By T. Keyzom Ngodup, co-founder and Executive Director at Ideas sYnergy, an Iraq based private sector development consulting company. A New Iraq or Perspective Updated: First Mover Advantage? Sipping my iced coffee at Costa, a coffee shop in Erbil, I (and everyone else at the coffee house) noticed with insouciance a group of young American […]
Archive | Iraq Banking & Finance News
Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
Iraq Aims to Lift 2012 Investment Budget to $51bn
Iraq needs to boost its 2012 investment budget to as much as 60 trillion dinars ($51 billion) from a planned 40 trillion dinars, to allow funds for new projects, the Planning Minister, Ali al-Shukri (pictured), told Reuters in an interview on Monday. "What is being put forth is 40 trillion Iraqi dinars (as the investment […]
Tags: Iraq Budget News
Algeria Cancels Iraq's Debt
Official sources confirmed that the Algerian government decided to cancel Iraq's debt, according to reports from Eye Media. The amount of the debt was not specified. According to media sources in Baghdad, the Iraqi foreign minister, Hoshyar Zebari, received a letter from the Minister for Foreign Affairs of Algeria, Mourad Medelci, informing him of the […]
Iraqi Banks Struggle with Limited Services and Capital
Reuters reports that it's a tough road ahead for Iraqi private banks required to raise their capital to boost business as they battle against decades of state dominance to win a slice of the asset base from government-run enterprises. It blames a poor credit culture, the lack of a modern banking system, and the dominance […]
Tags: Banks, Central Bank of Iraq News | CBI Iraq, IMF, Iraqi Private Banks League, Rafidain Bank, Rashid, USAID, World Bank
Trade Bank of Iraq "Operating Normally"
According to a report from Reuters, the new president of the Trade Bank of Iraq said on Monday that the bank is operating normally and expansion plans are moving ahead, its new president said on Monday to allay fears of correspondent banks after its former chief fled amid allegations of financial irregularities. To allay fears […]
Tags: Trade Bank of Iraq
Political Shadow Remains Over Key Bank
The following article was published in the latest edition of Inside Iraqi Politics, and it is reproduced here with the publisher’s permission. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Full Text of Inside Iraqi Politics Issue No. 18 (PDF) Prime Minister Nuri al-Maliki’s […]
Iraq's Central Bank Considers New Currency
Iraq’s Central Bank says the country is in need of a new currency in which the current zeros are removed to facilitate commercial transactions, according to Azzaman. The bank's Governor, Sinan al-Shabibi, said he was in talks with the prime minister, Nouri al-Maliki, on how to go ahead with the bid to issue currency with […]
Tags: Central Bank of Iraq News | CBI Iraq, dinar, Dinar Revaluation News, Iraqi Dinar News, re-denomination, Redenomination
AlBaraka Bank 'to Open a Branch in Erbil'
The Turkish AlBaraka Bank will open a branch in Erbil in August, according to a report from Turkish Weekly. It would be Albaraka's first branch in a foreign country. "The Erbil branch will contribute to bilateral relations between Iraq and Turkey," Albaraka's director general Fahrettin Yahsi said. There have been reports of AlBaraka opening an […]
Tags: Albaraka, Erbil News
Iraqi Banks Too Small for Major Projects
Iraqi banks are too small to be useful to international companies, resulting in major investment projects being impeded, Iraqi Electricity Ministry Spokesman Musab al-Mudarres told AKnews on Tuesday. “Iraqi banks cannot provide financial guarantees to foreign companies because their capital is below the guarantees expected by corporations", he said. "The Ministry of Electricity has submitted […]
Tags: banking
Creating jobs in the private sector
By T. Keyzom Ngodup, co-founder and Executive Director at Ideas sYnergy, 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 economic […]
Full Details of Iraq's DFI Transfer from UN
Further to the recent news regarding the transfer of control of the Development Fund for Iraq from the UN to Iraqi control, full details of the final meeting of the International Advisory and Monitoring Board (IAMB)'s last meeting in Amman, Jordan, on 30th June, are attached below. Please click here to download the IAMB's press […]
Tags: COFE, Committee of Financial Experts, Development Fund for Iraq, DFI, IAMB, International Advisory and Monitoring Board, United Nations
Security Council Welcomes Iraq’s Control of Development Fund
The United Nations Security Council welcomed the Iraqi Government’s assumption of full autonomy, with effect from 1st July, over the proceeds of a development fund set up after the 2003 United States-led invasion to meet the country’s humanitarian needs, economic reconstruction and infrastructure repairs. In a press statement, the Council welcomed the Government’s establishment of […]