Governors of the central banks of Iran and Iraq signed an agreement to develop a payment mechanism aimed at facilitating banking ties between the two neighboring countries. The deal on the payment mechanism was signed in a meeting between Iran’s Abdolnaser Hemmati and Iraq’s Ali Mohsen al-Allaq in Baghdad on Tuesday night. Speaking at the […]
The central banks of Iran and Iraq are finalizing negotiations to begin trade in their own currencies, chairman of Iran-Iraq Chamber of Commerce said. Speaking to Tasnim, Yahya Ale-Eshaq said negotiations between the central banks of Iran and Iraq are under way to reach an agreement on using rial and dinar in bilateral trade. Once […]
By John Lee. Iran's private banks have reportedly laid the groundwork for setting up a joint bank with their counterparts in Iraq. Yahya Al-e Es'haq [Yahya Ale-Ishaq] (pictured), head of Iran-Iraq Chamber of Commerce, is quoted as saying that the bank would operate under the regulations of central banks of the two countries to facilitate […]
This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. By Abbas Sarhan. The Iranian banking system was seen as an attractive alternative to Iraq’s shaky financial institutions. But a recent, drastic devaluation in the Iranian rial means Iraqi money […]
Iran’s president called for stronger banking relations with Iraq to allow for a growth in the bilateral trade and economic cooperation. In a meeting with Iraq’s parliament speaker in Tehran on Tuesday, President Hassan Rouhani said expansion of economic and trade ties between the two neighbors hinges on enhanced baking relations. The central banks of […]
By John Lee. Iraq's state-owned Rasheed Bank has applied for permission to set up a branch in Iran. At a meeting on Sunday between Iran's Minister for Industry, Mining and Trade, Mohammadreza Nematzadeh, and Iraqi Minister for Industry and Minerals, Mohammed Shia 'Al Sudani, Minsiter Al Sudani said he hoped the application would be approved. […]
By Robert Tollast Recently, a friend at Fikra Space, the pioneering Iraqi hackerspace group, emailed me some news that could have far reaching effects in Iraq. On the face of it, it probably seems like a fairly mundane development. Ideal Payments, the electronic payment providers, have partnered with Belgium based Monniz and Iraq's Taif Money […]
By John Lee. Iran and Iraq have signed a memorandum of understanding (MoU), covering cooperation in the banking sector, in Baghdad on Wednesday. IRNA reports that the MoU was inked at a meeting attended by the visiting Governor of the Central Bank of Iran (CBI), Valiollah Seif (pictured), and his Iraqi counterpart Ali Al Alagh […]
By Padraig O'Hannelly. This week in London, the Iraq Britain Business Council (IBBC) held its annual Autumn Conference, taking as its theme "Iraq in the Global Marketplace". A full house of senior executives, diplomats and public officials shared their views and experiences of business in Iraq, and discussed what Iraq can do to raise its […]
By Amina al-Dahabi for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraq’s private banking sector is having trouble meeting customers’ demands because of liquidity issues, leading to unrest and worry. Some banks are limiting withdrawals to a specific percentage of deposited funds, while others have stopped […]
By Mark DeWeaver. This has been quite a year for the Iraqi dinar. From a level of IQD 1,217: USD 1 at the end of 2014, the market rate for the currency weakened steadily during the first quarter, penetrated a key support level at 1,290 in late April, and reached a low of 1,379 on […]
By John Lee. The Central Bank of Iraq (CBI) has allocated $5.1 billion (6 trillion Iraqi dinars) in loans to banks in a bid to keep a handle on inflation. Ali Allaq, Central Bank general manager, told the Al-Hayat newspaper on Monday that the CBI is responsible for the stability of the market, adding that […]
