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Banking & Finance

The central bank of Iraq has decided to open two branches in Erbil and Sulaimani next month after a year of talks with the Kurdish government.
To upgrade to develop a digital platform, Trade Bank of Iraq (TBI) is working with core banking technology provider Misys.
It is reported that IMF or International Monetary Fund has planned for sending its team Jordan and Iraq for talks regarding economic aids to these countries. Both the countries are suffering from regressive economic conflicts.
Central bank of Iraq has announced that the selling more than 76 million dollars in its daily auction on Sunday. Rate exchange of 1166 IQD is 1 dollar.
On Sunday, Rafidain Bank expressed its keenness to deliver support in the field of commercial banking and investment funds and provide funding for the various sectors in accordance with the development plans.
Jordan Securities Commission has authorized Capital Bank of Jordan last week, in order to raise its capital from JD181.5 million to JD200 million. The JD18.5 million capital increase will be carried out through capitalizing the amount from the JD44.16 million of retained earnings and distributing bonus shares at a rate of 10.19 to shareholders registered in the company's records at the end of July 7, 2015.
An Iraqi bank controlled by Jordanian interests plans to open five more branches in Iraq by the end of this year, a sign that there is still money to be made in much of the country despite civil war and low oil prices.
On Sunday, Rafidain Bank has declared to launch MasterCard service for the retirees, who are presently living in abroad.
Central Bank of Iraq has reportedly allocated $5.1 billion in loans for governmental and private banks throughout the crisis-hit country in a bid to keep a handle on inflation.
Iraq is planning for obtaining a sovereign credit rating and also planning to approach credit agencies, as it is getting prepared for a $5 billion bond issue, which will be required to cover a budget deficit caused by low oil prices.
Iraq is discussing its financial situation with the International Monetary Fund but has made no decision to request emergency assistance, Iraqi Finance Minister Hoshiyar Zebari said on Tuesday.
Iraqi finance minister, Hoshiyar Zebari stated that Iraq is discussing a possible bond issue worth nearly $6bn with Deutsche Bank and Citibank as part of its efforts to cover a huge projected budget deficit this year.
The World Bank Group and the Kurdistan Regional Government (KRG)-Iraq, launched on February 24 a social protection program of support to promote equity in living standards and reduce vulnerability.
Finance Minister Hoshyar Zebari, discussed with a number of senior government officials, parliamentarians, and directors of banks today, ways
The Central Bank of Iraq decided to stop working in the currency auction system and begin remittance system.
For all the sectarian violence gripping Iraq, Shariah-compliant banks operating in the nation see opportunities for growth.
During a meeting on Monday, Nişantaşı University Rector Kerem Alkin said that the central bank has maintained its own method of dealing with monetary policies over the past four years despite critical statements by several Cabinet ministers.
The executive Manager of the Iranian Iqtisad Niween Bank, Hassan Mutamadi, assured that his bank "established the Regional Cooperation Bank in Iraq with investment participation of 68% from Iranian and Iraqi investors."
The central bank of Iraq, announced on last Thursday that it will form a committee in order to investigate a theft of 500 billion dinar from the large bank accounts of al-Rafidain Bank.
Islamic banking operations account for 1.5% of total assets of Iraqi banks and could rise to 6% in the next three years if stability returns to the country and a legal framework is put in place to regulate the industry, experts said.
Burgan Bank Group, the regional commercial bank and the second largest commercial bank by Assets in Kuwait where it is headquartered, announced that the appointment of Mr. Faisal Al Haimus, as the Chief Executive officer to Bank of Baghdad - a Burgan Bank Group’s Subsidiary in Iraq is a step among many that have been undertaken to build Iraq’s best in class commercial bank that is present in the 18 governorates in Iraq.
Bank of Baghdad (BOB), an Iraq based company, has confirmed the appointment of Mr. Faisal Al- Haimus as Managing Director of the Bank.
Iran and Iraq are in talks to finalize a draft MoU for the establishment of a joint bank to ease commercial barriers and facilitate monetary transactions between the two neighbors.
The Provisional Liquidators reported that they had completed the asset realizations of Rafidain Bank in the UK and that there were no funds remaining in either the Provisional Liquidation or the Scheme. The Provisional Liquidators will now apply to the English Court to vacate the office, following which they will seek release from liability in relation to the Provisional Liquidation of Rafidain Bank.
