Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
FEDRERAL BUDGET 2013 - DETAILS AND CHALLENGES The Iraqi Institute for Economic Reform (IIER) has the pleasure of inviting you to attend the above seminar to discuss the details of the Federal Budget and the challenges facing its implementation. In attendance there will be Members of Parliament, government officials, Iraqi economic experts, academics as well […]
In line with its international expansion, Banque Libano-Française (BLF) has opened its first branch in Iraq. The BLF branch, located on the Outer Karrada main street in Baghdad, will serve Lebanese and Iraqi businessmen as well as international companies operating in this growing and dynamic market, which has traditionally been one of Lebanon’s main destinations […]
By John Lee. British bank Standard Chartered is to apply to Iraqi regulators for permission to open three business branches in Baghdad, Basra and Erbil. Chief executive of wholesale banking, Mike Rees (pictured), told The Telegraph: "Associated with the name British is trust ... It is a very important brand which I think is underestimated. But […]
The U.S. Mission in Iraq, through the United States Agency for International Development’s (USAID) Financial Development Project, is working with the Iraqi banking industry to help banks improve best practices. The U.S. Mission invited seven banks from across Iraq for the January 21-28 launch of the first in a series of 20 training seminars in […]
By John Lee. The General Secretariat of Iraq's Council of Ministers has ruled out the replacement of the currency or cancellation of three zeros "at this stage", and it is seeking to raise the value of the dinar against the dollar. The Secretary General of the Council of Ministers said that the project to replace […]
By John Lee. Asiacell’s share sale has been fully subscribed before its closing date, according to the IPO’s organizer. Shwan Ibrahim Taha, chairman of Rabee Securities, confirmed to Bloomberg News: "The offering is now comfortably covered with a good mix of retail and institutional demand from within Iraq as well as institutional and high net […]
By John Lee. The United Nations' Joint Analysis Policy Unit (JAPU) has issued a background paper on Iraq's budget for 2013. The Government expenditure for 2013 totals IQD 138.4 Trillion ($ 118.3 Billion), with an increase of 18% over 2012 and exceeding 70% of GDP. The budget has three main headings: Energy, Security / Defense […]
By John Lee. Reuters reports that Iraq cut its gold holdings by a quarter in November. Data from the International Monetary Fund (IMF) showed that the country's stocks fell to 29.9 tonnes. (Source: Reuters)
By John Lee. The Iraqi authorities have reportedly released the deputy governor of the Central Bank of Iraq, Mohamed Salih, who has been detained for more than month on charges related to corruption. In October, Prime Minister Maliki removed the head of the central bank, Sinan al-Shabibi, accusing him of mismanagement and currency manipulation. He […]
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. Privately held Iraqi banks have almost entirely relinquished their traditional functions — such as giving out loans, lending credit and issuing letters of credit — due to default risks. Instead, they are […]
By John Lee. Writing in the Financial Times, a partner at a London-based financial advisory business suggests Iraq as a true frontier market investment. Citing precedents such as Japan in the early 1960s and Russia in 1995, Richard Greer, a partner at Laurel Capital Kingsway LLP, says: "The greatest opportunities for emerging market investors have […]
By John Lee. The Acting Central Bank Governor, Abdul-Basit Turki, has told Reuters that Iraq’s economy should grow 9 percent this year, as it increases its oil production. He also predicted international currency reserves of between $105 billion and $110 billion by the end of this year. Central Bank predictions for last year were for […]
