Tag Archives | IQD

Iraq announces Major Banking Sector Overhaul

By Padraig O'Hannelly. Iraq is embarking on a comprehensive restructuring of its banking sector with the assistance of leading international consultancy firms, according to Dr Salih Salman, Advisor to the Iraqi Prime Minister, speaking at the Iraq Britain Business Council (IBBC) Spring Conference in London on Tuesday. The Iraqi government has appointed Ernst & Young […]

Dinar Fraud Case: Court Recovers $2.3m

By John Lee. Iraq's Second Karkh Investigative Court has recovered 3 billion Iraqi dinars [$2.3 million] in connection with a financial fraud case involving two companies accused of manipulating foreign currency exchange rates through illegal overseas transfers. The companies had allegedly exploited discrepancies in the dollar exchange rate using fraudulent methods to generate profits, in […]

Iraqi Dinar Hoarding "Has Reached Critical Levels"

From Rudaw. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. 90 percent of Iraq's money supply held outside banks: PM advisor Nearly 90 percent of Iraq's money supply is held outside the formal banking sector, largely hoarded in homes, a senior financial advisor to […]

Iraq Dinar Fraud: $8.4m Recovered

By John Lee. The Iraqi Judiciary has recovered 11 billion dinars [$8.4 million] following a financial fraud case involving a company that illegally profited from currency exchange rate differences through fraudulent overseas money transfers. According to a statement from Iraq's Commission of Integrity, the recovery was led by the Second Karkh Investigation Court, under the […]

Hoarded Wealth, Frozen Economy: Iraq's Hidden Cash Crisis Deepens

From Kurdistan24. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Hoarded Wealth, Frozen Economy: Iraq's Hidden Cash Crisis Deepens For many Iraqis, banks are not seen as safe havens but as unreliable or even risky institutions. And for countless others, personal experiences of fraud […]

Dinars to Dollars: Official List of Approved Banks

By John Lee. The Central Bank of Iraq (CBI) has announced that pilgrims can purchase dollars through designated banks and companies in Baghdad and other provinces. The process involves exchanging Iraqi dinars for US dollars at the branches of participating banks and companies. Further details and a list of the authorized entities are available on […]

Iraqi PM directs Banks to Accelerate Reforms

By John Lee. Prime Minister Mohammed Shia Al-Sudani chaired a high-level meeting with the heads of Iraqi banks on Monday, reaffirming his government's commitment to banking reform as a pillar of broader economic revitalisation. He directed all banks to simplify procedures, embrace modern technologies, and encourage public confidence by stimulating deposits. The Prime Minister announced […]