Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
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 give investment advice. […]
Iraq's core annual inflation (which excludes expenditure on fuel) increased from 7.1 percent in July to 7.6 percent in August, according to Reuters, driven mainly by higher prices of food and clothes over the Muslim holy month of Ramadan. Central Bank Deputy Governor, Mudher Kasim, told the agency that the higher price of gold in […]
By T. Keyzom Ngodup, co-founder and Executive Director at Ideas sYnergy www.ideas-sYnergy.net, an Iraq based private sector development consulting company. IRAQ INSIGHTS, published by Ideas sYnergy aims to consolidate and build intellectual capital on private sector development, empowering stakeholders to address issues of access and structural reforms on a diverse range of topics impacting inclusive […]
The Colorado Securities Commission has ordered a company promoting speculation in Iraqi dinars, and its director, to stop soliciting investors in Colorado. The commission entered a cease-and-desist order on Thursday against AmIraq Fund LLP, general manager BB&M International Corp, and William Burbank, who serves as CEO and managing director of both companies. The order prohibits them […]
Iraq’s 12 microfinance institutions in cooperation with the USAID-Tijara Provincial Economic Growth Program are holding an Inclusive Financial Services Stakeholders Conference in Erbil on October 3 and 4. The theme of this year’s microfinance event will be “Transforming Inclusive Financial Services for Increasing Outreach”. The conference will bring together leaders from 12 microfinance institutions (MFIs) […]
As part of its expansion plans across Iraqi provinces, and in an effort to offer premium banking services and facilities to its corporate clients, Capital Bank announced the opening of its first National Bank of Iraq (NBIRQ) branch in Erbil. Through its acquisition of a controlling 72% share in the National Bank of Iraq (NBIRQ), […]
A new World Bank report released today, Republic of Iraq Financial Sector Review, highlights that while reforms are ongoing in the financial sector, the country needs to push further to ensure that a system still characterized by state-domination and lack of transparency reaches its full potential. The report stresses the critical importance of the financial […]
In order to meet the specific insurance requirements of oil rig drilling contractors operating in Iraq, Marsh and Anglo Arab Insurance Brokers (AAIB), Iraq Insurance today announced the launch of a new Iraq Land Rig Facility. The facility provides cover for physical loss of or physical damage to drilling rigs and associated equipment, machinery breakdown and […]
The first of two new reports posted today on the IBN website puts the Iraq private banking sector under the spotlight. ‘Perspective on Iraqi private banks’ is researched and written by Ahmad Saleh and Tom Opdyke of IraqiXchange. The eight page report provides vital background data plus key stats on the sector. The second report […]
Last week we asked readers to submit their three main suggestions to improve Iraq, and thanks to all who contributed so far. It's noticeable that none of the suggestions included adding an additional layer of administration, which if recent reports are to be believed is a favourite solution of some of Iraq's politicians. The good […]
Iraq's cabinet plans a substantial boost in public spending next year in a draft budget proposed on Sunday, government spokesman Ali al-Dabbagh said in a statement. AFP reports that the $111-billion spending programme for 2012 is a 36 percent increase on the same figure for this year, with 15 percent of next year's budget allocated […]
Most of Iraq’s revenue comes from oil. But natural riches may also mean fewer political freedoms and a state that behaves like a charity toward its own people. This must change, an Iraqi economist Nagih al-Obeidi argues in this article from Niqash. The economic and political theory on “rentier states” says that a nation that […]
