The Trade Bank of Iraq (TBI) has doubled the maximum value of Letters of Credit it allocates to the private banking sector in Iraq. Last year alone 945 Letters of Credit were allocated to private banks, at a value of approximately $500m. The total number allocated to private banks by TBI is 2,446, at a […]
Archive | Iraq Banking & Finance News
Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
Turkish interest in Basra
The governor of Basra has met with the Turkish consul to discuss possible investment opportunities in the province, an official statement said on Tuesday. The meeting was also attended by members of a Turkish association, according to a statement released by the governor’s office and received by Aswat al-Iraq news agency. The visit aims to […]
Turks back major residential project.
The Investment Authority in Thi-Qar is about to reach an agreement with private and government banks in the province to provide guarantees to Turkish company Austm. It would provide loans to local investors to construct two residential areas in Shatrah. Head of IPCC, Dr. Ismail Aboudi said that the authority has set up a workshop […]
Committee in Missan to Follow Up Projects
A central committee has been formed in Missan to oversee progress in projects throughout the province. “The committee will help to resolve problems that are facing these projects,” Khalid Abdilwahid Kibian, Missan’s deputy governor, told Aswat al-Iraq news agency on Monday. He said that no projects were executed in Missan during 2009 due to a […]
Conference Calls for Supporting Reconstruction Projects in Diala
Participants in a reconstruction conference in Baaquba on Monday have agreed to ease the difficulties facing the reconstruction operations in Diala, and to return 360 billion Iraqi dinars which were allocated to the province. “Representatives of 15 ministries as well as officials of the executive and legislative authorities attended the reconstruction conference which was held […]
Part of 77m Dinar theft recovered
The Integrity Commission has been able to reduce the 77m Iraqi dinars embezzled from the Ministry of the Environment by recovering funds in a raid on the defendant’s home. After a court case lasting three days a statement said the main defendant in the case had misappropriated the funds by issuing fake cheques and through […]
Re-basing the Iraqi Dinar
The Central Bank of Iraq is planning to rebase the Iraqi dinar but hasn't decided yet on the timing of the move, the bank said in a statement last week. Affirms its commitment to its strategic projects, particularly knocking three zeroes from the Iraqi dinar," the statement said. "Despite the technical and logistical preparations for […]
Al-Zubaidi: 2010 Budget for Culture Ministry
The Minister of Finance Baqir al-Zubaidi, said the budget in 2010 will focus on different sectors in the Ministries of Culture , environment, human rights, education, and sports and youth. During a meeting of a Committee to plan strategy of the federal budget this year, Al Zubaidi stressed on taking into account the ministries important […]
$US Sales Rise Dramatically to 251m
Sales went up by the CBI of the dollar in the auction for the sale of currencies, on Thursday, to reach a maximum of $251 million versus $181 million during the previous session. The bulletin issued by the CBI , that "the total volume of demand for the dollar stood at 251 million and 565 […]
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Iranian bank opens branch in Basra
Iranian Bank has opened a branch in the southern province of Basra to facilitate money transfer between the two countries, the Iranian consul in the city said on Wednesday.
Iraq Signs Deal for 250-million-dollar World Bank Loan
Iraq has signed an agreement to receive the first of two 250-million-dollar loans from the World Bank to help the country plug its budget deficit, the finance ministry said Thursday.
Iran to Open Bank in Baghdad
The Central Bank of Iraq has given permission to the Parsian and Karafarin Iranian banks to open offices in Baghdad, according to local agency reports. The banks were given a month to determine the place of offices and to transfer their capital to Iraq. ( Trend )