agreed to provide $79.2 million in reinsurance support to its U.K. counterpart's energy projects in Iraq. According to Daily Sabah, Türk Eximbank will provide UK Export Finance (UKEF) with cash in proportion to the value of Turkish exports and services that will be used in […]
Iraqi Parliament Approves Massive Borrowing
By John Lee. The Iraqi parliament has reportedly authorised borrowing of up to $5 billion (Dh18bn) from abroad after the fall in oil prices caused a financial crunch. According to The National, the vote came a few days rating agency Fitch forecast the economy to shrink 9 per cent this year and debt to skyrocket. […]
Fitch affirms Negative Outlook for TBI
By John Lee. Fitch Ratings has affirmed Trade Bank of Iraq's (TBI) Long-Term Issuer Default Rating (IDR) at 'B-' with Negative Outlook. A full list of rating actions is below. The Negative Outlook mirrors that on the sovereign. This reflects the impact of oil price slump on Iraq's fiscal and external finances, near-term uncertainty over […]
Iran to Redenominate Currency, Dropping Four Zeros
By John Lee. The Iranian parliament, the Majlis, has approved a government bill to redenominate its currency, dropping four zeros. According to Tehran Times, the proposal came from the Central Bank of Iran (CBI), and will result in a new currency, the "toman", which will equal 10,000 rials. Reuters reports that the bill must now […]
IBBC Tech Forum hold Fintech Video Conference
The Iraq Britain Business Council (IBBC) held a well attended video conference on the subject of 'The Adoption of Fintech and Online Safety and its impact on the Iraqi Economy', for members and a wider audience of Tech specialists in UK and Iraq. The key speakers included: Hugo Rousseau - Program manager for Fintech at […]
Tags: cyber security, featured, fintech, Iraq Britain Business Council (IBBC), Mastercard, mn, Restrata, TechUK, Zain, Zain Cash
IBBC Tech forum Video Conference
Iraq Britain Business Council (IBBC) Tech forum Video Conference Monday 27th April, 2:00 - 2:45 pm UK time. Topic: To discuss the adoption and benefits of Fintech and Cyber Tech and likely impact on the Iraqi economy, based on experiences elsewhere. Speakers: Hugo Rousseau: program mgr financial services TechUK (the UKs largest Tech association) Yazen […]
Tags: cyber security, featured, fintech, Iraq Britain Business Council (IBBC), Mastercard, mn, Restrata, TechUK, Zain, Zain Cash
Fitch Downgrades Outlook for Trade Bank of Iraq (TBI)
By John Lee. Fitch Ratings has revised the outlook for the Trade Bank of Iraq (TBI) from "Stable" to "Negative". In a statement, it says that TBI's Issuer Default Rating (IDR)s are driven by the bank's Viability Rating (VR) and underpinned by potential sovereign support. "The revision of the Outlook to Negative from Stable follows […]
Covid-19: Iraq asks IMF for Debt Deferment
From Middle East Monitor, under a Creative Commons licence. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Iraq asks IMF for debt deferment due to coronavirus crisis The economic and finance adviser to Iraq's Prime Minister has revealed that talks are taking place […]
Trade Bank of Iraq Increases Capital to $3bn
Trade Bank of Iraq Announces Capital Increase to USD 3 Billion Under New Three Year Strategic Vision The Trade Bank of Iraq (TBI) has announced a new capital increase that aims to raise the bank's financial strength in line with the new strategic vision for 2020-23. The bank has increased its capital to USD 3 […]