Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
The U.S. Embassy in Baghdad hosted a reception to celebrate the opening of Citi’s representative office in Baghdad. Citi [Citigroup] is the biggest financial services corporation in the United States. U.S. Ambassador to Iraq Stephen Beecroft stated during the ceremony: “U.S. companies, such as Citi, are demonstrating tremendous commitment to Iraq. Our companies bring capital […]
By John Lee. HSBC said today [Tuesday] that it is considering selling its 70.1 percent stake in Dar Es Salaam Investment Bank (BDSI), which has made it the main international lender in Iraq. In April, Simon Cooper (pictured), HSBC's chief executive for the Middle East and North Africa, told reporters that its presence in Iraq […]
By John Lee. An American man has pleaded guilty to operating an illegal business selling Iraqi dinar. ArgusLeader reports that 60-year-old David Olmsted, also known as Dale Cooper Jr., received daily Federal Express packages with shrink-wrapped piles of dinar bills that had been smuggled out of Iraq and into Jordan. The man, from South Dakota, was […]
By Mustafa Habib. 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. During the past month of violence, the Iraqi dinar’s value has fluctuated radically. Now black market money men are using Iraq’s poorer passport holders to take […]
By Sherif Salem. As has often been the case in Iraq, developments in recent weeks have inspired both pessimism and optimism. On the one hand, an increase in bomb attacks – with 300 fatalities in April – raised fears of a return to the peak in levels of violence seen of 2005-2006. And events in […]
By Omar al-Shaher for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Adil Abdul-Mahdi, the former Iraqi vice president who resigned from his post, vehemently criticized Iraq’s economic policy, describing it as a failure. Abdul-Mahdi warned that tampering with the balances of nature […]
The Department of the Treasury has lifted sanctions against the Elaf Islamic Bank in Iraq following the bank’s significant and demonstrated change in behavior. On July 31, 2012 the Treasury Department imposed sanctions under the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA), against Elaf Islamic Bank, a privately-owned Iraqi financial institution, for […]
By Omar al-Shaher for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Over the last few days, the government in Baghdad has been preoccupied with attempting to control the exchange rate of the Iraqi dinar against the US dollar. The rate has been […]
By Mark DeWeaver. I thought Sansar Capital’s recent report on the Iraqi banks was excellent. But I was surprised by its somewhat negative take on North Bank (BNOR). In particular, I found myself not entirely convinced by the following three points, which form the basis for their bearish case: Insufficient collateral for overdraft lending is […]
By Padraig O'Hannelly. At Iraq Business News we've always been clear that Iraq is a land of both opportunities and risks. The challenge for any investor or businessperson has always been to decide what risks are worth taking, and at what price. In the investment arena, real out-performance can only come from having a different […]
By John Lee. The First Deputy Chairman of the parliament has reportedly demanded that the Central Bank of Iraq address the fluctuating exchange rate of the Iraqi dinar against the US dollar, and disclose the reasons. Shafaaq News says that Qusay al-Suhai chaired a meeting of the Finance Committee, in the presence of central bank […]
With so much gloomy news around, it is good to find some analysis that shows the other side of the story: A report just issued by Sansar Capital suggests that shares in Iraq's banking sector may be ripe for a re-rating. Key to the report's findings is the argument that Iraq's banks are exceptionally well […]
