By John Lee. Iraqi Prime Minister Mohammed Shia Al-Sudani has presided over a meeting with representatives from Ernst & Young (EY), specializing in auditing and financial consulting. The preliminary draft of the company's plan for restructuring the state-owned Rafidain Bank was discussed. According to a statement from the Prime Minister's office, he emphasized the need […]
By John Lee. The National Bank of Iraq (NBI) has announced the introduction of three new banking systems. According to Izzidin Abusalameh, Group Chief Operating Officer of Capital Bank of Jordan (majority shareholder of NBI), trade finance operations will be enhanced with the help of software from UK-based Finastra. Additionally, both NBI and Capital Bank […]
By John Lee. Fitch Ratings has affirmed Gulf Commercial Bank (GCB)'s Long-Term Issuer Default Rating (IDR) of 'CCC+', and Viability Rating (VR) at 'ccc+'. It says the rating, "reflects a weak operating environment, the bank's weak franchise and volatile business model, high risk appetite, including still high related-party lending, and weak asset quality and profitability." […]
By John Lee. Fitch Ratings has affirmed Iraq's Sumer Commercial Bank PSC's (SCB) Long- and Short-Term Issuer Default Ratings (IDRs) at 'RD' (Restricted Default) and Viability Rating (VR) at 'f'. Fitch has also withdrawn the bank's ratings. It says that, before the rating withdrawal, SCB's IDRs reflected the Central Bank of Iraq's (CBI) intervention, which […]
By John Lee. Fitch Ratings has affirmed Iraq's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-' with a Stable Outlook. More details here. (Source: Fitch Ratings)
By John Lee. The Iraqi Ministry of Oil and its subsidiary, the Oil Products Distribution Company, have decided to implement electronic payment systems at all fuel stations starting January 1, 2024. The Ministry says it will also suspend cash handling from this date, adding that this move aligns with government guidelines to enhance efficiency, automate […]
By John Lee. Iraqi Prime Minister, Mohammed Shia al-Sudani, led a meeting on Tuesday to monitor the progress of banking reforms. The session, attended by the Finance Minister, Governor of the Central Bank of Iraq (CBI), and directors of government banks, focused on administrative and banking reforms initiated by the government as part of comprehensive […]
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 […]
