Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
By John Lee. The Iraqi parliament has reportedly authorised borrowing of up to $5 billion (Dh18bn) from abroad after the fall in oil prices caused a financial crunch. According to The National, the vote came a few days rating agency Fitch forecast the economy to shrink 9 per cent this year and debt to skyrocket. […]
By John Lee. Fitch Ratings has affirmed Trade Bank of Iraq's (TBI) Long-Term Issuer Default Rating (IDR) at 'B-' with Negative Outlook. A full list of rating actions is below. The Negative Outlook mirrors that on the sovereign. This reflects the impact of oil price slump on Iraq's fiscal and external finances, near-term uncertainty over […]
By John Lee. The Iranian parliament, the Majlis, has approved a government bill to redenominate its currency, dropping four zeros. According to Tehran Times, the proposal came from the Central Bank of Iran (CBI), and will result in a new currency, the "toman", which will equal 10,000 rials. Reuters reports that the bill must now […]
The Iraq Britain Business Council (IBBC) held a well attended video conference on the subject of 'The Adoption of Fintech and Online Safety and its impact on the Iraqi Economy', for members and a wider audience of Tech specialists in UK and Iraq. The key speakers included: Hugo Rousseau - Program manager for Fintech at […]
Iraq Britain Business Council (IBBC) Tech forum Video Conference Monday 27th April, 2:00 - 2:45 pm UK time. Topic: To discuss the adoption and benefits of Fintech and Cyber Tech and likely impact on the Iraqi economy, based on experiences elsewhere. Speakers: Hugo Rousseau: program mgr financial services TechUK (the UKs largest Tech association) Yazen […]
By John Lee. Fitch Ratings has revised the outlook for the Trade Bank of Iraq (TBI) from "Stable" to "Negative". In a statement, it says that TBI's Issuer Default Rating (IDR)s are driven by the bank's Viability Rating (VR) and underpinned by potential sovereign support. "The revision of the Outlook to Negative from Stable follows […]
From Middle East Monitor, under a Creative Commons licence. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Iraq asks IMF for debt deferment due to coronavirus crisis The economic and finance adviser to Iraq's Prime Minister has revealed that talks are taking place […]
Trade Bank of Iraq Announces Capital Increase to USD 3 Billion Under New Three Year Strategic Vision The Trade Bank of Iraq (TBI) has announced a new capital increase that aims to raise the bank's financial strength in line with the new strategic vision for 2020-23. The bank has increased its capital to USD 3 […]
By John Lee. The Central Bank of Iraq (CBI) has announced that the repayment of loans obtained under its '1 and 5 trillion dinars' finance initiatives for small and medium size businesses (SMEs) will be suspended for three months. According to a statement from the Government of Iraq, the move is an attempt to ease […]
From Middle East Monitor, under a Creative Commons licence. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Iraq's official anti-corruption agency stated in its latest annual report that it restored 2.84 trillion Iraqi dinars ($2.38 billion) to the Treasury in 2019. The Federal […]
By John Lee. The Trade Bank of Iraq (TBI) has reported that it has achieved a "robust growth" in revenues and in key financial areas during 2019, for another consecutive year with its consistent performance, preliminary report released by the bank for the financial year during 31/12/2019. In a statement, the bank said it posted […]
Registration is now open for Tenth Iraq Day at the Mansion House on 30 March 2020 Tenth Iraq Day at The Mansion House IBBC Spring Conference 2020 ‘Iraq – Open for Business’ 30 March, The Mansion House, London This could be the year Iraq gets serious about reform and investment. For too long, Iraqi Governments […]
