Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
The International Finance Corporation (IFC), a member of the World Bank Group, is investing in Basrah Gas Company (BGC) to support one of the largest gas flaring reduction projects in the world, helping to improve energy access, prevent associated greenhouse gas (GHG) emissions and support a more resilient, sustainable energy sector in Iraq. BGC is […]
By John Lee. Iraq's Parliamentary Finance Committee has reportedly warned the Central Bank of Iraq (CBI) of a possible collapse in the value of the Iraqi dinar (IQD) against the US dollar. Committee member Muhammad Al-Shabki told Shafaq News Agency that there are fears of the collapse of the Iraqi currency "in the coming period" […]
Five One Labs, a start-up incubator for entrepreneurs based in the Kurdistan Region of Iraq (KRI), has announced the grant recipients of its Growth Funding Project (GFP). The program aims to support early- and later-stage startups that were impacted by COVID-19 with seed funding grants to grow their businesses, as well as business advisory from […]
By John Lee. The Central Bank of Iraq (CBI) has announced increased funding for the housing sector, and the cancellation of interest on "old and current" loans. It said it has allocated 1 trillion dinars [$685 million] to the Real Estate Bank and about 900 billion dinars [$616 million] to the Housing Fund. (Source: CBI)
By John Lee. The Central Bank of Iraq (CBI) has confirmed its commitment to a stable foreign exchange rate for the Iraqi dinar. According to a statement from the bank, "the dollar exchange rate is fixed and there are no intentions to change." It added that the rate chosen at the end of 2020 was […]
SFD signs a $10 million export financing agreement with the National Bank of Iraq The Saudi Fund for Development (SFD) has signed an export financing agreement with the National Bank of Iraq (NBI), a subsidiary of the Capital Bank Group, to provide credit facilities worth $10 million to Iraqi importers who seek to import Saudi […]
Abu Dhabi Islamic Bank (ADIB) has said it will strengthen its presence in Iraqi market by launching "ADIB Direct", a digital platform that meets the growing business demands in Iraq. ADIB Direct is an intuitive digital banking platform that integrates a suite of corporate banking solutions into a single, streamlined interface. The platform offers cash […]
By Dr. Zeki Fattah, for The Iraqi Economists Network (IEN). Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. The Dutch Disease and Iraq's Foreign Exchange Rate Economists who studied the reasons for the low per capita growth of GDP in developing countries that rely […]
By John Lee. Iraq's Commission of Integrity (COI) has announced that an accountant at the Al-Amara branch of the Agricultural Cooperative Bank has been given a 30-year prison sentence for the embezzlement of 996 million Iraqi dinars ($680,000). Her assets were also seized, and she will be required to repay the amount. A former director […]
By John Lee. Iraq is reportedly trying to recover Iraqi funds frozen in Italy. Foreign Minister Fuad Hussein (pictured) is reported as saying that Baghdad is attempting to recover around EUR 600 million, plus interest, that the Saddam Hussein regime paid to Italian companies to purchase weapons. According to Basnews, the weapons were not delivered […]
From the Iraqi Voices podcast. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. How Can Iraq Upgrade Its Banking Sector? Iraqi Voices hosts Akel Al-Ansari, a commercial banking specialist, to discuss the current state of the banking sector in Iraq and what is […]
By John Lee. The United Kingdom has removed Iraq from the list of high-risk third countries for the purposes of money laundering legislation. The new listing -- "Schedule 3ZA" -- does not include Iraq. This schedule replaces the list in Commission Delegated Regulation (EU) 2016/1675 of 14th July 2016 by identifying high-risk third countries with […]
