Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
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 […]
By John Lee. Iraq's Integrity Commission and China's National Supervisory [Oversight] Commission have signed a memorandum of understanding to strengthen cooperation in combating corruption, pursuing fugitives, and recovering assets. The agreement aims to align efforts with the Belt and Road Initiative, promoting transparency and clean governance. Iraq's Integrity Commission head, Judge Haider Hanoun, emphasized the […]
By John Lee. The International Finance Corporation (IFC), a member of the World Bank Group, in collaboration with the Central Bank of Iraq (CBI), has signed an agreement to develop environmental and social risk management guidelines for the banking sector, and launched a seven-year Sustainable Finance Roadmap and an Environmental, Social, and Governance (ESG) Code […]
By John Lee. Iraq's Minister of Finance, Taif Sami Mohammed, signed an agreement with the Austrian ambassador to Baghdad to secure a €262.16 million [$291 million] loan from Austria's Erste Group Bank. The loan will fund the development of pivot irrigation systems for the Ministry of Agriculture, with Austrian company Bauer leading the project's execution. […]
By John Lee. The Iraqi Securities Commission (ISC) has received reports that some electronic payment companies are collaborating with foreign brokerage firms to attract Iraqi investors and traders into trading foreign stocks outside Iraq's financial markets. It warns that these brokerage firms are unlicensed and unauthorized to conduct such activities. "We warn investors (individuals and […]
