By John Lee. Iraq's Federal Commission of Integrity has disrupted an attempt to fraudulently obtain nearly IQD 1.5 trillion (USD 1.1 billion) from two state-owned banks in Baghdad. A field team from the commission's Baghdad Investigations Directorate, working in coordination with judicial authorities, apprehended three suspects at the headquarters of Rafidain Bank. The suspects were […]
By John Lee. State-owned Rafidain Bank has launched the 59th round of its "Leadership and Excellence" initiative to support small and medium-sized enterprises (SMEs). According to the bank, the new round allocates a total of IQD 1 billion (approximately $763,000) to 93 beneficiaries. The programme forms part of the entrepreneurship financing initiative supported by the Central […]
By John Lee. The Federal Integrity Commission has formally rejected claims that around IQD 2.5 trillion (approximately $1.9 billion) was withdrawn or lost from the Social Protection Fund's accounts, confirming that the full amount remains intact and under official control. The Commission said it formed an emergency investigation team immediately after widespread reports alleged the […]
By John Lee. Iraq's state-owned Rafidain Bank has announced the release of the tenth tranche of its "Entrepreneurship and Excellence" initiative, financing 80 projects with 1 billion Iraqi dinars each. This brings the total number of projects funded since the programme's launch to 1,735, with cumulative financing of 22.94 billion dinars. The initiative, launched under […]
By John Lee. Iraq's state-owned Rafidain Bank has announced that it has "completed" 87 percent of its foreign debt obligations through high-level legal and financial negotiations, significantly reducing the country's external liabilities. As part of Iraq's adherence to the Paris Club Agreement and with direct Cabinet approval, the bank concluded major settlements with Dutch and […]
By Padraig O'Hannelly. Iraq is embarking on a comprehensive restructuring of its banking sector with the assistance of leading international consultancy firms, according to Dr Salih Salman, Advisor to the Iraqi Prime Minister, speaking at the Iraq Britain Business Council (IBBC) Spring Conference in London on Tuesday. The Iraqi government has appointed Ernst & Young […]
By John Lee. Customers have reportedly expressed widespread satisfaction with the smooth and organized process of dollar distribution at branches of the state-owned Al-Rafidain Bank. The bank says it has been distributing $2,000 per pilgrim at the official rate of 1,320 IQD per dollar, as set by the Central Bank of Iraq (CBI). In a […]
By John Lee. Prime Minister Mohammed Shia' Al-Sudani addressed the Conference on Reforming the Iraqi Banking Sector on Monday, outlining an ambitious agenda to modernise Iraq's financial infrastructure and promote sustainable economic development. Key initiatives and achievements highlighted in the Prime Minister's address include: Implementation of a three-year national budget, enabling long-term planning and strategic […]
