Archive | Iraq Banking & Finance News

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

PM on Iraqi Dinar Re-evaluation

Iraqi Prime Minister Nouri al-Maliki said on Sunday that the process to re-evaluate the Iraqi dinar has to do with economic conditions that have to be strengthened. “The Iraqi dinar has every reason to grow stronger thanks to an increase in revenues and development of the economy,” Maliki said in response to questions through the […]

Credit Fundamentals of Mideast Resilient: Moody's

There were no downgrades in any sovereign ratings in the Middle East in 2009 by Moody's, which indicates the comparative resilience of the region's credit fundamentals and the sovereign ratings should "stay the course" this year, Moody's said in its first annual "Middle East Sovereign Outlook" report. According to the rating agency, 2010 should be […]

Iranian Bank in Basra

The Iranian consul in Basrah province, on Monday, said there will soon be an Iranian bank in the province to develop trade between the two countries. According to Mohammad Reza, "the Islamic Republic is currently working to open a bank in the province of Basrah as a movement to develop trade and economic relations between […]

China is willing to Invest in Karbala

First Deputy Governor of Karbala, Abbas al-Musawi said that an investment Chinese delegation arrived in the city of Karbala for the observation of the economic and security situation in order to implement various projects. Musawi said for Al Sabah: The Chinese delegation showed keen interest during the discussions that took place in the province for […]

Initial Agreements Inked with Iranian Companies on Projects in Diwaniya

Chairman of the Diwaniya council on Monday signed a number of initial agreements with a group of Iranian companies to carry out services projects in Diwaniya, the media advisor of the council’s chairman said. “Jubeir al-Juburi held a meeting with an Iranian delegation representing the union of engineers and exporters of the technical services,” Muayad […]

Iranian Bank in Basra Soon, Says Consul

The Iranian consul in Basra said on Monday that an Iranian bank will be opened soon in the province to develop the commercial movements between the two sides. “Iran is working to open a bank in Basra as a step toward the development of the commercial and economic movement between Iran and Basra,” Mohammad Reda […]

UAE Top Investor in Iraq's Kurdistan

The UAE is the leading investor in Iraq's Kurdistan region and has registered a 28 per cent increase in investment inflows in the period 2006 to 2008, according to the Minister of Foreign Trade. Speaking at a forum called "Investment in Iraq's Kurdistan" Sheikha Lubna Al Qasimi, UAE Minister of Foreign Trade, said yesterday that […]

CBI Sells $185m on Monday

The Central Bank of Iraq’s (CBI) dollar sales reached $185.485 million in its daily auction on Monday, compared to $130.669 million in the previous session. “Demand hit $14.08 million in cash, covered at an exchange rate of 1,170 Iraqi dinars per dollar, and $171.405 million in foreign transfers outside the country, covered at an exchange […]

Banks to Offer Loans to Government Personnel

The Iraqi Ministry of Finance has given instructions to the Rasheed and Rafidayn banks to grant loans to full-time government employees. “The amount available is 5 million Iraqi dinars with an interest rate of 6% to be repaid within five years,” an under-secretary of state for banking affairs, Diyaa al-Khayoon, told Aswat al-Iraq news agency.

Gazprom to Offer $10 Bn of Bonds

Russian "Gazprom" plans to issue $ 10 billion bonds 2010 to 2015. The organizer and the Under-guarantor of the bonds to be found by competitive tender. It is expected to raise between $ 167 million and $ 334 million at a  nominal value of $ 33 .33 for a period  of between one and three […]

Iraq to Join EITI

The administrative board of the Extractive Industries Transparency Initiative (EITI) has unanimously agreed to accept Iraq as a member, the Iraqi Ministry of Oil said on Thursday. The administrative board, comprised of 20 members, includes representatives of the permanent states, civil society organizations and extractive companies, according to a ministry statement received by Aswat al-Iraq […]

Iraq Plans to Slice Three Zeros off Currency Notes

Iraq plans to knock three zeros off the nominal value of bank notes to facilitate currency transactions, a central bank official said on Thursday. Iraq is trying to revamp its economy and boost oil production after the effects of the war with crude deals that may vault it to one of the world's top oil […]