Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
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 […]
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 […]
By John Lee. The Central Bank of Iraq (CBI) has called on licensed banks to facilitate those wishing to obtain loans from the Renewable Energy Initiative. It said that borrowers have a right to choose the lending bank without the need to transfer their salary to that bank. (Source: CBI)
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 […]
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 […]
By John Lee. The Central Bank of Iraq (CBI) reportedly expects cash reserves to reach $90 billion by the end of this year, up from about $80 billion currently. CBI Deputy Governor, Ammar Khalaf, told the Iraqi News Agency (INA) that the increase is a result of higher oil prices. He added that gold reserves […]
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 […]
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, […]
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)
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 […]
By John Lee. Fitch Ratings has said that Iraq's government debt is set to fall steeply as a share of GDP in 2022, bringing it to pre-Covid-19 pandemic levels. It adds that while this is positive for the sovereign's creditworthiness, the decline may not be sustainable, as it partly reflects political tensions that have constrained […]
By John Lee. The Central Bank of Iraq (CBI) has said that there is no justification for changing the exchange rate of the Iraqi dinar relative to the US dollar. CBI Deputy Governor, Ammar Khalaf, confirmed to the official Iraqi News Agency (INA) that, "in our belief as a monetary authority, there is no justification […]
