Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
Iraq's cabinet has named an interim replacement as governor of the country's central bank. Prime Minister Nouri al-Maliki's spokesman Ali Mussawi said, "the cabinet decided to authorise Abdelbassit Turki, the head of the Board of Supreme Audit, to run the central bank indefinitely". The former head of the Central Bank of Iraq (CBI), Sinan al-Shabibi, […]
The Trade Bank of Iraq (TBI) has announced the opening a new branch at Baghdad International Airport, and confirmed that it will also open a branch at Najaf Airport. Hamdiya al-Jaff, the head of the TBI, said the Baghdad Airport branch will provide the full range of banking facilities, including remittances, opening current accounts, and […]
By John Lee. Iraq's core inflation rate rose to 5.2 percent year-on-year in September, up from 5 percent year-on-year in August. Speaking to Reuters on Tuesday, Mudher Kasim [Mudher Saleh], deputy governor of the Central Bank of Iraq (CBI), blamed the increase on higher food prices and the start of the school year. Core inflation strips […]
By John Lee. Investigators in Iraq have opened an inquiry into alleged manipulation of the exchange rate between the Iraqi dinar (IQD) and the US dollar, and arrest warrants have reportedly been issued for several officials including the head of the Central Bank of Iraq (CBI). Hassan Karim Aati, spokesman for the Commission on Integrity, […]
By John Lee. The Iraqi Cabinet has agreed to double the capital of state-owned Trade Bank of Iraq (TBI) to one trillion Iraqi dinars [$858 million], according to a report from Bloomberg Baghdad-based TBI is under investigation for alleged irregularities, and an arrest warrant has been issued for its former president and chairman, Hussein al-Uzri. […]
By Mohammed Hamid al-Sawaf. 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. Unofficial money changers are common in Iraq – and trade is particularly brisk in the tourist town of Karbala. But recently a gang of fraudsters […]
By John Lee. Qatar National Bank (QNB) has announced that it has taken control of Iraq's Al-Mansour Investment Bank. It acquired an additional 27.7 percent shareholding for a cash payment of QR425.4 million, bringing its interest in the bank to 50.8 percent. The company said that goodwill of QR117.6 million has been determined on acquisition […]
On October 4, 2012, the U.S. Embassy in Baghdad, through the United States Agency for International Development (USAID), and the Prime Minister’s Advisory Commission co-hosted an economic conference to discuss a new assessment report evaluating Iraq’s economic priorities. The report was released by USAID’s provincial economic growth project, Tijara, and was commissioned by the Prime […]
The USAID-Tijara Provincial Economic Growth Program in cooperation with Iraq’s 12 microfinance institutions and Iraqi Microfinance Network will hold an Inclusive Financial Services Stakeholders Conference at Hotel Rotana, Erbil, on October 23 and 24, 2012. The theme of this year’s conference will be “Iraqi Microfinance - The Path to Economic and Social Advancement”. The conference […]
By Shwan Zulal. 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. How will I support myself in my old age? People ask this question all around the world. One Kurdish writer argues that a universal pension scheme […]
The Central Bank of Iraq (CBI) has ruled out deleting the three zeros from the Iraqi currency in 2013 because it needs time and a new fiscal year. The Deputy Chairman of the CBI, Mudhir Mohamed Salih, told AIN on Wednesday: "The project of crossing out zeros from the Iraqi currency takes time ... The […]
Iraq Finance 2012: Welcomes the on-going reforms and restructuring of state-owned banks and turning them into independently capitalised corporations and urges a strong commitment to the operational independence of state-owned banks. Welcomes the removal of restrictions on government and government related entities in their dealings with private banks. Urges the reduction of delays in the […]
