Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
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 […]
Osama al-Nujaifi, the Iraqi parliament speaker, has told Al Jazeera that the amount of Iraqi money unaccounted for by the US is $18.7bn - three times more than the $6.6bn we reported last week. Al-Nujaifi is scheduled to visit the US soon and discuss the missing Iraqi billions. He said that he received a report […]
Iraq's core annual inflation rose to 6.3 percent in May from 6.1 percent in April, a senior official at the Central Bank of Iraq told Reuters on Sunday. The agency reports that the figure is driven by the cost of imported goods and services, especially healthcare. Inflation had previously risen from 5.5% in February to […]
The Iraq Stock Exchange has announced that it has launched the dissemination of real time and delayed Iraq Stock Exchange (ISX) market data in conjunction with DirectFN, popularly known as Mubasher in the Middle East. The launch is part of the ISX plan to allow local and foreign investors to view real-time stock prices for […]
The exiled former head of the Trade Bank of Iraq (TBI), Hussein Al-Uzri [Hussein al-Azri], has denied allegations of corruption and mis-management in a telephone interview with Reuters. "It's about control of this bank," the U.S.-educated banker, aged 48, told the news agency in his first media interview since fleeing Iraq. "Having control of the […]
The Los Angeles Times reports that theft has not been ruled out by auditors trying to trace $6.6 billion [7.9 trillion Iraqi dinars] of missing cash. A total of $12 billion in shrink-wrapped bricks of $100 bills was flown to Iraq in 2003 and 2004 to pay for public services, contractors, and general reconstruction. More […]
Iraq is open for business, and American companies should make an effort to invest there, Secretary of State Hillary Clinton (pictured) has said, according to a report from CNN. The Secretary was addressing the Business Forum Promoting Commercial Opportunities in Iraq, which included executives from companies as far-ranging as Occidental Petroleum, JP Morgan Chase, General […]
Iraq's Ministry of Finance and Central Bank announced on Tuesday that Iraq will provide Islamic banking services in major banks owned by the state, under a plan worth $42 million which will be implemented this month. The Finance Ministry said on its website that Islamic transactions will be facilitated in the Rafidain and Al-Rasheed banks […]
Iraq's Prime Minister, Nuri al-Maliki, has appointed Hamida al-Jaf as head of the state-owned Trade Bank of Iraq, replacing Hussein al-Uzri amid investigations into alleged corruption, the bank’s deputy director general said. “The Trade Bank of Iraq is operating normally and people have confidence in the bank,” Deputy Director General Abdel Hadi Sadeq Abdel Mahdi […]
Iraq has agreed to pay $408 million in cash to Egypt to settle old debts owed by Baghdad from more than two decades ago, a government spokesman said. Reuters reports that the debts date back to a period when United Nations sanctions following the 1990 Iraqi invasion of Kuwait blocked the payment of salaries that […]
Following Thursday's raid on the offices of the Trade Bank of Iraq (TBI), CNBC reports that Iraqi authorities have issued an arrest warrant for the head of the bank, which is under investigation for alleged irregularities. An Iraqi government source said Hussein al-Uzri, president and chairman of the bank, had fled to Lebanon. He reportedly […]
By T. Keyzom Ngodup, co-founder and Executive Director at Ideas sYnergy, an Iraq based private sector development consulting company. Most development agendas for Iraq putatively support entrepreneurship and the need to support private sector development through its focus on the growing number of unemployed youth in the country. UK’s Department for International Development (DFID) recently […]
