Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
By John Lee. Iraq's Federal Commission of Integrity has issued warrants for the arrest of four senior officials in the previous government, including former Minister for Finance, Ali Allawi (pictured). The warrants relate to the theft of 3.7 trillion Iraqi dinars ($2.5 billion) from the General Tax Authority's account at the state-run Rafidain Bank, an […]
By John Lee. Prime Minister Mr. Mohammed S. Al-Sudani received a delegation from the international electronic payment company Visa Inc., led by the company's Regional President for Central and Eastern Europe, Middle East and Africa, Andrew Torre. During the meeting, His Excellency expressed the government's determination to implement reform and move forward with plans for […]
By John Lee. The Central Bank of Iraq (CBI) said on Wednesday that it plans to allow trade from China to be settled directly in yuan, in a renewed attempt to stabilise the value of the Iraqi dinar. In a statement, it said foreign trade financing will be conducted through direct channels in China using […]
By John Lee. On Wednesday, Iraq's Minister of Finance, Taif Sami Muhammad, met with a delegation from the International Finance Corporation (IFC), which is part of the World Bank Group. The delegation was headed by investment officer Mr. Julie Kalos and Mr. Bilal Rabah, the resident representative of the Corporation in Iraq. The meeting discussed […]
By Ahmed Tabaqchali, for the Atlantic Council. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraq needs to address the economy's structural imbalances to halt the dinar's volatility A planned implementation of global procedural requirements for cross-border payments by the Central Bank of […]
By John Lee. Iraq maintains its credit rating at -B/B with a stable outlook, and an emphasis on financial and economic stability, according to a report from Standard & Poor's. The Ministry of Finance says the new classification was a reflection of the policy of continuous economic and financial reforms pursued by the Ministry, in […]
The International Development Bank (IDB) has joined the Iraq Britain Business Council (IBBC) and adds momentum to the Iraqi financial services group at the Council. The International Development Bank now has the largest banking network in Iraq, with over 250 ATM machines and 5,000 selling points, as well as a massive IT infrastructure to provide […]
By Winthrop Rodgers, for Rest of World. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Why cash is still king in Iraq After decades of war, displacement, and sanctions, Iraq remains cut off from the global financial system. Click here to read the […]
By John Lee. The Central Bank of Iraq (CBI) has reportedly confirmed an agreement with J.P. Morgan Development Finance Institution to facilitate payments to China in order to finance private sector imports. According to the state-owned Iraqi News Agency (INA), this agreement enables Iraqi banking systems to make payments directly to the People's Republic of […]
From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Deep Dive: Will Iraq's central bank bring an end to the dinar crisis? The Iraqi dinar has since mid-December plummeted on the parallel market, trading for as low as 1,750 against the US […]
By John Lee. The Iraqi authorities have approved a revaluation of the Iraqi dinar. In a statement said on Tuesday, the Central Bank of Iraq (CBI) said that, starting on Wednesday, the exchange rates will be as follows: 1,300 dinars per dollar: the price of purchasing a dollar from the Ministry of Finance; 1,310 dinars […]
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. Trilateral Biden-Abdullah-Sudani call reiterated support for Iraq The Iraqi prime minister also discussed Iraq's economic situation with the president as the dinar continues to slide against the dollar. Jordan's […]
