Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
Qatar National Bank (QNB) Group announced that it has obtained the approval of the Central Bank of Iraq to increase its stake in Mansour Bank in Iraq from 23% to 51%. As a result of this stake increase, QNB Group will augment its representation on the Mansour Bank’s Board of Directors in proportion to its […]
The Government of Iraq in cooperation with UNDP Iraq, USAID-Tijara and the Consultative Group to Assist the Poor organised the Iraq Micro-Finance Forum in Erbil. The Forum’s key objectives were promoting synergy between the Government’s poverty alleviation and job creation efforts and the existing microfinance industry, enhancing service delivery by microfinance institutions to micro-small and […]
By Sherif Salem, of Invest AD. Iraq’s banks are quietly on the move, and the consequences for the economy could be powerful and far-reaching. The country has 49 banks, and although lending has increased in the last couple of years, the loan-to-deposit rate still stands at only 44%, compared to around 80-90% for other banks […]
The International Monetary Fund (IMF), in its latest World Economic Outlook, makes the following forecasts for Iraq: The report sees strong growth continuing, with a figure of 8.8% projected for 2017.
AKnews reports that the Iraqi Ministry for Women's Affairs has granted about 10m dinars' worth of bank loans for women. Ministry spokesman Mohammed Hamza said the loans are part of the project submitted by the Ministry of Labour and Social Affairs for women who are unemployed and registered with the ministry. Priority for awarding the […]
Iraq's Cabinet has approved the establishment of a first state-owned Islamic bank in the country, said Mudher Saleh, deputy governor of the Central Bank of Iraq. This will bring to 12 the number of Islamic banks in Iraq. Two of the country's six state-owned banks, Rafidain Bank and Rasheed Bank, opened Islamic banking units earlier […]
Iraq has decided to hold off on a plan to knock three zeros off the nominal value of bank notes of its currency because it does not believe the economic climate is suitable, reports Reuters. The central bank said last August that it planned to redenominate the Iraqi dinar to simplify financial transactions in an […]
The finance committee in the Iraqi Council of Representatives warned on Wednesday about the deterioration of the Iraqi economy due to the low exchange rate of the dinar to the US dollar, assuring that proposals are underway to get the country back on its feet, reports AKnews. According to AKnews, the Iraqi dinar hit its […]
The Financial Times reports that Iraq’s central bank has tightened its clampdown on its sales of dollars, amid fears that buyers are using them to launder money and skirt international sanctions on neighbouring Iran and Syria. The bank unveiled new rules on Monday to force customers to prove their identities by supplying tax records and […]
A top advisor at JPMorgan Chase has stepped down to appeal a £450,000 ($720,000) fine from the UK's Financial Services Authority (FSA) for disclosing inside information about a potential offer for Heritage Oil, as well as news of an oil find. In the FSA’s opinion, Ian Hannam disclosed inside information in two emails sent in […]
The first round of loans, funded by the U.S. Embassy and disbursed through USAID-Tijara Provincial Economic Growth Program, was awarded this week in Erbil, marking the formal launch of the Iraqi Vulnerable Groups Support Initiative (IVGS). IVGS Initiative will extend small and medium enterprise loans to qualified Iraqi entrepreneurs who have been displaced by civil […]
Advertising Feature Iraq Business News is delighted to bring you the latest Iraq Market Tracker report from Dunia Frontier Consultants. The market tracker highlights the activities and market performance of a basket of publicly traded firms who derive a significant percentage of their revenues from operations in Iraq, but are traded on foreign exchanges: a […]
