Iraq Banking & Finance News Archives - Panorama Insurance Brokers

World Bank President discusses Iraqi Projects

By John Lee. World Bank Group President David Malpass met with Iraqi Prime Minister Mustafa Al-Kadhimi during his visit to the United States this week. During the meeting, they discussed the cooperation in financing infrastructure projects in the fields of water, airports, natural gas and energy projects, especially solar. President Malpass affirmed to Prime Minister… Read More

KRG receives share of Federal Budget, ends Salary Cuts

KRG receives share of federal budget, ends salary cuts Prime Minister Masrour Barzani on Sunday led a meeting with the Kurdistan Region’s Economic Council to address the resumption of full salary pay for government employees. Prime Minister Barzani reiterated that the KRG pays salaries from available revenue, and that they can do so more reliably… Read More

Moody’s affirms Iraq Credit Ratings

By John Lee. Moody’s Investors Service has affirmed the Iraqi Government’s long-term issuer and foreign currency senior unsecured ratings at Caa1, and maintained the stable outlook. It notes Iraq’s exceptionally high reliance on oil, and “very weak institutions and governance“, while adding that ongoing discussions with the IMF indicate a possibility of a supported adjustment… Read More

New Program to Counteract Financial Crime in Iraq

New program to help counteract serious financial crimes in Iraq The United Nations Development Programme (UNDP) in Iraq, in partnership with the United States Government and the Supreme Judicial Council of Iraq has launched a multi-year training initiative today, to strengthen and improve complex organized and financial crime investigations in Iraq. The training program, called… Read More

PM asks EU to Remove Iraq from Money Laundering List

By John Lee. At a meeting in Brussels on Wednesday, Iraqi Prime Minister Mustafa Al-Kadhimi  asked the President of the European Commission, Ursula von der Leyen, to remove Iraq from its list of countries considered to have a high risk of money laundering. Earlier this year, the United Kingdom removed Iraq from its list of… Read More

Iraq Borrows $360m to Reduce Gas Flaring

The International Finance Corporation (IFC), a member of the World Bank Group, is investing in Basrah Gas Company (BGC) to support one of the largest gas flaring reduction projects in the world, helping to improve energy access, prevent associated greenhouse gas (GHG) emissions and support a more resilient, sustainable energy sector in Iraq. BGC is… Read More

Iraq Parliament warns of “Collapse” of Iraqi Dinar

By John Lee. Iraq’s Parliamentary Finance Committee has reportedly warned the Central Bank of Iraq (CBI) of a possible collapse in the value of the Iraqi dinar (IQD) against the US dollar. Committee member Muhammad Al-Shabki told Shafaq News Agency that there are fears of the collapse of the Iraqi currency “in the coming period”… Read More

Five One Labs announces Recipients of Growth Funding

Five One Labs, a start-up incubator for entrepreneurs based in the Kurdistan Region of Iraq (KRI), has announced the grant recipients of its Growth Funding Project (GFP). The program aims to support early- and later-stage startups that were impacted by COVID-19 with seed funding grants to grow their businesses, as well as business advisory from… Read More

Iraq “Cancels Interest” on Housing Loans; Increases Funding

By John Lee. The Central Bank of Iraq (CBI) has announced increased funding for the housing sector, and the cancellation of interest on “old and current” loans. It said it has allocated 1 trillion dinars [$685 million] to the Real Estate Bank and about 900 billion dinars [$616 million] to the Housing Fund. (Source: CBI)

Central Bank Warns Against Speculation in Iraqi Dinar

By John Lee. The Central Bank of Iraq (CBI) has confirmed its commitment to a stable foreign exchange rate for the Iraqi dinar. According to a statement from the bank, “the dollar exchange rate is fixed and there are no intentions to change.“ It added that the rate chosen at the end of 2020 was… Read More