Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
By John Lee. Iraqi Prime Minister Mohammed S. Al-Sudani chaired a meeting focused on the reform of Iraq's banking sector, particularly Rafidain Bank, with representatives from Ernst & Young (EY) presenting recommendations. Key proposals included updating the bank's legal status, capital structure, and strategy to align with global banking standards. The recommendations will be submitted […]
By John Lee. Makers of Baghdad, an innovation hub and maker space, has produced a report exploring the impact of financial technology on economic growth, inclusion, and innovation in Iraq. Mapping the Role of FinTech in Iraq finds that the financial landscape in Iraq is undergoing a significant transformation, largely driven by the rise of […]
From the Iraq Britain Business Council (IBBC): Iraq is making a significant comeback, presenting the private sector with an increasing array of opportunities to invest and contribute to its ongoing development. The Sudani government has not only introduced stability and reforms but is also investing in a wide range of infrastructure projects that promise growth […]
By John Lee. The Organized Crime and Corruption Reporting Project (OCCRP) has claimed that Iraq's dollar auction system has been exploited by money launderers and militant groups. Click here to read the report. (Source: OCCRP)
By John Lee. A meeting of the Iraqi Cabinet this evening approved an increase in Iraq's quota at the International Monetary Fund (IMF) by 831.9 million Special Drawing Rights (SDR), equivalent to 1.45 trillion Iraqi dinars [$1.1 billion] based on the exchange rate as of October 8, 2024. This 50-percet increase in Iraq's previous quota […]
By John Lee. Iraq's Ministry of Finance has said it will issue a new series of its "Injaz/Enjaz" ["achievement"] bonds. According to s statement issued on social media, but not yet available on the Ministry of Central Bank of Iraq (CBI) websites, the bonds will be offered in two denominations: A bond of 500,000 Iraqi […]
By John Lee. As part of the Iraqi government's efforts to reform the financial and banking sectors, the Council of Ministers has approved the contracting of Rafidain Bank with K2 Integrity and up to three experts in the fields of compliance, anti-money laundering, and risk management. According to a statement from the Office of the […]
By John Lee. The Export-Import Bank of the United States (EXIM) has approved a $297 million final commitment in support of an energy efficiency project in Iraq. The project will increase the availability and reliability of electricity in Iraq by generating power through waste heat. Florida-based Stellar Energy Americas, Inc. will provide engineering, procurement, construction […]
By John Lee. Iraqi Prime Minister Mohammed S. Al-Sudani chaired a meeting on Monday focused on comprehensive reforms for Iraq's financial and banking sector, attended by key figures including the Minister of Finance and the Governor of the Central Bank of Iraq (CBI). Al-Sudani stressed the need for stricter oversight of financial transfers and actions […]
By John Lee. The Governor of the Central Bank of Iraq (CBI), Ali Mohsen Al-Alaq, met with Turkish Ambassador Anil Bora Inan and representatives of Turkish banks operating in Iraq to discuss a newly implemented financial transfer mechanism. The new system, which operates in euros and is executed through Turkish banks, aims to streamline and […]
By John Lee. Iraq's Cabinet has revised an earlier decision to merge its Agricultural, Industrial and Real Estate Banks. At the start of 2024, the Cabinet approved a contract with UK-based professional services firm Ernst & Young (EY) to study the merger of Industrial Bank, Real Estate Bank, and Agricultural Bank [Agricultural Cooperative Bank?] into […]
By John Lee. The Central Bank of Iraq (CBI) has identified irregularities in the operations of several exchange companies regarding the sale of U.S. dollars allocated to travellers. A recent audit and monitoring of company practices revealed that some exchange firms have been charging citizens a commission of 50,000 dinars for purchasing dollars, double the […]
