Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
By Marc Snaid. The Central Bank of Iraq (CBI) has announced that the introduction of the new Iraqi currency has been further delayed due to teething problems with the cutting-edge technology that it will employ. Radical new functionality including fingerprint recognition and near-field communication (NFC) promises to create a world-leading new monetary system, which will […]
By John Lee. Standard Chartered bank plans to expand operations in Iraq this year. The firm's regional head, Christos Papadopoulos (pictured), told Reuters in an interview: "The amount of economic activity in Iraq now is substantial. We always wanted to be onshore in Iraq. It was never a question of if but a question of […]
By Matthew Gayle. The Burgan Bank Group announced that it has won Global Banking and Finance Review's award for Best Banking in MENA (Middle East and North Africa) for the second year in a row. The award was given to Burgan Bank Group in recognition of its performance in 2012, and its consistent delivery of sound […]
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. There were conflicting accounts of the reasons for the rise in the value of the US dollar against the Iraqi dinar earlier this month. Politicians and economists have said that Iranian […]
By John Lee. Warka Bank has issued the following statement with regard to its legal case against the Central Bank of Iraq: "With regards to the legal court case Warka Bank for Investment and Finance has filed against the Central Bank of Iraq Warka Bank for Investment and Finance is delighted to inform its cliental, […]
Italy’s new ambassador to Iraq last week visited the Kurdistan Region for the first time and met President Masoud Barzani. He came with a delegation from SACE, Italy’s export credit and project finance agency. President Barzani and Ambassador Massimo Marroti, who arrived from Baghad, discussed bilateral relations and explored ways to further strengthen ties. Their […]
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. The controversial Iraqi Sunni politician Ahmed al-Alwani, who is president of the Economic Commission in the Iraqi parliament, ridiculed the notion that if Anbar province gains autonomy, its economy will be […]
The United States and Iraq today announced that the bilateral United States-Iraq Trade and Investment Framework Agreement (TIFA), first negotiated in 2005, is likely to enter into force later this year, providing a bilateral forum devoted to fostering greater trade and investment between our two countries. The announcement follows the Iraq Council of Representatives’ recent […]
By John Lee. Iraq's finance minister Rafaie Al-Esawi [Rafe Al-Issawi, Rafie al-Issawi] (pictured) has announced his resignation on Friday morning, according to a report from Reuters. Addressing crowds of Sunni Muslim protesters in the Sunni heartland of Anbar, he said: "I came today in order to announce my resignation from this government in front of you […]
By John Lee. The President of Kurdistan Region, Massoud Barzani (pictured), has approved the budget for 2013, officials from Ministry of Justice from KRG said. This follows the budget's approval last week by a majority of the Kurdistan parliament. (Sources: Kurdsat, AIN)
By John Lee. A member of the Shiite-dominated National alliance coalition told a press conference at the weekend that Iraq is losing almost $27 million per day because delays in agreeing the budget. Haider Abadi, Chairman of the parliamentary Finance Committee, is reported as insisting that the budget is issued as soon as possible. Iraq’s […]
By John Lee. The Speaker of the Iraqi Parliament, Osama Al-Nujeifi [Usama al-Nujaifi] (pictured), said on Thursday that negotiations with leaders of the political blocs on the state budget for 2013 have entered a "blind alley", according to KUNA news agency. He blamed the deadlock on disputes among the parliamentary blocs on allocations for the […]
