Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
By John Lee. Iraq has reportedly devalued its currency by about 20 percent against the dollar. According to Bloomberg and The Arab Weekly, the Central Bank of Iraq (CBI) has reduced the official rate to 1,450 dinar per US dollar. The previous official rate was 1,182 dinar to the dollar. Reuters adds that the decision […]
A leaked draft of Iraq s state budget sent Iraqis into a panic on Thursday as it confirmed the government's intentions to devalue the national currency the Iraqi dinar [IQD], and cut salaries to cope with the impacts of a severe economic crisis. Click here to read the full story from The Independent. (Source: The […]
By John Lee. Moody's Investors Service has said that Iraq's credit profile (issuer rating Caa1) "is supported by the country's 'ba2' economic strength ... its 'caa3' institutions and governance strength ... its 'ba3' fiscal strength ... and its 'caa' susceptibility to event risk". The company made the announcement on Monday following its periodic review of […]
By John Lee. Dinar value falls as Iraq contemplates currency devaluation MPs say Iraq's 2021 budget is likely to bring a significant drop in the value of the dinar, helping the government's balance sheet but hurting the purchasing power of most Iraqis. More details here from Iraq Oil Report (subscription required) (Source: Iraq Oil Report) […]
By John Lee. A member of Iraq's Parliamentary Finance Committee has reportedly confirmed the government's intention to devalue the Iraqi dinar. MP Jamal Kocher told Shafaq News Agency: "I think that there is a government tendency to create an atmosphere for raising the dollar exchange rate more than it was in previous budgets ... The […]
By John Lee. At a webinar hosted by the Iraq Britain Business Council (IBBC) yesterday, a team of experts presented and discussed their insights on the Iraqi government's recent White Paper, and on the challenges and opportunities facing the country. On the subject of the Iraqi currency, Frank Gunter, Professor of Economics at Lehigh University, […]
IBBC's 5th Annual Iraq Conference in Dubai - Opportunity in Adversity The Iraq Britain Business Council (IBBC) was much praised at its conference on Thursday for pioneering in COVID-19 times by bringing together senior officials from Iraq, the UAE and the UK, prominent international and Iraqi businessmen, bankers and professional advisers as speakers and over […]
By Salam Zidane for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. International financial alliance forms to help Iraq Several countries are forming an economic alliance to help Iraq in its financial crisis. Click here to read the full story.
By John Lee. The United Nations Compensation Commission (UNCC), which was established to pay compensation for losses and damage as a direct result of Iraq's unlawful invasion of Kuwait in 1990, has made available $230 million to the Government of Kuwait towards the Commission's remaining claim with an outstanding award balance. With this payment, the […]
Why you should come to the IBBC Conference in Dubai, entitled 'Opportunity in Adversity' On 19th November the Iraq Britain Business Council (IBBC) is holding its Autumn conference in person at the Address hotel Dubai Marina. Some would say it's a brave decision, considering COVID, but others are keen to take up the challenge and […]
The Iraqi government's proposal to shrink public-sector payrolls and pension costs as part of efforts to reduce fiscal imbalances and ease financing strains could slow the depletion of foreign-exchange reserves, but will be tough to implement and risks aggravating social unrest, says Fitch Ratings. More here. (Source: Fitch)
By John Lee. iGrafx, a provider of business process management solutions, has announced that it has implemented Iraq's first Enterprise Business Process Management (EBPM) solution with the National Bank of Iraq (NBI). The National Bank of Iraq was founded in 1995 as a publicly traded private company providing comprehensive banking services for individuals and companies […]
