By John Lee. Earlier this month, the US accused Elaf Islamic Bank of doing business with Iranian banks that had been blacklisted. According to a news report from NBC, Iraq's central bank has been transferring dollars to Iran, helping Iran stay afloat in spite sanctions. It now appears President Maliki may be involved. NBC’s Andrea […]
Archive | Iraq Banking & Finance News
Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
North Bank Numbers give Hope to Iraqi Economy
By Sherif Salem. The process of capital formation is underway in Iraq, and that is good news for the grass roots economy. At least that’s what stock market-listed North Bank’s latest earnings results indicate. Iraq’s gross domestic product has been growing at a rapid pace, but that’s mostly due to rising oil production and robust […]
Un-Licensed Insurers “Liable to Severe Financial Penalties”
By Padraig O'Hannelly. With increasing commercial activity in Iraq, much of it by foreign-based investors, there's a growing market for adequate insurance to cover the risks. But in a country emerging from years of chaos, how can you be sure that the insurance you buy is legal and valid? To help clarify this point, Iraq […]
JICA Refutes Reports of $2bn Iraqi Loan
By John Lee. Japan’s International Cooperation Agency (JICA) has told Utilities Middle East that reports that the organisation had agreed a US $2 billion loan for the construction of a new Iraqi power plant are inaccurate. Japan’s principal overseas development agency, was reported by both KUNA and AIN to have agreed the massive loan to […]
IMF Approves 7-Mth Extension of Stand-By Arrangement
By John Lee. The Executive Board of the International Monetary Fund (IMF) has approved a seven-month extension of Iraq’s Stand-By Arrangement (SBA), to February 23, 2013. The SBA had been scheduled to expire on July 23, 2012. The extension, which had been requested by the Iraqi authorities, will provide them with time to implement the […]
You Can't Fix Stupid: The Iraqi Dinar Scam
By John Lee. In a recent article on Forbes magazine website, legal expert and anti-scam campaigner Jay Adkisson challenges the idea that vast wealth will be made from a dramatic appreciation of the Iraqi dinar, saying, "You can't fix stupid". "Scams involving the arbitrage of foreign currencies have been around as long as there have […]
Iraq Finance 2012 - Agenda Launched
On 18-19 September 2012 in the City of London, a high-level Iraqi delegation of Ministers, Deputies, and senior decision-makers will get together with their counterparts from international banks and financial institutions to collaborate to rebuild Iraq's financial sector. Huge opportunities will be on offer for the financing of major infrastructure and energy projects. PPP mechanisms […]
Obama Accuses Iraqi Bank of Aiding Iran
By John Lee. President Barack Obama has said that Iraq's Elaf Islamic Bank carried out "transactions worth millions of dollars" on behalf of Iranian banks that had been blacklisted because of their to Iran's nuclear programme. "We will expose any financial institution, no matter where they are located, that allows the increasingly desperate Iranian regime […]
Iraqi Inflation Falls to 5.8%
By John Lee. Iraq's Ministry of Planning said that inflation in Iraq for the period from June 2011 to June 2012 has been running at a reported 5.8 percent. This figure is down from the 6.2 percent reported in May, and the 6.7 percent in April. (Source: NINA)
Tags: inflation
Abu Dhabi Islamic Bank Launches Operations in Iraq
By John Lee. Abu Dhabi Islamic Bank (ADIB) said on Tuesday that it has launched operations in Iraq, reportedly the first UAE-based financial institution to get approval from the Iraqi Central Bank to operate there. The lender said it would initially serve corporate and private banking customers, but will eventually offer corporate finance, investment banking […]
"Influential Figures" Manipulating Dinar Exchange Rate
By John Lee. An MP and member of the Parliamentary Economic and Investment Committee, Aziz Sharif al-Mayahi, has demanded that the Iraqi Central Bank dismiss and replace some "influential figures" in the Bank who allegedly manipulate the exchange rate of the Iraqi dinar against the US dollar. The article in AIN refers to what it […]
Tags: Central Bank of Iraq News | CBI Iraq, dinar, Dinar Revaluation News, IQD, Iraqi Dinar News, re-denomination, re-valuation, Redenomination
Iraq Business News is Gold Media Partner for Iraq Finance 2012
Iraq Finance 2012 is the first major international conference and exhibition on banking and financial institutions in Iraq, and Iraq Business News is delighted to be Gold Media Partner for the event. This landmark event is supported by all senior decision-makers in banking / finance and is aimed at regenerating Iraq's financial sector, both public […]