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By John Lee. The Central Bank of Iraq (CBI) has announced new regulatory controls for combating money laundering and financing terrorism, and for preventing the proliferation of weapons. Click here to download the full document (76 pages, Arabic only) (Source: CBI)
By John Lee. The Iraqi Cabinet has approved significant banking reforms, including the establishment of a new, innovative financial institution named Rafidain First Bank [Rafidain Al-Awal Bank]. The new bank aims to lead regional financial markets and provide advanced digital banking services. Key Details: New Bank Creation: Rafidain First Bank will operate as a joint-stock […]
By John Lee. The Central Bank of Iraq (CBI) has announced the successful transition of external transfers from an electronic platform to direct operations by Iraqi banks through their international correspondent banks. According to a CBI statement, this milestone, fully achieved at the end of December, aligns with global best practices, promoting a stable and […]
By John Lee. The Central Bank of Iraq (CBI) has announced positive financial indicators for Q3 2024, highlighting the success of its monetary policy during the year: Banking Sector Growth (Q3 2024 vs. Q3 2023) Total Deposits in Banks Growth: 4.2% Q3 2024 Value: 127.6 trillion dinars. Q3 2023 Value: 122.4 trillion dinars. Cash Credit […]
By John Lee. The Iraqi Private Banks League (IPBL) has signed a cooperation agreement with Frankfurt School of Finance and Management in Germany, aiming to enhance collaboration in training, consultancy, and academic activities. The agreement is part of the Public Finances and Financial Markets in Iraq (FFM) project, organized by the German Corporation for International […]
By a Guest Blogger. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Anecdotal evidence, including inquiries to Iraq Business News, seems to suggest that supporters of US President-elect Donald Trump are more likely to believe that the Iraqi currency, the Dinar (IQD), will increase […]
By John Lee. The Central Bank of Iraq (CBI) has announced its strategic focus on enhancing the capabilities of the Loan Guarantee Company [Iraqi Bank Guarantees Company (IBGC)] to support the banking sector and "bolster financial depth." Dr. Ammar Hamad Khalaf, Deputy Governor of the CBI, highlighted this priority during the 8th International Guarantee Conference […]
By John Lee. The Central Bank of Iraq (CBI) announced an expansion of foreign currency transfer options for local banks, adding the Jordanian Dinar and Saudi Riyal to the list. Iraqi banks are now also permitted to fund trade with Turkey in Euros, previously restricted to transactions with EU countries. These currencies join the existing […]
From the United Nations Development Programme (UNDP): The Turning Point: Iraq's Leap into the Digital Economy In a world increasingly defined by digital finance, Iraq has taken a transformative step with the Digital Payment Regulation No.2 of 2024. This landmark policy marks more than just regulatory progress; it signifies a realignment of Iraq's financial infrastructure with […]
By John Lee. The Iraqi Private Banks League (IPBL) has reported a significant rise in banking sector deposits over the past two years, crediting the government's focus on digital transformation and electronic payment systems. However, IPBL Executive Director Ali Tariq told the state-run Iraqi News Agency (INA) that 75% of Iraq's money supply remains outside […]
By John Lee. Iraqi Prime Minister Mohammed Shia Al-Sudani has directed new measures to develop electronic payment systems. The initiative includes expanding salary payments to private sector employees through digital channels, similar to government payroll, with the Ministry of Labor and the Central Bank of Iraq (CBI) collaborating on the framework. Additionally, all ministries and […]
By John Lee. A meeting of the Iraqi Cabinet this evening approved an increase in Iraq's quota at the International Monetary Fund (IMF) by 831.9 million Special Drawing Rights (SDR), equivalent to 1.45 trillion Iraqi dinars [$1.1 billion] based on the exchange rate as of October 8, 2024. This 50-percet increase in Iraq's previous quota […]
