Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
By Adam Lucente for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraqi dinar falls 17% against dollar amid US restrictions over Iran deals The current depreciation follows 14 Iraqi banks being barred from using the dollar amid a crackdown on […]
By Nicolas Pelham, for The Economist. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. The Baghdad job: who was behind history's biggest bank heist? Criminals stole $2.5 billion from Iraq's largest state bank in broad daylight. Nicolas Pelham follows their trail. Read the […]
By John Lee. Dozens of people have reportedly protested in front of the offices of the Central Bank of Iraq (CBI) in Baghdad following a fall in value of the Iraqi Dinar (IQD) against the US dollar. Over the previous two days, the dollar is said to have risen from 1,470 dinars to 1,570 dinars. […]
By John Lee. The US has reportedly barred 14 Iraqi banks from conducting dollar transactions, as part of a crackdown on illegal transfers of dollars to Iran and other sanctioned countries. According to the Wall Street Journal, the banks include Al Mustashar Islamic Bank, Erbil Bank, World Islamic Bank, Zain Iraq Islamic Bank and Al […]
By John Lee. The Governor of the Central Bank of Iraq (CBI), Ali Mohsen Al-Alak, received a delegation from the International Finance Corporation (IFC), a subsidiary of the World Bank Group. The meeting discussed bilateral cooperation in the banking sector and its development to align with global technologies. They also reviewed the latest updates on […]
By Lubomir Tassev for Bitcoin.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iran Looking to Replace Dollar With Dinar in $10 Billion Trade With Iraq Iran's government considers employing the Iraqi dinar in bilateral trade with Iraq in a bid to further curtail […]
By John Lee. UK Export Finance (UKEF), the UK's export credit agency, has said it sees "huge opportunity in Iraq". Speaking at the Iraq Britain Business Council's (IBBC) Spring Conference in London recently, Tim Palmer, Head of Renewables and Transition at UKEF, said: "As of today, we have about $1.5 billion worth of risk capacity […]
By John Lee. Iraqi Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein met with Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD). The meeting focused on ways to enhance bilateral relations between Iraq and the bank, with a focus on strengthening the private sector in Iraq and digitizing the […]
By John Lee. Iraq has been granted membership of the Egmont Group, which focuses on exchanging information among financial investigation units combating money laundering and terrorist financing. The vote took place during the group's 29th general meeting in the United Arab Emirates on Wednesday. The meeting was attended by Deputy Chief Judge of the Court […]
From Tasnim, under Creative Commons licence. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. An Iranian official confirmed that the Iraqi government has released all of Tehran's frozen assets, amounting to $10 billion worth of energy debts. The funds have been deposited into an […]
By John Lee. UK-based online trading and foreign exchange company ATFX has announced the start of operations in Iraq, in partnership with Iraq's Ashur Bank. The agreement was signed in Jordan by Joe Li, Global Chairman of ATFX, and Ziad Fatayer, the CEO of Ashur Bank. Speacking at the event, Managing Director of ATFX Levant, […]
By John Lee. US State Department spokesperson Matthew Miller (pictured) has explained the background to Iraq's payment of its debt to Iran, despite the sanctions that are in place with regard to Iran. At a press briefing, he was asked: "Iraqi electricity ministry, they told the state media that Iraq has paid off all the […]
