Iraq to form committee to review 'extremely unfortunate' US Treasury sanctions

The US Department of the Treasury on Thursday announced the imposition of sanctions on the Muhandis General Company and three Iraqi bank executives, accusing them of laundering money for Iran's Islamic Revolutionary Guard Corps (IRGC) and Iran-backed militias in Iraq.

News

Iraqi expert warns of ‘Lebanese-style’ banking crisis as CBI tightens monetary policy

Abdulrahman al-Sheikhli, a banking expert, warned that "there is rising concern among citizens and investors about the condition of some private and even state-owned banks facing financial and liquidity pressures, raising fears of a scenario similar to Lebanon’s."

Features

International Development Bank removed from KRG's MyAccount due to CBI restrictions

“The KRG [Kurdistan Regional Government] Ministry of Finance and Economy announces that the International Development Bank (IDB) will no longer participate in the MyAccount programme, following restrictions imposed by the Central Bank of Iraq (CBI) on US dollar transactions,” read a statement from the ministry.

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Iraq to ban cash payments at state institutions from July: Gov’t official

The move comes as Baghdad seeks to increase the adoption of electronic payment systems and encourage citizens to deposit their savings in official financial institutions.

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Iraq’s state-owned bank says cards ‘operating fully and normally’

“Rafidain Bank urges citizens not to be swayed by malicious rumors and to rely exclusively on news and updates from the bank's official sources,” read a statement.

News

Iraq pushes digital payments to cut loan costs and strengthen economy

Iraq is promoting the use of digital payment systems to reduce high loan costs and improve the economy, according to Iraqi Prime Minister’s Advisor Mazhar Muhammad Salih.

News

Erbil fully digitalizes civil servant salaries

The MyAccount team confirmed to The New Region that they will soon complete the registration of all civil servants in Duhok province as well

News

Iraq pushes banking reforms to boost public trust and investor confidence

Iraqi Prime Minister Mohammed Shia’ al-Sudani stressed the importance of banking reforms to enhance public confidence and attract local and foreign investment. During a meeting attended by representatives of Ernst & Young, the government reviewed plans to restructure Rafidain Bank as part of broader financial sector reforms.

News

Cash flow crisis hits Iraq after ambitious budget

Iraq faces a severe financial crisis due to cash flow shortages, delayed salary payments, and halted service projects.

Sam Mahmoud

Opinion