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 […]
Tag Archives | banking
Iraqi Banks undertake Overdue Reforms
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 […]
Tags: banking, Central Bank of Iraq (CBI), devaluation, dinar, Dinar Exchange Rate News, Dinar Revaluation News, featured, IQD, Iraqi Dinar News, mn, Rafidain Bank, Rasheed Bank, re-denomination, re-valuation, Redenomination, reforms
Trade Bank of Iraq reports 68% Jump in Net Profit
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 […]
Iraqi "First Digital-Only Payment Card"
Iraq-based International Network for Cards and Digital Payment Services (INC Iraq) and a Lebanese fintech startup NymCard that is digitizing how payments cards are issued, delivered, and used, in collaboration with Visa have launched the first digital-only (prepaid) payment card ‘Neo‘ in Iraq to serve the underbanked Iraqi population, the two companies announced in a […]
Tags: banking, credit cards, DJ, featured, International Network for Cards and Digital Payment Services (INC Iraq), Lebanon, mn, NymCard, Visa Card
Iranian Bank Opening 7 Branches in Iraq
An Iranian private bank has been authorized by the Central Bank of Iraq (CBI) to open seven branches in the Arab country, an official said. According to the Chairman of the Iranian Private Banks Institute, Koorosh Parvizian, the Iranian private bank has already opened two of the seven branches in Iraq. He noted that opening […]
Iraq's Diaspora Returning Home with New Skills
By Padraig O'Hannelly. For much of Iraq's recent history, the trend has been for educated and talented Iraqis to leave the country, and for Iraq to use its oil revenues to import the expertise it needs. But that's changing; to at least some extent, the Iraqi diaspora is returning, innovative home-grown Iraqi businesses are being […]
StanChart "Expanding in Iraq as Safety Improves"
By John Lee. Standard Chartered bank is reportedly reviving stalled plans to open a new branch for corporate customers in Basra in the first half of 2020. This would be the UK-based bank's third branch in Iraq. Its Iraq CEO Mohammed Jawad Al-Delaimy told Bloomberg: “Security in Iraq has improved dramatically ... We have witnessed […]
Tags: banking, Basra News, featured, mn, Standard Chartered, Standard Chartered Bank, United Kingdom
Trade Bank of Iraq to open first Saudi Branch
By John Lee. The state-owned Trade Bank of Iraq (TBI) will reportedly open its first operational branch outside Iraq on Thursday. Chairman and President Faisal Al-Haimus told Arab News that the new branch in Saudi capital Riyadh will also be the only active Iraqi bank in the Kingdom. (Source: Arab News)
The IFSB Organises Workshop on Banking Standards in Iraq
By John Lee. The Islamic Financial Services Board (IFSB) is organising a Facilitating the Implementation of the IFSB Standards (FIS) Workshop in Baghdad, Iraq on 1 – 3 April 2019. This Workshop is hosted by the Central Bank of Iraq (CBL). The 3-day Workshop will focus on the following IFSB Standards: IFSB-15: Revised Capital Adequacy […]
Iran-Iraq Banking Problems "Settled"
The Secretary of Iran-Iraq Chamber of Commerce said the obstacles to banking interaction between the two neighbors have been settled and the bilateral trade exchange is fairly normal. In comments at a televised program on Sunday night, Hamid Hosseini said the problems with banking relations between Iran and Iraq have been resolved and the process […]
Iran, Iraq to Use Euro, Dinar in Oil Trade
The governor of the Central Bank of Iran unveiled plans for using non-dollar accounts for oil and gas trade with Iraq. Abdolnaser Hemmati on Wednesday held a meeting with presidents of Iraqi banks, members of Iraq’s chamber of commerce and the Arab country’s business people during a trip to Baghdad. In the gathering, the top […]
PM Urges Rapid Implementation of Iran Banking Deal
Governor of the Central Bank of Iran (CBI) Abdonnaser Hemmati said Iraqi Prime Minister Adil Abdul-Mahdi has voiced “his firm support” for the banking deal reached between the two countries on Tuesday night and called for its rapid implementation. "After a long and four-hour meeting last night with the governor of the Central Bank of […]