Reuters reports that it's a tough road ahead for Iraqi private banks required to raise their capital to boost business as they battle against decades of state dominance to win a slice of the asset base from government-run enterprises. It blames a poor credit culture, the lack of a modern banking system, and the dominance […]
A report on Monday by the International Monetary Fund (IMF) suggests that the Iraqi dinar is currently fairly valued at 1170 dinars to the US dollar: "The CBI [Central Bank of Iraq] will continue to aim at keeping inflation low, predominantly by maintaining a stable exchange rate. The low level and the relative stability of […]
The Executive Board of the International Monetary Fund (IMF) completed the second review of Iraq’s economic performance under a program supported by a Stand-By Arrangement (SBA) on Friday. Completion of the second review makes an additional SDR 297.1 million (about US$471.1 million) available for disbursement, bringing the total resources currently purchased by Iraq under the […]
The International Monetary Fund (IMF) has cited Iraq’s monetary policy as the reason for turning down an Iraqi request for a loan package to reduce its 2011 budget deficit, an advisor to the Iraqi government said on Sunday. AKnews reports that despite the IMF’s rejection, talks between Iraq and the fund continue. “The IMF… is […]
An adviser to the Central Bank of Iraq (CBI) said on Wednesday that the International Monetary Fund (IMF) has renewed its call for Iraq to clear its outstanding debts. Nathhar Mohammed Saleh told AKnews that the IMF called on the Ministry of Finance and the Central Bank to develop feasible solutions to its external debts. […]
Oil prices in the first half of 2010 were higher than estimated by the IMF, but the volume of Iraq's oil exports remained well below projections. Export prices of Iraqi oil averaged $75 per barrel in the first half of 2010, compared to a budgeted price of $62.50 per barrel. Exports, however, averaged 1.88 million […]
The IMF (International Monetary Fund) said on Friday that it was releasing $741m [890 billion Iraqi dinars] in financing to Iraq after the country made good progress in reconstructing its war-torn economy. AFP reports that the loan is the second installment of a 24-month loan the IMF awarded to Iraq in February. The IMF executive […]
The main performance criteria is to hold constant recurrent expenditure in the 2011 and 2012 federal budgets, in nominal terms so that it falls to 57% (from 70%)of GDP by 2012.
