Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
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 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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
On Wednesday a number of currency dealers in southern Iraq’s Nassirya City reported the spread of a new counterfeit 10,000-dinar notes, according to Aswat al-Iraq. “We have noticed the existence of a false 25,000-dinar currency in the market, being cautious against it, but a new false 10,000-dinar note, with a very close print to the […]
According to a report from Al Sumaria News, Iraq’s Central Bank announced on Thursday that it is planning to delete the zeros from its currency, the Iraqi dinar. This step is one of the bank’s strategic missions, the Central Bank said adding that the new currency will include the Kurdish language in addition to the […]
Iraq's Central Bank expects the inflation rate to reach 7% in June, and pointed out that the increase of oil prices is one of the main reasons of inflation in the country. Central Bank advisor Mazhar Mohammad Saleh told Al Sumaria TV that production of goods is weak in comparison to the services sector, which […]
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 […]
The Iraqi Parliament ratified two memoranda and two letters containing the Japanese loan to finance a number of electrical and water projects on Sunday. The loan is reportedly valued at 87.84 billion Japanese Yen [$1.1 billion, 1.3 trillion Iraqi dinars]. A statement, issued by the parliamentary media center, said that the loan is "to rebuild […]
