Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
By John Lee. The Abu Dhabi Exports Office (ADEX) has reportedly signed a line-of-credit agreement worth AED36.7 million (US$10 million) with the National Bank of Iraq (NBI). According to WAM, the financing agreement was signed virtually by Khalil Al Mansouri, Acting Director-General of ADEX, and Ayman Abu Dhaim, CEO of the National Bank of Iraq. […]
By John Lee. The National Bank of Iraq (IBN) has seen an increase in net income after tax of 29 percent for quarter to the end of Septermber, compared with the same period in 2021. Parent company Capital Bank Group, based in Jordan, said net income after tax reached JD11.1 million [USD 15.7 million] by […]
By Ahmed Tabaqchali, Chief Strategist of Asia Frontier Capital (AFC) Iraq Fund. This article was originally published by the LSE Middle East Centre. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq's Wealth and the Forty Thieves: Structural Enablers of Corruption with Impunity The […]
By John Lee. Iraqi authorities have arrested a businessman suspected of involvement in the theft of $2.5 billion from the country's tax agency. The man, the Managing Director of an oil services company, was detained as he attempted to fly out of Baghdad International Airport (BIAP) on a private jet to Turkey. (Source: Commission of […]
From the Iraq Britain Business Council (IBBC): IBBC focused on 'Iraq - Identifying Business Opportunities' in Dubai conference 10 & 11 November 2022 After a year it now appears, the Iraqi government is forming led by PM designate Mr Mohammed Al Sudani under President Abdul Latif Rashid. There are significant implications for this development […]
From Al Jazeera. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq's new prime minister is facing pressure to deal with a scandal less than a week into his term. The finance ministry says $2.5 billion has been stolen from one of its accounts. […]
By John Lee. A high-level delegation from the Central Bank of Iraq (CBI), headed by the Deputy Governor, Dr. Ammar Hamad Khalaf, participated in the annual meetings held by the International Monetary Fund (IMF) and the World Bank in Washington, DC. During the meetings they parties discussed cooperation with Iraq, and to provide the necessary […]
By John Lee. On Sunday, Oil Minister Ihsan Abdul Jabbar Ismail was replaced as Acting Minister of Finance by Hiam Nemat Mahmoud (pictured). Ismail had be appointed in mid-August following the resignation of Dr Ali Allawi, who stepped down in protest at the widespread corruption in Iraq. According to The National, Parliament voted last week […]
By John Lee. A new paper from Kapita and Euphrates Ventures says that Iraq suffers from a lack of many services due to financial payment issues. "A few options are available in the market, yet those services are not up to international standards and are mostly only functional within Iraq," it says. Among the difficulties […]
By John Lee. Moody's Investors Service has assigned first time local currency long-term/short-term deposit ratings of B3/NP for National Bank of Iraq (NBI), and foreign currency long-term/short-term deposit rating of Caa1/NP. At the same time, the rating agency has assigned a Baseline Credit Assessment (BCA) of caa2, Adjusted BCA of b3, as well as long-term […]
Iraqi Banking Sector and Financial Infrastructure Overview This report dives deep into the financial sector in Iraq, covering Iraqi banks, government structure and spending, electronic and cashless payments, and recent developments in the Iraqi financial scene, as well as the main issues noted. In terms of banking services and technology, Iraq is getting close to […]
By John Lee. The Central Bank of Iraq (CBI) has called on licensed banks to facilitate those wishing to obtain loans from the Renewable Energy Initiative. It said that borrowers have a right to choose the lending bank without the need to transfer their salary to that bank. (Source: CBI)
