Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
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.. […]
By Ahmed Tabaqchali, CIO of Asia Frontier Capital (AFC) Iraq Fund. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Market Review: "Stock Market Rallies on Currency Devaluation" For Iraq and its equity market the year ended the same way it began, with a bang […]
By John Lee. The Central Bank of Iraq (CBI) has reportedly announced its participation in the Arab Monetary Fund's Buna payment platform. The AMF describes Buna as a multi-currency payment platform, providing clearing and settlement services, in Arab and international currencies. More here and here. (Sources: Shafaq News Agency, AMF)
By John Lee. Iran's Minister of Energy has said that a euro account is to be opened in Baghdad so that Iraq can pay its debts to Iran for electricity and natural gas purchases. IRNA reports that Reza Ardakanian added that the same account can be used for Iraq's debts to Iranian private sector companies. […]
By John Lee. Iraqi financial services company Switch has reportedly entered a strategic partnership with shopping app and cross-border e-commerce marketplace ZoodMall. According to Startup MGZN, all Switch cardholders, subject to approvals, will have instant access to three types of "buy-now-pay-later" solutions on ZoodMall's mobile-only shopping app. (Source: Startup MGZN)
By Omar al-Jaffal 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 Banks undertake Overdue Reforms The Central Bank of Iraq (CBI) announced in a statement Dec. 19 the devaluation of the Iraqi dinar to 1,450 to help reduce the […]
Capital Bank and Bank Audi Sign Definitive Agreements for the Sale of the Assets and Liabilities of Bank Audi Branches in Jordan and Iraq Capital Bank Group and Bank Audi Group have announced the signing of the definitive agreements for the acquisition by Capital Bank of the operations of Bank Audi's Jordan Branch Network, and […]
From Rudaw. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Price hikes at Sulaimani market following dinar devaluation Traders in Sulaymaniya (Slemani) say the devaluation of the Iraqi dinar is driving up prices for local shoppers. Click here to read the full story. (Picture […]
By John Lee. Rudaw reports that hundreds of people protested in Baghdad's Tahrir Square demanding that the government reverse its decision to devalue of the Iraqi dinar against the US dollar. According to The Arab Weekly, the devaluation sparked panic across the country, as people rushed to buy dollars or stock up in supermarkets before […]