The governor of Basra Majid al-Nasrawi discussed in Basra on Wednesday with the executive manager of the Standard and Chandler Bank, Ghavin Weshart, the possibility of mutual economic cooperation.
The Central Bank of Iraq has reported that 17 banks had participated in its currency auction on last Tuesday.
CrediMax, the first credit card issuer and acquirer in the Kingdom of Bahrain in coordination with its partner, Global Payment Service (GPS), recently held a three-day training session on efficient card chargeback and brand settlement processing for the employees of Trade Bank of Iraq.
The Central Bank of Iraq has announced that it will adopt the electronic payments of funds (Visa Cards) to limit the phenomena of carrying and dealing with cash.
Dubai Chamber of Commerce and Industry has suggested Iraqi banks to expand their networks through Dubai. Dubai is undoubtedly becoming the world capital of Islamic economy.
Net gold purchases of Central Banks reached 122.4 tons in the first quarter of this year, comfortably within the range of buying that has been in place for the last three years, said World Gold Council (WGC).
Financial deposits have increased at Iraqi government and private banks, which Iraqi experts and banking specialists say reflects growing public confidence in the country's banking institutions.
Fransabank joins a growing number of Lebanese banks in the Kurdistan Region, where there are more banks from Lebanon than any other foreign country.
Financial deposits have increased at Iraqi government and private banks, which Iraqi experts and banking specialists say reflects growing public confidence in the country's banking institutions.
Major Arab banks with money to spend are expanding across the Middle East in markets such as Egypt and Iraq, as they take advantage of a retreat from some areas by international rivals, senior Arab bankers say.
Central Bank of Iraq declared that it granted approval to the companies of money transfer to open accounts directly in the Bank.
The Al-Warka Bank was already having stability problems when the U.S. began to close all its accounts as part of the withdrawal of troops from Iraq. After that some banking errors appeared and Army lost $6.5 million.
Minister of Finance Agency Safi-ddin al-Safi touched in Washington with the head of the Middle East and North Africa of the International Monetary Fund Masood Ahmed to discuss the possibility of support given to the Ministry of Finance.
Basra Governorate announced that the start of granting loans for unemployed people within the national strategy of eliminating unemployment and alleviate poverty.
It has been reported that the Central Bank of Iraq may buy more gold in the forthcoming days. On Tuesday, Iraqi finance minister, on the sidelines of an Arab ministers meeting in Tunis, has remarked this.
The central bank of Iraq has disclosed today that around 15 Arab and foreign banks opened their branches during the last three months of this year.
Abu Dhabi Islamic Bank (ADIB) is the latest lender after JPMorgan, Citi and Standard Chartered to expand business in Iraq as the oil rich country boosts crude production and rebuilds its infrastructure.
Central banks are still adding gold bullion to their reserves and the smaller countries are getting into the act big-time.
The Central Bank announced on Thursday the rise of its reserves of pure gold up to /90 / tons , after it bought 60 tons during the last two months .
Iraq will seek $2 billion in financing for some of the 40 jetliners it has on order from Boeing Co. (BA:US) as the Middle Eastern country recovering from years of warfare taps U.S. export credit for the first time.
After lifting of Chapter 7 sanctions, Iraq is now finally ready to lift the American protection on the Iraqi money deposited in the United States of America. This step was welcomed by many but also stirred fear as it might be a qualitative step in the financial Iraqi sector. Will this money become an easy target to some authorities under the pretext of debt?
Saleh Majid owns an electrical supplies shop in Baghdad’s busy Shorja market area. After closing his shop, every day he carries his profit money on his way to home, despite depositing the money in banks.
Baha al-Araji, Iraqi MP from al-Ahrar bloc mentioned that the International Bank has warned the Iraqi government from interfering in the activities or performances of the Central bank of Iraq.
Banking activity in Kurdistan has slowed down since the beginning of 2014 due to a delay in adopting Iraq's federal budget, Adham Karim Darwesh, general manager of the Erbil branch of the Central Bank of Iraq , told Zawya in an interview.
An IMF mission led by Carlo Sdralevich, Mission Chief for Iraq, visited Amman during the period March19-24 to meet with an official Iraqi delegation led by Acting Minister of Finance, Dr. Safa Al Safi. The IMF mission also met with the Acting Governor of the Central Bank, Dr. Abdul Basit Al Turki Said, and officials from the ministries of finance, planning, and oil, the central Bank, and the Board of Supreme Audit.
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