Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
By John Lee. Mastercard has signed a partnership agreement with the Central Bank of Iraq (CBI) to digitize the country's payment ecosystem in a bid to boost financial inclusion, encourage socio-economic development, mitigate the risks of a shadow economy and accelerate the advancement toward a cashless society. According to a statement from the company, the […]
By John Lee. The Iraqi government has said it is relaxing monetary policy to help businesses and people on low incomes. Ammar Mohammed (pictured), the Deputy Governor of the Central Bank of Iraq (CBI), said the measures include the provision of "soft" loans up to a value of 15 million Iraqi dinars (IQD) [$10,250], with […]
By John Lee. The Deputy Governor of the Central Bank of Iraq (CBI) has reassured the markets that there will be no further devaluation of the Iraqi dinar. Ammar Mohammed said: "It was important to change the exchange rate before approving the budget in order to know the income and budget in dinars ... to […]
Dar Al Handasah has provided consultancy services to more than 950 clients in 60 countries, and has handled projects involving a total investment cost of over US$ 300 billion. Through these projects, we participate actively in the development of our societies. With a permanent staff of 9,850 and over 4,000 successfully completed projects, DAR has in-house […]
By Joe Snell for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraq passes $89 billion federal budget bill The budget confronted issues of unemployment, currency devaluation and non-oil revenues and was passed as lawmakers prepare for October's general election; the […]
By John Lee. Iraq's Parliament (House of Representatives) has approved the Federal Budget Law for 2021 on Wednesday night. The budget is reportedly based on an oil price of $45 per barrel, and oil exports of 3.25 million barrels per day, giving a budget of 129 trillion Iraqi dinars ($89 billion) and a budget deficit […]
By John Lee. Fitch Ratings has revised its outlook on Iraq's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at 'B-'. More here. (Source: Fitch)
By John Lee. The Iraqi President, Barham Salih (pictured), has reportedly announced new legal measures to recover funds looted from Iraq. Economist Basem Jamil Antoun told Asharq Al-Awsat that funds stolen since the fall of Saddam Hussein in 2003 are estimated at $250 billion. Click here to read the full story. (Source: Asharq Al-Awsat)
By John Lee. First Iraqi Bank (FIB), a newly established digital bank in Iraq, has reportedly selected the ICS BANKS digital banking platform from ICS Financial Systems Limited (ICSFS), to start its operations in Baghdad, Iraq. Shaymaa Ali Hussein, Managing Director of First Iraqi Bank said: "The need for a digital bank in Iraq today […]
By John Lee. The Iraqi Cabinet held its weekly meeting on Tuesday under the chairmanship of Prime Minister Mustafa Al-Kadhimi. Addressing the meeting, the Prime Minister said the reserves of the Central Bank of Iraq (CBI) have increased by $4 billion, adding that the government has been able to tackle what it describes as "the […]
By John Lee. The Central Bank of Iraq (CBI) has announced the launch of its "digital enrollment service", which it says is the first of its kind in Iraq and the region. According to a statement from the CBI: "Digital enrollment is an integrated digital financial system that enhances financial independence and liberation from traditional […]
By John Lee. Iraq is reportedly in discussions with the International Monetary Fund (IMF) to secure a $6 billion loan to help its finances. Finance Minister Ali Allawi (pictured) told Bloomberg that Iraq can apply for $2 billion in quick financing from a special mechanism to help Covid-battered economies, followed by an additional $4 million.. […]
