Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
By John Lee. British-based bank Standard Chartered is to open its first branch in Iraqi Kurdistan early next month, reports Reuters. Chief Executive Officer of Standard Chartered Iraq, Gavin Wishart, told the news agency that the business environment in Kurdistan was "progressive" and described the pace of development as "encouraging". The bank opened its country […]
Advertising Feature Dunia Frontier Consultants has released the first report of its kind based on a 360-degree analysis of 14 top banks in Iraq. The report will help investors, bankers, and anyone who needs the banking sector, because it includes stock picks as well as our full survey of over 60 investors, retail and corporate […]
This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Mister, Can You Spare a Dinar? Life with the Beggar Mafia of Basra Some estimates suggest that almost a third of the residents in one of Iraq’s oil-richest cities […]
By John Lee. Iraq plans to establish a state-funded investment bank to help finance major infrastructure projects and steer money towards private sector companies. Sami Al Araji, chairman of the National Investment Commission (NIC), told Reuters: “We need this [state-funded investment bank] to push forward the economy ... Our existing commercial banks do not have […]
The United Nations Compensation Commission has made available $1.03 billion to the Government of the State of Kuwait towards the Commission’s remaining claim with an outstanding award balance. The United Nations Compensation Commission was established in 1991 in accordance with Security Council resolutions 687 (1991) and 692 (1991) to process claims and pay compensation for […]
Iraq's National Investment Commission (NIC) decided to reduce the down payment required to buy housing units at the new Bismayah development. NIC Chairman Dr. Sami al-Araji said that following requests from the public, the down payment would be reduced from 25 percent to 10 percent. He added that work at Bismaya, the biggest housing project […]
Kurdish ministers have reportedly walked out of a cabinet session in protest at the country’s draft 2014 budget. Reuters reports that the draft budget requires the Kurds to export 400,000 bpd, well above the region’s current export capacity, and says Baghdad will deduct any shortfall from the 17 percent share of state revenues to which […]
The deputy head of the Iraqi businessmen’s association, Tariq Saleh, has said that around 600 major projects worth $189 billion are frozen in Iraq due to the government’s failure to enforce a funds management law. He told Al Mada: "[The projects] have simply been stalled or suspended because of the government’s failure to enforce laws […]
This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. "Sorry, We’re Out of Money": Banks in Iraqi Kurdistan Out of Cash Locals in Iraqi Kurdistan have found themselves unable to withdraw cash from their banks, despite the fact […]
A federal grand indicted three men from the Toledo area for their roles in the operation of a $23 million fraud scheme involving the sale of Iraqi dinar currency and two non-existent hedge funds, said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio, and Kathy Enstrom, Special Agent in Charge, IRS-Criminal […]
The Central Bank of Iraq announced on Sunday that it has received a memo from the Bank of International Settlements (BIS) in Basel Switzerland announcing that it will accept more deposits from Iraq. “This procedure will contribute in increasing Iraq’s money revenues after keeping it in a very secure location,” the Central Bank explained. The […]
Cihan Bank, a leading private sector Islamic bank from Iraq, is planning to set up a representative office in the UAE and has plans to enter into tie-up with leading UAE banks, according to reports from Gulf News. “Currently, we have an office in Dubai," Gulf News quoted Nawzad Yahya Bajger, vice chairman of Cihan. […]
