By Valentina Pasquali, for Arabian Gulf Business Insight (AGBI). Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. ZainCash CEO: Iraq is 5 years behind in digital payments A burgeoning youth market is driving adoption of digital payments in Iraq, but deep-rooted reliance on […]
By John Lee. S&P Global Ratings has affirmed its 'B-' long-term and 'B' short-term foreign- and local-currency sovereign credit ratings on Iraq. It added: "We removed the long-term ratings from CreditWatch, where we placed them with negative implications on March 17, 2026. The outlook on the long-term ratings is negative." More details, including economic stats, […]
By John Lee. Iraq and Australia have discussed expanding cooperation in the financial and banking sectors, with a focus on economic reform, development, and knowledge-sharing. During a meeting in Baghdad, Finance Minister Faleh Al-Sari and Australian Ambassador Glenn Miles reviewed opportunities to strengthen economic relations between the two countries. The discussions covered a range of […]
By John Lee. Iraq's Ministry of Finance has held talks with the European Bank for Reconstruction and Development (EBRD) on financial and technical cooperation and support for development priorities in Iraq. Finance Minister Falah Sari received EBRD Iraq Country Head Katarina Bjorlin Hansen on Sunday to discuss the outlook for collaboration. The minister said the […]
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. A meeting took place at the Iraqi Embassy in London on 23rd April 2026 to explore prospects for joint cooperation in economic and commercial fields. The Iraqi side was represented by Counsellor Amer Abdulhussein Al-Fatlawi and Counsellor Atheer Abood Al-Saedy. The British side included Raoul Hodgson from the Iraq Department at the […]
By John Lee. The Central Bank of Iraq (CBI) has confirmed that all requests for US dollars from banks and exchange companies have been fully met, covering pilgrims, travellers, and external transfers. The bank stated that authorised exchange companies permitted to sell dollars to travellers and pilgrims are listed on its official website, ensuring regulated […]
By John Lee. Iraq's state-owned Rasheed Bank is preparing to facilitate the sale of US dollars to pilgrims ahead of the upcoming Hajj season. The bank has instructed its branches to implement logistical arrangements, including increasing staffing levels, to ensure efficient processing of expected demand. According to the bank, the measures form part of a […]
By John Lee. Rasheed Bank has been authorised to contract Ernst & Young (EY) to carry out financial and banking audit and oversight work, as part of Iraq's banking sector reform programme. The decision was approved on Tuesday during a regular session of the Council of Ministers chaired by Prime Minister Mohammed Shia Al-Sudani. The […]
By John Lee. The Central Bank of Iraq (CBI) has announced a series of measures to address issues affecting Iraqi banks restricted from dealing in US dollars. In remarks reported by the state-run Iraqi News Agency (INA), Ahmed Dawood Salman, Director of Transfers at the CBI, said the bank is working with international audit firms, […]
By John Lee. S&P Global Ratings has placed the 'B-' rating on First Iraq Islamic Bank For Investment And Finance JSC on CreditWatch with negative implications. It added: "A sharp decline in oil production tied to the increased escalation of the Middle East conflict could lead us to downgrade Iraq, which could, in turn, affect […]
By John Lee. S&P Global Ratings has placed its 'B-' long-term sovereign credit ratings on Iraq on CreditWatch with negative implications. It affirmed 'B' short-term foreign and local currency ratings and 'B-' transfer and convertibility assessment. It added: "The CreditWatch negative reflects the risk of a downgrade for Iraq due to a sharp fall in oil […]
