Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
By John Lee. Iraq's deputy Minister of Finance has said the three zeros cannot be removed from Iraqi dinars during 2013 because no preparations have been made. According to the report from AKnews, the Iraqi Central Bank and people have been saying for four years that the zeros in the Iraqi currency will be erased […]
By John Lee. Iraq’s GDP is expected to grow by 33% over the next three years, according to a report from Reuters. The average rate of about 10% per annum over the next three years will be driven by increased oil revenues, Mudher Kasim, deputy governor of the central bank, told Reuters in an interview. […]
Message received from the Prime Minister's Office With respect to your letter to Dr. Hamid Khalaf Ahmad, head of the Prime Minister's Office, and your invitation to the Prime Minister to attend the International Conference and Exhibition on Banking, Finance, and Investment in Iraq, we would like to inform you that His Excellency the Prime […]
By John Lee. We get many enquiries at Iraq Business News relating to the future of the Iraqi dinar (IQD), for example: Will the Iraqi dinar increase in value? Will the currency be re-denominated, dropping the 'three zeros'? Is it wise to buy Iraqi dinar? Firstly, Iraq Business News is not in a position to […]
By John Lee. AKnews reports that gold imports into Iraqi Kurdistan have hit 34 tons during the first seven months of the year. The increase in imports coincides with a surge in jewel and gold stores in the region’s three main cities. Of the total, 12,376 kilograms were imported through Erbil International Airport, with 22,384 […]
By John Lee. CNN's Jill Dougherty reports on allegations Iraq is helping Iran navigate around the sanctions placed on Tehran: (Source: CNN)
By John Lee. Iraq's core inflation rate dropped to 5.9 percent year-on-year in July, Mudher Kasim, deputy governor of the Iraqi Central Bank, has told Reuters. The figure is down from 6.1 percent in June. Core inflation strips out fuel prices. (Source: Reuters)
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 […]
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 […]
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 […]
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 […]
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 […]
