Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
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. […]
The recent surge in sectarian violence has sent Iraq's bond yields higher, prompting officials to postpone a planned debt sale. Deputy Finance Minister Fadhel Nabi told Bloomberg: “We will definitely issue new bonds, but it will take more time now with all the problems in the country.” The news agency also reports that the yield […]
The Chief Representative of Japan International Cooperation Agency (JICA), Shohei Hara, met with the Head of the Department of Foreign Relations, Minister Falah Mustafa, on Tuesday to discuss JICA’s new projects in the region as well as other areas of mutual interest. The meeting was also attended by the Assistant Head of the DFR, Siham […]
By John Lee. Erbil-based Cihan Bank, a privately-owned Islamic bank, is about to launch a $100 million investment fund focused on opportunities in Iraq, and is planning to expand its operations in the UAE. Vice-Chairman Nawzad Yahya Bajger told Gulf News: “Currently, we have an office in Dubai. We are seeking to establish a representative […]
BBC reports that Standard Chartered has opened a bank branch in, Baghdad. Opening the branch, Prime Minister Nouri Maliki said the move was an "indicator of trust" in Iraq's economy, adding that the UK had supported Iraq "from the beginning". The British ambassador to Iraq, Simon Collis, said the UK was dedicated to setting up […]
The UN World Food Programme (WFP) has begun to use smart cards to deliver cash assistance in Iraq to participants in its cash-for-assets projects in Baghdad, Diyala and Ninewah. Through this programme, WFP provides employment opportunities and livelihood support to Internally Displaced Persons (IDPs), returnees and other vulnerable groups. “The introduction of smart cards is […]
The Central Bank of Iraq has reportedly announced the production of new 50,000 IQD bills and coins from the beginning of the New Year. The new dinar bill and coins will be printed in Arabic and Kurdish. The Bank's Deputy Governor said that they want to produce bills of higher value than the current largest […]
