Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
By John Lee. Iraq's Second Karkh Investigative Court has recovered 3 billion Iraqi dinars [$2.3 million] in connection with a financial fraud case involving two companies accused of manipulating foreign currency exchange rates through illegal overseas transfers. The companies had allegedly exploited discrepancies in the dollar exchange rate using fraudulent methods to generate profits, in […]
By Samer Khraishi, Regional Director for Account Management and Business Development, GCC, Iraq and Jordan at BPC. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Modernising Iraq's Financial Infrastructure: The Rise of Digital Payments Iraq's financial infrastructure has long been in need of significant […]
By John Lee. Governor of the Central Bank of Iraq (CBI), Mr. Ali Mohsen Al-Allaq, participated in the opening of the second edition of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) Conference, held in Baghdad. Organised by the Central Bank of Iraq, the Union of Arab Banks, and the Iraqi Private Banks League (IBPL), the […]
By John Lee. In a meeting held on Tuesday, Iraq's Minister of Finance, Taif Sami Mohammed, welcomed a delegation from the World Bank's Environment Section, led by Regional Director Ms. Maskeren Bahraini, to discuss closer collaboration on financial reform and sustainable environmental development. The talks covered key World Bank projects focused on environmental protection and […]
By John Lee. A report by the Future Iraq Institute for Economic Studies and Consultations reportedly highlights significant fluctuations in the exchange rate of the Iraqi Dinar (IQD) against the US Dollar on the parallel market over the past two decades, driven by a mix of seasonal, political, and macroeconomic factors. Key factors cited in […]
By John Lee. Iraqi Prime Minister Mohammed S. Al-Sudani chaired a meeting on Monday of the High Committee tasked with reassessing and restructuring the boards of directors of state-owned banks and the Central Bank of Iraq (CBI). The committee approved several recommendations focused on evaluating board performance as part of a broader programme of banking […]
By John Lee. The Central Bank of Iraq (CBI) has launched its first National Financial Inclusion Strategy, covering the period 2025-2029. The initiative provides an integrated framework aimed at enabling all individuals and businesses to access the financial sector and use appropriate, secure financial services with consumer protection guarantees. The strategy is expected to contribute […]
By John Lee. Wayl, the payments platform for online sellers in Iraq, has secured USD 150,000 in pre-seed financing from EQIQ Ventures, a venture-capital fund led by Mohamed Al-Hakim. Wayl plans to use the capital to expand its digital-payments solution for social-media merchants and freelance workers, addressing a market where an estimated 97 percent of […]
By John Lee. The International Labour Organization (ILO), in partnership with the Central Bank of Iraq (CBI) and funded by the Italian Agency for Development Cooperation (AICS), conducted a five-day training workshop in Erbil to equip Iraqi financial institutions with the expertise required to develop green microfinance products supporting sustainable small and medium-sized enterprises. Participants […]
By John Lee. The European Bank for Reconstruction and Development (EBRD) is set to commence operations in Iraq this September, following the country's accession to the European Union Bank. Ali Mohsen Al-Allaq, Governor of the Central Bank of Iraq (CBI), received an EBRD delegation in Baghdad to discuss the final steps required before operations begin. […]
By John Lee. Central Bank of Iraq (CBI) Governor Ali Mohsen Al-Allaq has reaffirmed the Bank's commitment to addressing climate change and reducing carbon emissions, during his participation in Iraq's first Conference on Carbon Economics. Speaking at the event, Al-Allaq highlighted Iraq's pressing environmental challenges, stating that the country has a unique opportunity to restore […]
By John Lee. Iraq's Ministry of Finance has commissioned global consultancy firm Ernst & Young (EY) to evaluate the performance of state-owned insurance companies affiliated with the Ministry. Finance Minister Taif Sami (pictured) said in a statement to the state-owned Iraqi News Agency (INA) that the move aligns with directives from the Council of Ministers […]
