By John Lee. An agreement has been reached to open a branch of JP Morgan in Iraq to finance projects implemented by American companies. The deal was agreed during a meeting in Washington between Prime Minister Ali al-Zaidi and representatives of the bank. Earlier this month, we reported that KAR Electrical Power Plant Production Trading […]
By John Lee. Seven Iraqi banks have been cleared to re-enter non-dollar international correspondent banking channels, following high-level meetings between the governor of the Central Bank of Iraq (CBI) and officials at the US Treasury. The meetings followed Prime Minister Ali al-Zaidi's official visit to the United States and his meeting with the US President. […]
By John Lee. Iraq's Prime Minister Ali al-Zaidi has met with World Bank Group President Ajay Banga in Washington. The delegation accompanying Banga included Makhtar Diop, President of the International Finance Corporation (IFC), and senior World Bank officials. According to the Prime Minister's Office, al-Zaidi highlighted the government's focus on banking sector reform and programme […]
By John Lee. The Central Bank of Iraq (CBI) has reportedly launched a lending initiative worth IQD 1.2 trillion (USD 916 million) to support education and veterinary medicine, and to strengthen liquidity in the banking sector. According to the state-run Iraqi News Agency (INA), the initiative is based on Central Bank Law No. 56 of […]
By John Lee. The Central Bank of Iraq (CBI) has reportedly ruled that banks may disburse customers' dollar-denominated deposits in cash, effective 15 July 2026. According to the state-run Iraqi News Agency (INA), a CBI circular sets out the following provisions: Banks may continue to open foreign-currency accounts for customers, with customers entitled to withdraw […]
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 […]
