The Central Bank of Iraq (CBI) said on Friday that the performance of private banks is better than the performance of state-owned banks, indicating that the lack of restrictions and bureaucracy in private banks gave them a competitive advantage. Muzher Mouhammed Saleh, the chancellor of the CBI, told AKnews: "The future in Iraq will be […]
United States Forces-Iraq provided a forum for members of Iraq’s intelligence community to network across ministries in an effort to assess and promote processes leading to developing a more financially-secure and self-sustaining nation as U.S. Forces continue to draw down. The Intelligence Officer Financial Manager Conference was conducted at the Babylon Conference center here Nov. […]
The managing director of Iran's Arvand Free Zone, Ali-Asghar Parhizgar, has said Iraqi banks have filed requests to set up branches in the zone, according to a report from Tehran Times. Since the establishment of foreign banks' branches in Iran's free zones was facilitated, Iraqi banks have welcomed setting up shops in Arvand Free Zone, […]
The Central Bank of Iraq has instructed private banks to raise at least $7 billion in fresh capital over the next three years to be able to handle an expected oil-fueled construction boom, according to the Wall Street Journal. Ahmed Ibraihi, Vice Governor of the Central Bank of Iraq, told the newspaper on Wednesday that […]
Iraqi banks need to raise at least $10 billion [12 trillion Iraqi dinars] in fresh capital over the next three years to prepare for the expected oil-fuelled construction boom and meet new regulatory requirements, Reuters quotes an investor. Iraq has signed multi-billion deals with oil firms to boost output capacity to 12 million barrels a […]
AFP reports that Iraq's privately-owned banks have called for the country's state-owned lenders to be privatised, to break up a near monopoly in lending by politicians whose actions remain stuck in the Saddam-era. Although foreign cash has flowed in since the US-led invasion of 2003, ministers still opt to use government banks to do business […]
Iraqi banks might offer huge growth opportunities in the future for investors willing to take some risks, but analysts and investors say the industry needs to consolidate first and change its business model, according to a report from Reuters. With violence ebbing from the peak of sectarian warfare in 2006/07, foreign firms and banks are […]
Emerging from the global financial crisis unscathed, several Turkish banks plan to expand into neighbouring countries. Following Ziraat Bankas, Bankas and Kuveyt Türk, leading Turkish bank Albaraka Türk is also planning to open a branch in Erbil, northern Iraq, Fahrettin Yahi, the general manager of the bank, said yesterday. The growing business volume between Turkey […]
