Archive | Iraq Banking & Finance News

Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.

Iraq discusses Joining European Bank for Reconstruction and Development

By John Lee. The Ambassador of Iraq in London, Mr. Mohammad Jaafar Al-Sadr, has met Mr. Enzo Quattrociocche, the Secretary-General of the European Bank for Reconstruction and Development (EBRD). During the meeting, they discussed the possibility of Iraq joining the bank. The Ambassador stressed the importance of moving forward with the implementation of Iraq’s economic […]

Iraq Repays more than $20bn in Foreign Debt

Iraq has paid back more than $20 billion in foreign debt, the head of the parliamentary finance committee Haitham Al-Jubouri has said. “Iraq’s foreign debt amounted to more than $50 billion. More than $20 billion was paid back over the last period,” Al-Jubouri told the Iraqi news agency. According to the official, Iraq still owes […]

Big Fines for Dinar Auction Fraud

By John Lee. Iraq’s Commission of Integrity has revealed that it has concluded cases resulting in fines of more than 245 billion dinars ($206 million) on private banks, due to violations relating to customs licences and foreign currency auction instructions for 2012. The CoI mentioned that one of these corruption cases related to a private […]

EUAM Iraq: New Head of Mission Appointed

By John Lee. On 11 December 2019, Christoph Buik was appointed as new head of mission for the European Union Advisory Mission in Iraq (EUAM Iraq). He will take up his duties on 1 January 2020. Christoph Buik, a German national, is currently Director of the UN Standing Police Capacity. Previously, he was Police Commissioner […]

Conference: Find Out What’s Happening in Iraqi Business

From Peace to prosperity: The Conference to find out what’s happening for Iraq business. The Iraq Britain Business Council (IBBC) Autumn Conference in Dubai on December 8th is set against a backdrop of relative peace and security in Iraq, and the prospect of oil revenues surging through the economy is driving a wider range of […]

Iraqi “First Digital-Only Payment Card”

Iraq-based International Network for Cards and Digital Payment Services (INC Iraq) and a Lebanese fintech startup NymCard that is digitizing how payments cards are issued, delivered, and used, in collaboration with Visa have launched the first digital-only (prepaid) payment card ‘Neo‘ in Iraq to serve the underbanked Iraqi population, the two companies announced in a […]

Household Debt in Iraq: Borrowing in a Time of Crisis

1. EXECUTIVE SUMMARY This study seeks to better evidence and understand the scale, terms, sources, uses, and social dimensions of household debt within conflict-affected communities in northern Iraq, with a view to inform ongoing and future CCI relief and recovery programming. The research was carried out in two conflict-affected districts in the Ninewa governorate – […]

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EXIM signs MoU with Iraq

By John Lee. The Export-Import Bank of the United States (EXIM) has entered into a memorandum of understanding (MOU) with the Ministry of Finance of the government of Iraq aimed at rebuilding Iraq and enhancing trade and economic cooperation between the two countries. The MOU replaces the previous agreement signed in Kuwait in February 2018 […]

Iraq’s Credit Profile “Constrained”

By John Lee. Iraq’s (Caa1 stable) credit challenges include very weak institutions and governance that limit policy effectiveness, constrain the government’s capacity to respond to external and domestic shocks and weigh on economic competitiveness, Moody’s Investors Service said in a report this week. It says last year’s improvement in the fiscal and external balances was […]

Iranian Bank Opening 7 Branches in Iraq

An Iranian private bank has been authorized by the Central Bank of Iraq (CBI) to open seven branches in the Arab country, an official said. According to the Chairman of the Iranian Private Banks Institute, Koorosh Parvizian, the Iranian private bank has already opened two of the seven branches in Iraq. He noted that opening […]

China’s CITIC may Finance Iraqi Projects

By John Lee. The Iraqi Minister of Finance has met with China’s state-owned investment company CITIC Bank to discuss the financing of projects in Iraq. Minister Fuad Hussein held talks with CITIC Bank chairman Chang Zhenming, in the presence of the Iraqi governors, transport minister, and electricity minister. The projects are said to include rail […]