Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
By John Lee. The Central Bank of Iraq (CBI) has reported that 21 banks and 1 remittance company took part in its currency auction on Monday. A total of $172,610,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
By John Lee. The Central Bank of Iraq (CBI) has allocated $5.1 billion (6 trillion Iraqi dinars) in loans to banks in a bid to keep a handle on inflation. Ali Allaq, Central Bank general manager, told the Al-Hayat newspaper on Monday that the CBI is responsible for the stability of the market, adding that […]
Prime Minister Haider Al-Abadi received Mr. Akhiko Tanaka, the President of Japan International Cooperation Agency (JICA) and the accompanying delegation on Monday. The meeting discussed the projects implemented by the agency and its future plans in addition to the role of Japan in supporting Iraq in different fields. Dr. Al-Abadi welcomed the delegation and commended […]
By Imtiaz Ahmad. Over the last seven to eight years, Iraq remained very attractive for international investment especially in the oil and gas sector. Almost all major international oil companies (IOCs) invested, either individually or in partnership with others. By contrast, Iraq showed slow progress in setting out proper petroleum and tax policy for existing […]
By John Lee. The parliamentary economic and investment commission has reportedly said that the Central Bank of Iraq (CBI) is not able to redenominate the Iraqi dinar, deleting the three zeros. According to a report from Shafaq News, this is "due to the unstable economic situation." Instead, new banknotes worth 50,000 dinars are to be […]
By John Lee. The Central Bank of Iraq (CBI) has reported that 20 banks and 1 remittance company took part in its currency auction on Thursday. A total of $151,500,131 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
Iraq: Developing More Capacity to Manage Public Funds Even amid conflict and fluctuations in oil prices, as home to the world’s third-largest oil reserves, Iraq has the sort of wealth from natural resources that makes it possible for its government to invest in the country’s infrastructure. Iraq spent more than US$51 billion on public procurement […]
By John Lee. Reuters reports that Iraq is approaching credit rating agencies to obtain a sovereign credit rating as it prepares for its first international bond sale for nine years. Finance Minister Hoshiyar Zebari (pictured) told the news agency: "We started the process ... The banks are also trying to help us in that direction.” […]
By John Lee. The Central Bank of Iraq (CBI) has reported that 16 banks took part in its currency auction on Monday. A total of $142,515,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
By John Lee. Iraq is requesting the U.S. Export-Import Bank (Ex-Im Bank) to finance the purchase of 10 planes from Boeing. Finance Minister Hoshyar Zebari told reporters in Washington that the planes have already cost the government $500 million (600 billion Iraqi dinars). If the request is granted, Boeing would repay the money it has […]
By John Lee. Finance Minister Hoshyar Zebari (pictured) said on Wednesday that Iraq has decided to issue $5 billion in international bonds, as it attempts to finance a budget deficit of $25 billion for the current year. He told reporters in Washington that negotiations were in progress with Citibank and Deutsche Bank, but according to […]
By John Lee. Prime Minister Haider Al-Abadi chaired a meeting of the ministerial crisis unit on Sunday, attended by the ministers of Oil, Finance, and Planning, and by the governor of the Central Bank and a number of advisors and specialists. Abadi emphasised the importance of stimulating economic growth to compensate for the drop in […]
