By John Lee. The Central Bank of Iraq (CBI) has decided to resume the sale of gold ingots and coins starting on Wednesday, November 8, 2023, using an electronic platform. The bank has confirmed that both government and private banks can apply to purchase gold ingots and coins through a dedicated online platform, emphasizing that […]
The KRG announced that the National Bank of Iraq (NBI) has formally joined the 'My Account' financial inclusion initiative, bringing the number of participating banks to five: Ashur, BBAC, Cihan, NBI, and RT. This is part of efforts to provide beneficiaries with more banking choices, products, and services and foster healthy competition in the financial […]
By John Lee. The Kurdistan Regional Government (KRG) has announced that BBAC Bank has joined the 'My Account' financial inclusion initiative, increasing the total number of participating banks to four: Ashur, BBAC, Cihan, and Region Trade Bank (RTB). It said this is part of ongoing efforts to expand the initiative and provide citizens with more […]
By John Lee. In a move to enhance collaboration and knowledge sharing, the Iraqi Private Banks League (IPBL) and the Jordanian Association of Banks have signed a Memorandum of Understanding (MOU). The agreement focuses on areas such as training, consultations, and facilitating the operations of member banks. This partnership aims to strengthen ties between Iraq […]
From the World Bank: Statement on the Iraq Economic Monitor Spring/Summer 2023 The World Bank identified an error in the reporting of debt data for 2022 and projections for ensuing years reported in the recently published Iraq Economic Monitor (IEM) Spring/Summer 2023 issue. As a result, the debt-to-GDP ratio in 2022 was corrected from 53.8 […]
By Ahmed Tabaqchali, Chief Strategist of AFC Iraq Fund. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Banks to Fuel the Market's Next Phase The market, as measured by the Rabee Securities RSISX USD Index, was up 16.3% for the month and up 65.5% […]
From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Will digital banks lure out cash under Iraqi mattresses? In Iraq, years of economic and political instability have created an environment of mistrust that is leading many to avoid depositing their money in […]
By John Lee. Fitch Ratings has placed Iraq's Sumer Commercial Bank PSC's (SCB) Long- and Short-Term Issuer Default Ratings (IDRs) of 'CCC+' and 'C', respectively, and Viability Rating (VR) of 'ccc+' on Rating Watch Negative (RWN). It says the recent ban that prohibits SCB from dealing in US dollars restricts the bank's capacity to repay […]
From the World Bank: Without Reforms, Iraq's Oil Boom Could Turn to Bust Iraq's economy continued its oil-driven recovery after the sharp pandemic-induced recession in 2020, but non-oil sectors have stagnated, and growth constraints have reemerged. Despite a record oil windfall and a long-awaited new budget, Iraq nevertheless remains at risk of missing the opportunity […]
By John Lee. The US has reportedly barred 14 Iraqi banks from conducting dollar transactions, as part of a crackdown on illegal transfers of dollars to Iran and other sanctioned countries. According to the Wall Street Journal, the banks include Al Mustashar Islamic Bank, Erbil Bank, World Islamic Bank, Zain Iraq Islamic Bank and Al […]
By John Lee. KRG Prime Minister Masrour Barzani has said that, while the KRG's financial reforms project is still in its preliminary stages, its ultimate goal is to digitise the public sector's payroll, benefiting 1.2 million civil servants. Additionally, the project aims to involve the private sector to ensure accessibility and convenience for everyone in […]
By John Lee. Fitch Ratings has assigned Erbil's Region Trade Bank for Investment and Finance Private Shareholding (RTB) a Long-Term Issuer Default Rating (IDR) of 'CCC+', and Viability Rating (VR) at 'ccc+'. It says the rating reflects the bank's, "limited franchise, unstable business model, volatile and concentrated customer deposit base and weak albeit improving profitability." […]
